Top Tips to Optimize your Inventory Accuracy with Acumatica

Inventory Accuracy refers to the measures to track down the inconsistencies being triggered between the actual quantity and the recorded one. For example: if your warehouse consists of 100 units recorded of a particular inventory item, but the actual quantity comes out to be 90 units, then the resultant inventory accuracy would be 90%.

#Inventory is the largest component of most businesses; proper and timely management shall be done. Below mentioned are the simple but helpful plans to accurately monitor the inventory using Acumatica :

Physical Counts:

It is the process of counting the stock in person or a team using a pen and sheet or using electronic devices. The process typically follows from preparing the physical inventory, counting items, entering the #data, and generating adjustments. With this, companies can get more details on the forecasting of items. Tips to efficiently process PI counts are: -

a. Plan and prepare in advance. Could you secure the stock area on the day of the PI count?

b. Selecting a team with precise auditing.

c. Try to complete the shipping of all the open orders before PI starts.

d. Contending the variations instantly.

e. Suspend the normal operations while the PI count is running

ABC Audits:

The ABC Codes divide the inventories into three ranks as- A (most important), B (quite important), and C (least important). Hence, it helps to identify the inventories with the total usage value annually. The ABC Analysis is based on the #Pareto Analysis. As a result, the ABC Audits help the companies to improvise their inventory management with more focus on A categories of items. This also helps them to update their inventory levels regularly. It also guides updating and setting the items' re-ordering points and safety stock levels.

Bar-Code Scanning:

The use of Bar-Code Scanners helps companies to accurately report transactions. Since manual data collection can be prone to errors, delays, and excessive, with automated data collection procedures, the data goes into the correct inventory records, resulting in better inventory control. With Acumatica, we can record the shipments, reports, and purchasing data of inventories with the help of bar-code scanners. This not only reduces the time of the employees but also cuts unnecessary costs and rapid data and is extremely flexible.

Limited Accessibility:

Limited access to inventory only to the trained staff members will remove the risk of error reporting. This will not only improve inventory management but also help to control inaccuracies. In Acumatica, the accessibility can be modified using the User Security module, where access rights can be granted or revoked based on the users, user roles, or screens.

Naming Conventions:

Proper naming conventions are to be used for the inventories. A regular check on the naming conventions would be helpful to eradicate the inaccuracies and irregularities encountered in the system. Hence, for better results, try to avoid misleading conventions. For example, Inventory staff might get confused between zero ‘0’ and alphabet ‘O’.

These are some of the tips that can help users to improve their inventory accuracy. Want to know more? Do contact our experts at info?[email protected].

#data #ERP #inventory #inventorymanagement