Manual Inventory
Manual inventory tracking compared with inventory tracking systems on your computer.
A good inventory tracking system accomplishes four things: 1) it shows what merchandise is in stock, 2) it shows which items are on order, 3) it notifies the retailer when ordered merchandise is scheduled to arrive, and 4) it tells what merchandise has been sold. This information is used to plan future purchases, to determine what is selling and when it is selling, and it helps determine what items need to be reordered or discontinued.
If the company carries a large inventory, has a large variety of items in stock, or re-orders frequently then a computerized system would be easier to use and maintain.
They provide greater accuracy and more flexibility in the types of information and reports that can be generated by the program. Systems update inventory counts at the “point of sale” and because of this instant update, retailers have a better idea of what needs to be reordered, what items are moving, and what items are stale. it is easier to maintain and utilize than a manual system.
Tracking sales is much simpler because all the calculations are done by the computer and can be printed out in a number of financial reports. financial reports can be customized to show profit by day or by item. medium to large inventory with more than one item in stock a computerized system may be more effective in tracking you inventory and maintaining your records.
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Wastage of space, problem in searching records manually, data redundancy, insufficient security of backups, no updated reports, data inconsistency and problems in identifying clients are the few problems that are faced by our current system. disadvantages' are not disadvantages, but problems with the quality of the input, setup, maintenance, and use of the system/data.
A good inventory tracking system accomplishes four things: 1) it shows what merchandise is in stock, 2) it shows which items are on order, 3) it notifies the retailer when ordered merchandise is scheduled to arrive, and 4) it tells what merchandise has been sold. This information is used to plan future purchases, to determine what is selling and when it is selling, and it helps determine what items need to be reordered or discontinued.
If the company carries a large inventory, has a large variety of items in stock, or re-orders frequently then a computerized system would be easier to use and maintain.
They provide greater accuracy and more flexibility in the types of information and reports that can be generated by the program. Systems update inventory counts at the “point of sale” and because of this instant update, retailers have a better idea of what needs to be reordered, what items are moving, and what items are stale. it is easier to maintain and utilize than a manual system.
Tracking sales is much simpler because all the calculations are done by the computer and can be printed out in a number of financial reports. financial reports can be customized to show profit by day or by item. medium to large inventory with more than one item in stock a computerized system may be more effective in tracking you inventory and maintaining your records.
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Wastage of space, problem in searching records manually, data redundancy, insufficient security of backups, no updated reports, data inconsistency and problems in identifying clients are the few problems that are faced by our current system. disadvantages' are not disadvantages, but problems with the quality of the input, setup, maintenance, and use of the system/data.