Objectives of Inventory Management

Inventory management involves taking stock of a business' assets, such as labor, cash and material items used or sold [1]. There are also vendor managed inventory cases. Inventory management definition may differ from one source to another. Functions of inventory management with respect to SmartBizVentory (a free software that helps keep inventory) are as follows;

After setting StartTime and EndTime, it can can report per Product/Service:

1.      Quantity sold/Number of transactions

2.     Amount realized

3.     Profit

4.     Balance stock

5.     Balance stock worth at cost price

6.     Balance stock worth at selling price

7.     Balance stock expected profit

8.     Last date of stocking 

9.     Minimum set stock quantity (for guide)

10.  etc

Others are

1.     Numbers of days for a product to expire.

2.     Balance quantity in stock

3.     History of Products Purchases/Inflow (Products, Dates, Last Stock Quantity, Previous Stock quantity, Current Stock quantity, etc)

4.     Total amount realized

5.     Total Profit

6.     Monthly Staff Cost

7.     All other Expenses outside Staff Cost

8.     Net Profit

You can freely download this program for use and training from here

Applicable Fields

1. Shops (Retail and Wholesale)

2. Stores (Small and Industrial)

3. Warehouses

4. Hotels

5. Saloons

6. Any Business Organization

Please note that the Pc and Mac versions can only run on Excel 2013 and above. Download Excel from store to use on mobile devices. You are required to have Microsoft account to fully use mobile Excel version. Click here to create one

1.       

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 Reference 

 1.      Ann Johnson, The Main Function of Inventory