How to manage your large Inventory with Althea Suite.
Althea Suite provides a stock management system as one of its key
features. Managing inventory, or many items, is a critical requirement of any
retail business. The inventory management software provides many intuitive ways
of managing, tracking, and correcting your stock. With this, you can ensure
your physical stock matches your database seamlessly. You can also take care of
damages or dumps happening in your stock. This retail stock management software
solution not only keeps accurate track of your inventory but, also maintains
the physical location of your products in your stores/warehouse so that it is
very convenient for you to physically locate the product very quickly.
Althea Suite, with its strong inventory management, generates a
complete audit trail of any stock change in the system. Stock correction
activity will create a document in the stock control system which, can be used
for inventory reporting. This feature provides you various ways to identify
possible mismatches, between your physical stock and your stock in the
database. Even large data for inventory, usually handled by excel files, is
compatible and supportable with Althea Suite stock validation. If your retail
business is not validating your physical stock regularly, you are opening your
business to many malpractice vulnerabilities. Althea Suite can protect you from
potential malpractices by providing easy stock validation regularly, access
rights of stock management functionalities, as well as limiting view of data
based on user’s login ID.
Althea Suite inventory management system allows you to specify
the physical location of each item at multiple warehouses. This warehouse
inventory management software allows for stock movement from one warehouse to
another, with a complete audit trail. Moreover, large physical distances
between warehouses can be handled with ease with Althea Suite. With inventory
management one can keep stock in transit before it reaches to the destination
warehouse, goods damaged or lost during the transit can very easily be tracked,
easily create stock requisitions between warehouses, and based on this stock
requests the central warehouse can initiate uninterrupted stock transfers.
The success of your retail business depends upon the correct
use of your funds and investments. If you purchase goods that are already in
stock and you are not informed about the product that are running out of stock,
you can lose business both ways.
Althea suite allows you to maintain stock levels of required
products based on your business needs. You can specify minimum stock you want
to keep for each product at each warehouse. The system shows you a list of all
the products that are running below the minimum required stock and helps place
purchase orders automatically. As an administrator, you can set predefined
quantities of each item per warehouse that should be reordered. This reordering
process is automated and remains in pure control. Althea Suite stock software helps
you pick the correct vendor to place your purchase orders as well. There are
various ways in which you can pick the supplier for your next purchase order.
You can either specify a preferred supplier for each item, or you can ask
Althea suite to pick the best supplier for an item based on your past purchases. When
you select multiple items to be reordered, this accounting software will create
as many purchase orders as needed based on your choice of picking the supplier
and create all those purchase orders in a single button click.
View Stock at different levels
When you are running a retail business you will always find
yourself in the need of viewing your inventory in a various hierarchy. For
example, you may want to know what the consolidated stock of breakfast items in
your retail shop or consolidated stock of kitchenware are, or consolidated
stock of women’s clothing, etc. You will also want to breakdown this
consolidated stock further at different levels. For example, you may want to
find out how your breakfast item stock is distributed over various brands, etc.
Unlike most classical stock and inventory management software, Althea Suite allows
for different views and different hierarchies of your inventory based on your
needs. Views and labels of the hierarchy have endless variations and easily
changed at any point in time. Also, you can consolidate or print the quantities
of products in your sales invoice for quick re-validation at the exit door.
This stock control system software offers you high-end analytical tools to view
consolidation of your stock in many ways. With Althea suite, you can view your stock
at hand in the hierarchy you define, but also you can view your sales figures
by these hierarchies as well. You can also consolidate and print the quantities
of products in your sales invoice for quick re-validation at the exit door.
This data analytical feature, in the Althea Suite stock database software, can be
used to increase the efficiency of your business. You can use these analytical
tools to setup future offers and plan future purchases.
Associate warehouse to the customer
In your business, you may need to keep your products at a
third-party outlet for display and possible sale without billing the
third-party outlet. Since you have yet to sell the goods to the third-party
outlet, the inventory still belongs to you and tracking is necessary. Also,
when something is sold from that third-party outlet, and you are informed about
it, you need to raise an invoice to that third-party retail for only the
quantity that is sold and also adjust your stock at that third-party retail’s
location. Althea suite, being a smart stock accounting software, offers a key
feature of keeping track of your stock which is kept at a retail outlet, for
display and possible sale. You can create a separate warehouse, therefore,
associating the third-party retailer as your customer with that warehouse. This
stock billing software will adjust the stock at this customer location rather
than at your default location automatically whenever you raise an invoice for
this customer. Sometimes you must handle purchase returns in your business and
exchange goods, though you accept it back, it may not be in the condition to be
sold back immediately. This store inventory and stock management software allow
you to move returned goods into a warehouse or a location that is different
from your default billing warehouse. This will allow you to put in place the
workflow to examine returned goods and get them ready for resale. Once they are
repackaged and ready for resale, you can move them into your default warehouse
Stock accounting with Multiple Companies
Accounting of your business is vital and very closely tied
to your stock and stock values. This stock accounting management software
allows you to specify opening stocks of each item at each warehouse along with
its value at the start of a financial year or at any time. Althea suite also offers
you various ways to calculate the values of your stock in hand to be considered
while preparing your balance sheet and profit and loss statements. You can
calculate the value of your stock at hand either by first in first out (FIFO)
method or you can choose to calculate the value of your stock by last purchase
values that are, the current market value.
Althea suite for a small business maintains consolidated and segregated stock for each item, for each company if
you create more than one company in a single database. The stock figures and
its values will be displayed in the stock software system to the logged-in user
based on the company access he/she has. Each warehouse can hold stock of the
same item from more than one companies. You can view the consolidated stock and
stock broken down by each company.