Inventory represents a significant investment of time and cost for many companies. Tracking your inventory is critical to keeping costs down while making sure there is enough inventory to satisfy customer demand. Inventory is more than just finished goods, it also includes materials being used for work in progress as well as being reserved for repair and replacement parts. Tracking items in your warehouse (or multiple warehouses!), plus items on order and items already committed, can be a daunting task. Acumatica facilitates effective inventory management methods and proper purchasing processes so your company can avoid inventory shortages and inventory overstock.
Inventory accuracy is improved by automating the purchasing, receiving, issuing – and, in some cases, the return – of inventory items. With Acumatica Cloud ERP system, the entire process can be tailored through built-in workflows to include workflow approvals for requisitions.
Cost of inventory
Knowing the quantity of inventory is important, but to get a true handle on your profit, the actual cost of inventory must be carefully maintained over time. With Acumatica, you can employ several different methods, including LIFO, FIFO and average costing, to value your inventory for your financial statement.