What are the most useful reports to generate from inventory control software?

1 Stock Level Report

A stock level report shows you the current quantity and value of each item in your inventory, as well as the minimum and maximum levels that you have set. This report helps you monitor your inventory turnover, avoid overstocking or understocking, and identify items that need to be reordered or disposed of. You can use this report to optimize your inventory levels, reduce your carrying costs, and ensure that you have enough supplies for your production and maintenance needs.

3 Inventory Valuation Report

An inventory valuation report calculates the total value of your inventory based on different methods, such as FIFO (first in, first out), LIFO (last in, first out), or weighted average cost. This report helps you measure your inventory performance, efficiency, and profitability, and to comply with accounting standards and tax regulations. You can use this report to compare your inventory value with your sales revenue, cost of goods sold, and gross margin, and to adjust your pricing and purchasing strategies accordingly.

4 Inventory Aging Report

An inventory aging report classifies your inventory items based on how long they have been in your stock, such as 0-30 days, 31-60 days, 61-90 days, or more than 90 days. This report helps you identify your slow-moving, obsolete, or expired items, and to evaluate their impact on your inventory quality, space, and cash flow. You can use this report to plan your inventory clearance, write-off, or donation activities, and to improve your inventory turnover and cash conversion cycle.

5 Inventory Reorder Report

An inventory reorder report shows you the items that need to be replenished based on your reorder point, reorder quantity, and lead time. This report helps you automate your inventory replenishment process, and to avoid stockouts, delays, or disruptions in your production and maintenance operations. You can use this report to generate purchase orders, request quotations, or negotiate with suppliers, and to ensure that you have the right amount of inventory at the right time and place.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?