Enter your invoice into your accounting system.Shelve or store all correctly received stock (tag or label first if needed for your system).If you find errors like wrong, shorted, or missing items, note these on your PO and contact your supplier immediately to resolve them.If the counts and products match, file as received.Unpack the shipment and organize items by product.To receive inventory correctly, companies should: Supplier errors happen fairly often, and if you aren’t being systematic about receiving your inventory, you might get shorted or overcount or underestimate your inventory levels-which can lead to shrinkage and a decrease in your margins. Once you have submitted your purchase order for the right amount of stock, you want to be sure that you receive that stock accurately. To account for this new economic environment, retailers should slow their purchasing rates to match slowing sales rates. This means that for every one sale, retailers have an average of 1.24 pieces of inventory. Or, if you are managing your inventory manually, you will need to monitor your books and item quantities to ensure implementation.īelow, you can click through the different inventory management methods at your disposal.Īs the economy continues to dip and consumer habits become more conservative, the inventory-to-sales ratio is rising, hitting 1.24 in November of 2022 on an upward trajectory.
Lightspeed inventory management software#
Once you have chosen an inventory management method, you can implement it by programming an ordering cadence, automations, and alerts on your inventory management software or point-of-sale (POS) system. You will typically combine a few inventory management methods to help you to achieve this goal, and the ones you choose will depend on a few factors, including: As we mentioned earlier, the method you choose should be one that best allows you to maintain the right products, in the right quantities, at the right time to sell to your customers. Step 1: Choose an Inventory Management Methodīefore you begin working with your stock, you need to choose an inventory management method.
Lightspeed inventory management download#
If you’d rather manage inventory manually, download our free inventory management workbook. Our recommended inventory management solution for most retailers is Lightspeed. While it can be done manually, the easiest solution is to use a software program to automate your inventory management process.
Accurately managing inventory can increase revenue by preventing stockouts, excess inventory, and unsold products. Inventory management is the process of having the right products, in the right quantities, at the right time to sell to customers.
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