Quickbooks Inventory Management
James Shores discusses how to reduce the number of points of interaction with products in the receiving process and how this saves money and time.
Hi. I’m James from Fishbowl, and today we’re gonna talk about receiving. And the main thing that we wanna focus on is this idea of eliminating touches. It means those points of interaction between a process because the fewer touches that we have, the more time we’re saving.
So let’s start on the accounts side. When we receive those goods from our suppliers we need to make sure that it’s all there, that the data is accurate, and then very quickly send that data over to the accounts-payable side of our company, making sure that that accurate information stays where it should be and that our vendors are paid out properly and timely.
So again, accuracy – we need to know that accurate confirmation, data, and quick payout.
On the receiving end, this is more of the physical process. We need to make sure that those goods that we receive are efficient in the way that they’re handled. I mean that they need to be readable, both hopefully our vendor is making sure that all that information is readily available, but also where we put it, where we store it, those UPC codes – however our process of putting it away is legible, that all relevant data is readily accessible and that the package, good, material – whatever it is, itself – is quickly accessed.
Again, the fewer touches between these points, the faster our process.
And then finally from our track-vendors side, this is something that more businesses should be aware of, but probably are just letting it slip by. We need to make sure that our vendors are consistent so that we can rely on them.
We know what our processes are – the amount of time that goes into them. But we need to make sure that we can trust our vendors so that we can stay consistent. So that means that we need to be checking their quality, that their quantity is accurate when they ship something to us, that they’re not saying it’s all there and it’s only half there, and most especially that it’s on time. If they’re telling us that it’s gonna come through a particular carrier and it comes through a different provider, or if they say, “Yeah, we’ll make good on that,” and we never hear from them and we’re waiting on these products and the days are going by, all of this is eating into your business. So we need to track vendor history. It’s really something to stay on top of.
So to sum this all up, if we can eliminate touches, if we can eliminate some of these manual processes and rely and incorporate more automated processes that are quickly working in conjunction, that are speaking with each other and that are tracking all of this, we’re gonna save a lot of time, which in the end is gonna save us money and even potentially increase our revenue.
Join us again next week where we’re gonna talk a little bit more in detail about receiving side as it goes, as we discuss maybe how to make use of some of these technological tools and speed up some of these processes. Join us again next week. See ya.