To grow a business, one of the most important aspects that you need to consider is inventory management. You must manage the stock control in your company optimally and accurately. One possible way is by creating and understanding inventory reports correctly.
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Regardless of your type of business, relevant, updated, and also precise inventory reports will help you identify the trends, weaknesses, and also shortages. It also eliminates inefficiency that will impede the production process. With these reports, you can build a strategy to increase your profit without consuming excessive time and resources.
Here are the lists of inventory reports that you must know.
Stock on Hand Report
Stock on hand report is a report of available stock in the warehouse. Knowing the amount of the existing inventory, it makes easier to decide the purchasing decision, and also the sales staff will know what stock is available for sale.
Stock on hand report is not merely the records of the amount of the inventory stacked on the shelf. This report compares the amount of the existing inventory with the amount of the committed inventory. You also can manage your stock on hand report by using a warehouse management system.
Therefore, you can see how many stocks on the buffer you have for a particular period of time. You can also monitor the inventory on order and also assist you in stock control decision-making in the future.
Inventory Change Report
Having a record of inventory in the warehouse is useful, but not enough. You need to know what are the factors that affect inventory circulation for better stock control.
People know this type of report in many different names. Whatever it is, the aim of this report is to assist you in observing the flow of the inventory and deducing the cause of its fluctuation.
Fill Rate Report
One of the main aims of stock control is to avoid any inventory shortage for customer satisfaction. Item fill rate is the percentage of a customer’s orders that can be completed in the processing time. In its attempt, oftentimes, companies have to undergo an inventory running out. However, with a fill rate report, you can minimize this occurrence.
This type of inventory report gives you the average number of item fill rate in a particular time and show you the distribution of the inventory towards your customer’s order in a clear view. These inventory reports will aid you in identifying complex orders and their inventory requirements.
Inventory Ratio Turnover Report
A simple and quick report is the report that describes how efficiently the inventory in your company circulates through the supply chain. It means that this inventory report shows you how fast you replace the inventory in a certain period.
This report aims to monitor the specific items to monitor which items that have good performance and those that don’t. Therefore it can help you in tracking the company’s inventory performance as a whole.
Managing inventory and reporting it correctly are crucial aspects of your business’s health. With proper stock control, the needs for production can be identified and also predicted.
However, if you work on the inventory reports manually using a spreadsheet, it will drive inefficiency. Recording and calculation errors are likely to happen. All the more if the inventory quantity is a lot.
The paper-based report can disappear in the future so that any company’s urgency that requires the lost report is hampered. To avoid such trouble, you can automate manual inventory reporting. With the inventory system from HashMicro, you can create an inventory report that might be useful for your company.
Meanwhile, you can input the data automatically and customize your reports with the existing data. HashMicro inventory system integrates the purchasing, sales, and accounting system so that you can retrieve a real-time and complete condition of your inventory.
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