10 Stocktaking Procedures to make your EOFY Obligations Stress-Free

10 Stocktaking Procedures to make your EOFY obligations stress-free

Its’ that time of the year again with the Australian Taxation Office requiring businesses that buy or sell stock to conduct a stocktake. This involves reconciling your physical stock with what’s listed in your inventory records. This can be a mammoth task but helps you make informed decisions, identify issues in stock management and processes. The right stocktaking procedures are the building blocks to a successful one.

How to make your stocktaking procedure as pain-free as possible?


1. Prepare and then prepare some more

Roster on extra staff to ensure the process is more efficient and runs smoothly. Make sure you have sufficient supplies such as barcode scanners, pens, clipboards, calculators, mobile devices, coffee, tea and water. Print out extra stock lists and train staff on how you would like them to count. Ask them to dress comfortably, take regular breaks and provide food. 

2. Pick a time outside of normal operating hours

Ideally this is as close to the end of the financial year as practical. If possible a non-business day, before or after hours otherwise it’s best to close down. This stops your inventory levels changing during the stocktake.

3. Identify what stock is to be counted and where it’s located

Tidy up your storerooms, warehouses, stores and label the inventory. Create a stock list outlining which location the stock is held, where in the location, and what there is to be counted. Group similar inventory items together.

4. Define how you’re counting it

Let your staff know which sections they’ll be counting and in what order. Have a clear system for how they should physically count your stock. It’s a good idea to have a group of 2 for each unit of stocker takers. One person to count the inventory and call out the amount, the second person to record this number and double check the first.

5. Count everything

Every inventory item needs to be physically counted. Do not assume the current stocktake is correct. This should be treated as a comprehensive, full stocktake to know exactly what inventory is on hand. Check boxes and items are labelled correctly, their condition, and other storage areas for random items. Don’t forget to incorporate and count for returns, laybys and items on reserve.

6. Update your stock records

After the stocktake, be prepared for stage two. Your physical count needs to be checked against your inventory and accounting records. If you encounter discrepancies take immediate action to find out why. Any discrepancies found will need to be rechecked. All stock lists need to be completed and gathered so your data entry staff can enter into your accounting system. Make sure once the stock lists are entered, they are marked clearly so no duplications occur.

7. Formulate a plan for slow-selling items, thief and spoilage

Think about reducing inventory, analyse slow-selling items and create a plan for optimising the amount of inventory stored in your warehouse. Brainstorm ideas with the data collected to increase security and reporting procedures for damaged and spoiled stock.

8. Use technology available to streamline the process

If you are not using barcode scanners it may be time to think about investing in them. The scanned data can be imported wirelessly and directly into your ERP system. Investing in an ERP system will minimise errors and increase speed by real-time updates of the stock as they are counted. Stock items can be found in particular locations on mobile devices through inventory management in the software. An ERP system eliminates the need of data entry staff and manual record taking.

9. Review procedures

When completed, review your stocktaking procedures and note any suggestions to further streamline actions and improve processes for the next count.

10. Think about scheduling more than once a year

To keep on top of inventory it is easier to schedule multiple stocktakes throughout the year. These can be smaller, partial stocktakes so they don’t disrupt business. Think about dividing by stock items, brands and locations so you have inventory control all year-round, not just once a year.

Click for more information regarding the latest release of SapphireOne ERP, CRM, DMS and Business Accounting Software Application. Alternatively, contact our office on (02) 8362 4500 or request a demo.

Maximise product availability while speeding up service in your convenience store or supermarket 

Maximise product availability while speeding up service in your convenience store or supermarket 

No matter if you are a small convenience store or a large supermarket chain, SapphireOne ERP application is built to maximise product availability, while speeding up service and minimising the carrying costs.

If you have encountered any issue regarding overstocking and out of stock, then it’s time you understand how the right Inventory replenishment software can support your business today.

SapphireOne ERP Business Accounting Application is the easiest way to handle the complexities of running a convenience store or supermarket without losing control

Even a small grocery store can stock more than a thousand different items, all of which have different shelf lives. Overstocking and out of stock are both problematic, as fresh produce can be spoiled, and loss of sales occur due to missing stock.

Usually supermarkets or convenience stores have several departments and depending on the accounting software system or billing software, the software in place tend to never be enough in functionality. To improve the business, a supermarket or convenience store requires a complete solution, every department under a centralised integrated management system.

