How  Inventory Management Software Makes Tax Time Less Painful?

The important function of inventory management to keep a detailed record of new purchaseor returned product as it enters or leaves a factory or point of sale.

Supplier Management / Purchase Planning - in order to make sure where the company isheading all organization needs a strategic plan Strategic planning aims at setting of long termgoals of the company. Now a day’s companies are ignoring purchase planning and are nowmore focused on current issues. Most of the companies are facing problem of resourcedepletion and raw materials scarcity. Inventory software helps the business houses toconquer all the problems as it can plan your resources in a better manner which definitelywill improve the growth of the company in a planned way.

Bill of Materials- The most important feature in inventory management is Bills of Material itcaptures all the essential details. Bill of Materials contains all the parts/ spare parts used inthe final product serial no etc. Bill of material can be of engineering BOM, Sales BOM,Purchase Bill of Material etc.

Purchase Order- in Inventory management system on click of a button you can get purchaseorder you can capture all the details pertaining to customers.

Goods Receipt Note (GRN)- The Inventory management in ERP comes with a feature wherethe received products from vendor against Purchase Orders, can be entered under GRN(Goods Receipt Note) / Inward QA. The system facilitates the managers to enter details in acentralized system. Products added here will reflect in Inventory used in Stock Adjustment,Warehouse transfer, Stores Request, Sales, Direct Sales, Service store request, etc.

Companies face issues like what material is issued to whom and what material is broughtback in the factory but with the inventory management you can easily manage this andabove all You can’t process order or refund without issue and receipt notes in onlineinventory management software, thus reducing the chance of error in stock management.

Finished Goods- It's one of most essential part of inventory. The ERP inventory manages andcaptures information about products. It synchronizes all information. It keeps a check on thestocks levels. Since it is online software, helps the companies to enter details of the productsany where any time and it is all the more effective if the factory and office are in differentlocations.

The most important aspect of inventory management is to maintain details of raw materialswhich are required to finish the final product. Using this feature in inventory softwarecompanies can increase their revenue. In order to have uninterrupted production companiesneed to buy raw material in right proportion and if they buy surplus than demand then alsocompanies can bear loss. Inventory in ERP maintains all the details of how many spare parts

used are used thus helps the managers to have an insight how much more raw material isrequired and thus can plan production in a structured way.

Delivery Challan or Delivery Note- is a crucial document involved in the inventorymanagement. Delivery Challan is a complete list of products that are being delivered by thevendor, that are ready to be delivered to the customer. Delivery Challan is signed by thereceiver and is sent back again to the vendor along with the Purchase Bill.

Thus inventory management software not only helps the managers to plan production butkeeps track of all the information required in the production process from buying thematerial to the finished products. Also it saves time of the managers and helps to increaserevenue.