Inventory Control System
Any inventory control system must enable you to track inventory levels, create orders, and provide inventory reports on low stock and value of your inventory. A system allows you to quickly find out how well a specific stock item is moving and the related sales.
A computerized system is a good option for businesses dealing with many different types of inventory. Bar coding your inventory can make it easier to input new inventory and monitor outgoing stock. Automated inventory monitoring can re-order based on low stock levels.
Many systems are designed to meet the needs of a specific industry. Check with other businesses in your industry to research what systems work best. Your industry association may have data on system comparisons.
Taking inventory of physical stock and value is often an annual exercise to audit the accuracy of your inventory reports. This is a time consuming process but it is a necessary practice to monitor inventory. You might consider a quarterly inventory based on the type and volume of inventory you have on hand.
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