Inventory is nothing but CASH sitting on the shelf! If inventory management isn’t done right, you’ll lose your cash. If you’re a retail business, it becomes even more important. You may have to pick stocks nearing expiry dates and sell them first before others to avoid wastage that burns your profit. It is not simply said that inventory management is the heartbeat of every business.
While there are several business reports you should look at, Stock Summary Report is one such which shows you every item’s “quantity” & “ value” it holds. This will help you take important inventory-related decisions effortlessly.
4 Advantages of having “Stock Summary Report”
The stock summary report lets you track inventory in your store without having to manually count each of them (if you’re having inventory software to do that). When you have an inventory management software like Vyapar App that generates your “Stock Summary Report” anywhere, anytime, you can check current stock values you hold. It becomes easy to meet your customers’ demands. You can decide a lot of inventory-related things when you know how much you have exactly. You can restock items accordingly.
Inventory management is all about stocking the right amount of items in the right place at the right time. Wastage of items is usually due to overstocking or under-stocking items. With the Stock summary report, you can easily identify which items are selling fast, which are selling slow and items that are not selling at all. You can accordingly distribute your capital to buy more of what sells best and less of what sells worst to make maximum profit with minimal wastage.
Taking in orders without knowing your inventory status will lead to disasters. You may end up in unfulfilling the orders due to low-stock. This is why one has to know how much of what items he has, to see if he can complete the order in the given time period. The Stock Summary report will help you get the number of stocks available with you, which will further reduce the count of unfulfilled orders.
When you have a stock summary report in your hand, you’ll know how much stock you have, which items are likely to be sold, you can easily decide on the how much more you need if there’s an upcoming holiday season. You can restock items before they go lower than the minimum number to avoid loss of sales. You can also make important decisions like how much money would you invest in items based on its past sales history. This way, you can avoid disappointing customers due to low-stock scenarios.
Businesses may use the “Stock Summary Report” to track inventory for various purposes. With Vyapar App, you can generate this report in just one click and use it to make inventory-related decisions. I.e You can efficiently start managing inventory through the Stock Summary report of Vyapar App.
Find this feature interesting? Download Vyapar App for FREE and see how this report will help in your every day to manage inventory better.
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