Inventory Reporting
In this artical you will know about Inventory reporting like why you should generate, what are inventory report used and How to write.
Last updated
In this artical you will know about Inventory reporting like why you should generate, what are inventory report used and How to write.
Last updated
The inventory report is a summary of category performance, and other information about inventory status and performance, on a business at a given point in time.
An inventory report is a physical or electronic document in which the numbers represent the product you can sell now, the inventory you are ordering, or the inventory you need for internal business use. You can use several types of inventory reports, each with its purpose.
Inventory reports are important for keeping track of your business's biggest and most expensive assets. That's why you should generate inventory reports.
Inventory reports help you run your business seamlessly and reduce costs and the risk of running out of stock. Inventory reporting may just seem like extra time or paperwork, but it can save you a lot of money and unnecessary effort.
Inventory management - This is one of the biggest uses in Inventory Reporting. You need to understand what you need to do to make sure customers' orders are completed before they are done. Accurate inventory reporting tells you exactly when your stock levels have reached the reorder point so that you can re-stock inventory on time.
Inventory Tracking (Within Warehouse) - If you have a large amount of inventory or high sales volume then you need to track the locations of your inventory within the warehouse you use for order fulfillment. Your job can be even easier if you track SKUs by inventory storage location and keep everything organized, preventing unnecessary movement, double-handling of products, and even lost inventory.
Inventory Classification - An inventory of items in each category that is updated in real-time allows you to track inventory as it moves throughout the supply chain. Once it's in your fulfillment center, you want to track each product as inventory received, stored, selected for the order, packed in a box, and shipped to the customer. are given.
While you can technically use Excel spreadsheets and manual reports, modern technology like oneGST software makes inventory reporting easier and will make it more accurate and more valuable. Once you're all set, it's time to run the data.
List your items - You can export this from your POS, inventory management software, or any other database that also contains information. Include all basic information such as how many units you have, where they are located, what type you have, serial and SKU numbers, prices, and other basic information. The information you include will largely depend on the questions you want to answer.
Establish your Deadline - It is very important to pull all metrics from the same time frame, otherwise, you could have mismatched data and discrepancies. You can watch a year or drill down to the hour. And if you are comparing periods, make sure you are comparing apples to apples. In other words, if you're looking at sales numbers for June compared to November, you'll see a bigger gap due to holiday shoppers.
Run your report - Now it's time to choose which report you will run and generate the number. Or recommend starting with canned, reports. "POS dashboards and packaged reports are a great place to start your analysis," she says. "But keep in mind that without an enterprise reporting system or best practices for recording your inventory ownership over time, this is the rate you'll get an accurate look at your end-of-period (EOP) inventory."
Disclaimer: This article is intended for general consumption only. The information in the article was accurate at the time of publication, but it is subject to change due to changes in government rules and regulations. The contents of the blog may not be copied unless prior permission is obtained.
Our GST guidebook and experts will help you with all your Goods and Services Tax Queries. Please contact us on +91 8955002477 to know more.
