Tracking inventory is such an important part of doing business. “Why is that the case?” you might ask. Before we get into the main topic of this article, we should answer that key question. Tracking inventory allows you to know the who, what, when, where, why, and how of your inventory management.
Who is responsible for ordering more of a certain item? Who is the vendor you will order from? Who is in charge of receiving new orders into the warehouse and putting them away in the right places? You need to know who is responsible for each of these tasks to ensure jobs get done correctly and on time.
What inventory do you have on hand? This is probably the most basic question because it will help you to know what items you should reorder and keep more of or less of on hand.
When should you reorder inventory items? You can set up automatic reorder points on all of your inventory items to prevent stockouts and always have an answer to this question without having to strain yourself.
Where is your inventory? If you have multiple locations, this may not be the easiest question to answer. But if you carefully track your inventory, you will be able to answer it with ease by simply checking your database by location.
Why is your inventory organized the way that it is? Could there be a better way to do it? You can use an inventory tracking system to help you answer these questions and make some big improvements in your setup.
How much inventory do you have on hand? This goes along with the what. You should be able to scan a product’s barcode or look up its SKU number to find out the exact quantity on hand. And if the number in your system doesn’t match what is on the shelf, you can update it.
As you answer all of the questions above, you will be able to see just how important inventory tracking is to your business. Now that we have that all cleared up, let’s continue on.
Most companies have some type of inventory that they need to track. It can be difficult to keep tabs on all of their items, especially as they expand their operations.
The ways to track inventory can range from a simple filing system with handwritten notes to robust inventory tracking software like Fishbowl. Having the right inventory tracking method is very important because it will either help or hurt your ability to serve your customers with the types of products you keep in stock.
Keeping your inventory organized is an important task for every business. You need to know where your inventory is in order to make sales and get the right products to your customers. If you are a QuickBooks user, you can start using Fishbowl to effectively manage your inventory. Fishbowl integrates seamlessly with QuickBooks, creating a powerful QuickBooks inventory tracking solution.
To make sure you are tracking your inventory as efficiently as possible, ask yourself the following questions:
- Who is responsible for ordering more of a certain item?
- What inventory do you have on hand?
- When should you reorder inventory items?
- Where is your inventory?
- Why is your inventory organized the way that it is?
- How much inventory do you have on hand?