StoreApp has a very effective approach to managing your inventory accurately. The following are the inventory management features on StoreApp.
Stock Batch-Record-Keeping & FIFO
Records such as cost price, expiry, and batch number are stored in batches of entry. StoreApp however, assumes that stocks are sold on a first-in-first-out basis. For example, the product __MATERIAL 234 having a quantity of 17 on StoreApp can have multiple cost price, batch number, and expiry date as shown in the table below:
The implication of the record above is:
- when an item is sold, it gets sold from batch 4545667 first with a cost price of 99.00 until the batch is exhausted, then to batch gght009 with cost price of 101.00 then batch 5775ju.
- You will get multiple expiry alerts for a the __MATERIAL 234.
You can have as many stores as required to keep track of your stocks. There are two types of Store.
- A store you can sell from.
- A store you cannot sell from.
Let us illustrate how stores can be used on StoreApp. John Bull Superstores runs a wholesale and retail outfit in a two storey complex. The topmost floor is a warehouse where all new supplies are taken to. The mid-floor is the wholesale shop while the ground floor is the retail shop. Yet all the three floors contain the same product list but in different quantities and each has a different administration. In order to manage them all, three stores are needed to be created on StoreApp- Warehouse Store (they can’t sell from this store), Wholesale Store (can sell from), and Retail Store (can sell from). When goods are purchased, they are posted into the Warehouse store. Then the Warehouse store transfer stocks to each store as required. The benefits are:
- Mr John Bull, the CEO can know the total value of all stocks at any given point in time.
- Mr John Bull, the CEO can know the total value of stocks on each floor at any given time.
- Each store can conduct its stock-taking independently.
CLICK HERE to see how to create Stores.
Multi Outlet Management
For businesses with multiple outlets/branches, StoreApp allows for a centralized or universal product and stock management. Product prices, stock, reorder levels can be independently controlled either at each outlet or from a central location. Stocks can also be transferred between outlets. This means that as a business owner, you can know your universal stock level.
With StoreApp automatic outlet transfer option, you can generate items needed by each outlet from the warehouse based on each outlet’s turnover rate for each product. This innovative feature ensures that all your outlets have enough stock each time.
Order Generation to Supplier
You can generate orders to your suppliers either automatically or manually on StoreApp. The benefits of automatic order generation are:
- Guides you from understocking or overstocking.
- Saves you time and stress. With a few clicks, your order is ready.
You need to ensure the following if you wish to use this feature:
- That you have a list of suppliers. CLICK HERE to see how to create a supplier.
- That all purchased products are attached to their respective supplier during stock posting. CLICK HERE to see how to post purchased products.
StoreApp has a stock ledger/card that keeps a record of every action that affects your stock such as Adjustment, Supply, Sales, Refunds (inward & outward). This record allows you to resolve stock-related issues. Note that, nothing gets past this ledger.