Management is the backbone of a business; hence a strong business management software and ERP application helps a business last throughout the trials and tribulations of the environment today.

SapphireOne ERP, CRM, DMS Business Accounting Application is a user-friendly software that has the features you need while providing maximum security.

SapphireOne ERP application also has the option that enables you to work remotely, access your database anywhere or anytime.

With SapphireOne ERP Business Accounting Application you can:

Automate your convenience store or supermarket

Automating your business saves times, allowing you to focus on other important functions in your business helping it grow.

Inventory management

SapphireOne ERP application helps you track what’s coming in and what’s going out. Tracking is made easy of the products in demand or ones stagnant, leading to less expenditure and wastage. This in turn benefits the organising and optimising of your warehouse and storage space.

SapphireOne POS system simplifies and automates the complex retail requirements

SapphireOne ERP offers flexible, high-speed Point-of-Sale (POS) software, designed for retail operators. These are installed and utilised via barcode readers and the barcode scanning provides a cost-effective solution designed for retail point of sale environments, where speed and accuracy are important.

Helps you with better decision making

SapphireOne ERP, CRM, DMS Business Accounting Application is an intelligent integrated software helping you make better decisions. BI (Business Intelligence) dashboards and accurate, comprehensive reporting, ensures you make informed decisions regarding the future of your business. SapphireOne will improve forecasting, customer services and overall sales via an in-built CRM module.

For more information regarding improvements and features within the latest release of SapphireOne ERP Business Accounting Application please contact our office on (02) 8362 4500 or request a demo.

SapphireOne ERP Business Accounting application for inventory management to maintain accurate stock

SapphireOne ERP Accounting Software can control your Inventory and maintain accurate stock

In simplified terms, inventory management allows organisations to see all the small moving parts of its operations thus ensuring they make better decisions and investments. It is a key element in business today, and an ERP software provides an integrated approach to business planning and operations. Over-inventory or under-inventory will affect your finances and can damage the overall health of your business as well as business opportunities.

The SapphireOne ERP Business Accounting application ensures you have the integration you need to help you make quick decisions and avoid mistakes. The inventory management module assists you in managing your finances, logistics, operations and inventory management, to maintain accurate records of stock all in one central repository.

Obtain a powerful solution for the accurate control of stock, inventory management, from ordering, manufacturing, right through to sales and delivery with SapphireOne ERP Accounting application

A shortage of stock will result in dissatisfied consumers, with a flow on effect of less sales and greater handling and delivery charges. The all-in-one SapphireOne ERP Business Accounting application solution integrates the organisation to working within the one data file, with access to real-time data to make it easier to monitor and control movement of stock.  Accurate reporting gives you the flexibility necessary to meet changing demands. The ERP will ensure you have better control of your stock and its movements by improving efficiency across multiple departments and operations in the supply chain.

Obtain a complete view of inventory management under one application platform

SapphireOne helps you to view inventory and track items in one application. All departments are integrated and receive instant visibility from entry of inventory as raw materials to their exit as finished goods to the suppliers/customers. This real-time visibility across the operations and supply chain provides the necessary planning tools to help you make better decisions.

Avoiding over and understocking

SapphireOne ERP application gives you real-time data to instantly see surplus or shortage in stock and react accordingly. This manages stock optimisation and inventory control and keeps track of the items that are selling quickly. Pre-built automated solutions are within the SapphireOne ERP application to help with streamlining of all stock activities.

Get smarter warehouse managing techniques

Correct warehousing techniques ensure the management of multiple sales and logistics channels. It coordinates movements of goods in and out of the organisation warehouses.

SapphireOne ERP application facilitates order and operating delivery flows with automation, multiple tracking options to access bin locations, centralised database and advanced picking methodologies. This will improve warehouse productivity via labor efficiency, decreasing inventory levels, increasing order fulfilment and reducing order cycle times.

SapphireOne ERP application provides speed and visibility across the supply chains within the organisations

Without control of the supply chains as they grow more complex and global, organisations today risk extended lead times, running out of stock, delayed deliveries or complete stoppage of production. Ensuring the right stock is at the right place, right time, is critical to managing supply chain volatility.

SapphireOne ERP application mitigates these challenges by giving you control, speed and visibility. Automated processes, expanded insights, BI (Business Intelligence) Dashboards enables you to find patterns rapdily and use the data to further improve your company’s offering. Real-time data and visibility within a centralised database ensure accurate management of supply chains and operations.

Helps in responding faster to customers through real-time information

With customers being your most valuable asset, it makes sense ensuring their demands are met in a timely manner. SapphireOne ERP application delivers real-time data in one database across the organisation, so goods and level of service are kept at an optimum level. Our ERP system has all the information integrated and ready, so you can respond quickly on important decisions on what to do now or in the future.  Queries regarding product availability or managing inventory management can be dealt with accurately giving your business the competitive edge.

SapphireOne ERP application helps in forecasting future stock needs with precision and accuracy for your inventory management

Stock management allows you to properly plan your stock needs. Stock quantity must be accurate so you can forecast in a timely manner. SapphireOne ERP application ensures you have real-time data to gain the confidence you need to forecast demand. Our inventory management module will highlight specific demands of stock, track turnover, in turn will help with forecasting and ordering of the right quantity. Data analysis and rich reporting features ensures you can deliver precise demands, accurate forecasting and predictions.

Plan your inventory with SapphireOne ERP

Avoid all your inventory pitfalls with SapphireOne ERP Accounting application. Planning will improve profits through reduced inventory cost structures. SapphireOne ERP application has automated order replenishment and with the functionality of real-time data, surplus inventory is spotted immediately. Inventory turnover with the ability to drill down to tracking segments of inventory, improves your supply chain efficiency and productivity.

Warehouse Management Application in SapphireOne ERP utilises your warehouse space

SapphireOne warehouse management application and logistics management suite

SapphireOne ERP Business Accounting Application handles the complexity of warehouse management and inventory control providing with you the necessary tools to assist in bins, matrix tables, batch control, serial number tracking, location control, department control and normal or non-diminishing stock. The Inventory Module highly organises your stock to optimise warehouse “real estate” and reduces the misuse of employees’ time.

SapphireOne enhances productivity with a warehouse management application for logistics, channel management and information systems

SapphireOne ERP is an all-in-one application capable of integrating warehousing activities with other departments within your organisation, from manufacturing to customer service and purchasing. Warehouse management application, logistics, channel management and information systems, all integral parts of the supply chain, have access to real-time data so deeper insights can be formulated creating better decision making.

The Inventory Module provides the exact location of inventory, a clear view of stock levels with fast and accurate reporting at your fingertips. Automated workflow allows you to spend less time getting orders out and focus on what’s important, productivity.

Training new personnel is easy

The SapphireOne interface is easy to use withthe majority of screens following the same clear and concise layout. This enables the user to quickly enter data using the same procedure throughout the software to enhance performance and ease of operation.

SapphireOne offers training and support via multiple avenues. Team Viewer Training is conducted over the internet and can be individual or group based. Bondi Blue Training Tool and manuals are representative of a fully operational company file and are there for users to practice their data entry processes.

Training made simple with SapphireOne.

Document system which removes paperwork

SapphireOne ERP, CRM, DMS and Business Accounting Application fully integrates and automates warehouse management application with the rest of your business so departments are working on a single-data file.  No need for cumbersome re-entry of data, increasing accuracy and less paperwork.

The SapphireOne Document Management System (DMS) attaches, stores and manages your documentation. This ensures you have relevant documents in the right place at the right time. You simply scan, upload existing paper documentation to the data file and shred the paper documents afterwards.

Efficiency in pickup process

Using RF barcode readers, designed exclusively in Sapphire Web Pack for wholesale distribution companies, speeds up the process of picking and thus creates efficiencies and minimizes steps. Utilising the barcode readers mitigates human error and ensures smoother internal operations.

Streamline your Inventory Management

SapphireOne streamlines Inventory Management and allows you to oversee, track and process your inventory from purchasing through to manufacturing and sales within the single-data file. Using real-time data empowers your salesforce and increases customer satisfaction. Live mobile device capabilities deliver unlimited users the ability to view multiple locations and distribution centres to enter, view and process your data.

SapphireOne enables seamless accounting data sharing

SapphireOne enables seamless accounting data sharing

A data-driven organisation is filled with a workforce that uses data, information and skills to make more informed decisions & interactions

Data-driven organisations capture and reinforce the value of their data by constantly monitoring and measuring the pulse of the business continuously, often using automated methods and tools. Being data-driven is about capturing data and using analytics as part of the business strategy, its systems, processes and culture. It’s about creating a mindset in which analytics form the basis of all fact-based business decisions and are used by all levels of the organisation.

Share data with others in your organisation, Increase engagement, performance, and value of a project

SapphireOne ERP CRM DMS can help an organisation to empower people by securely and safely giving their employees direct access to data. It’s important to ensure staff do not become so focused on their operational areas that they lose sight of the bigger picture. Analytics, resources, and skills should be not limited to a few departments, everyone, from sales to marketing, IT to finance can benefit from visible and accessible data sharing.

With SapphireOne everything you share with your team is easy, convenient, transparent and seamless

SapphireOne ERP CRM DMS Application provides a common convenient platform for everyone; not just to see information from across the business, but also to collaborate. Finance can see a full history of customer interaction, which may include reasons for payment delays. Managers can see calendars, workflows, tasks, reminders and dashboards. Sales can see Available-to-Ship stock (ATS), sales results, business key performance indicators (KPI)and other metrics that need to be tracked. Purchasing staff can receive automatic stock level alerts in real-time. They can also use intelligent forecasting with SapphireOne’s Material Resource Planning (MRP) functionality to set automatic re-ordering, and analyse intelligent data of inventory demand fluctuations and trend reporting that will help to plan stock purchasing more efficiently.

A Single Source of Truth ensures everyone in the organisation uses the same data when making decisions

The SapphireOne ERP software solution understands what’s happening across sales, CRM, inventory, accounting, purchasing, etc and bring it all together in a single source of truth. When your employees work from the one, central source of truth and see everyone’s updates and changes in real-time, there’s no confusion about what is or isn’t accurate or which data is the most recent. Everyone works from one data set which is always up to date.

Identify your best customers

The SapphireOne ERP application has a fully integrated Customer Relationship Management system (CRM) where you can manage all business interactions with your clients, vendors, employees, and potential new customers.

SapphireOne CRM software helps your business to build strong and durable relationships with your clients, encourage conversations, and increase sale based on client data coming from multiple channels i.e. Softphone, Document Managements, Community interactions and more.

For a sneak peek at the full capabilities ERPCRMAccounting SoftwareHuman ResourcesPayrollAssets and Document Management,  check out SapphireOne and request a live demo, it is everything you’ll ever need to make your company management a success. Know more about us.

 

Give your Business a fresh start in new financial year 2018-2019

Give your Business a fresh start in new financial year 2018-2019

A new financial year can be a perfect time for making changes in your business.  You can use this time to improve the efficiency by implementing a new ERP/CRM/DMS such as SapphireOne.

The vast majority of organisations and businesses are running various applications.  Examples include using spreadsheets for budgeting, separate databases for tracking contacts, and inventory managements systems that are not linked adequately. They are often running separate Payroll and human resource (HR) systems and not linked to their financial date. This makes it difficult to manage people in your organisation or business.

It is essential that in today’s demanding business environment that we obtain a single point of truth. This relates to the organisation and business data requirements. SapphireOne ERP,CRM,DMS application shines in this area.

SapphireOne ERP,CRM,DMS works with your accountant or financial advisor. The system will compile all your financial statements and end of financial year reports. Once this is completed, it is an extremely simple  process to copy last year’s actuals. These are for your general ledger and placed into the budget for the coming financial year.

Improve your business performance this financial year with SapphireOne 

When reviewing your business financial data, SapphireOne’s integrates general ledger budgeting.  There is the ability to store multiple budgets, per general ledger. This allows you to copy those budgets to revised budgets if required. This puts you in a perfect position to review your business performance and make strategic decisions to help your business be more profitable and grow.

Improve your Profit and Sales performance 

SapphireOne ERP has Dashboards, also called Business Intelligences (BI) or Key Performance Indicator (KPI) Dashboards. These present business statistics and performance indicators in a visually attractive and graphically intuitive interface. The dashboards utilises graphs, bar charts and other visually engaging design elements that provide a succinct overview of a business’s financial standings. This is where you can quickly and visually view the profitability, sales performance and cash flow. This will ensure your overall business performance improves.

SapphireOne can help you to draw insights from the current financial and cash flow position, review your client’s performance in the past year which will facilitate you to support your client in mapping out their business goals for the next 12 months.

For a sneak peek at the full capabilities ERPCRMAccounting SoftwareHuman ResourcesPayrollAssets and Document Management,  check out SapphireOne and request a live demo, it is everything you’ll ever need to make your company management a success. Know more about us.