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The Importance of an Inventory List for Companies

Discrepancy on inventory data is often an obstacle for a company. The discrepancy in inventory data will occur in several things. One of them is losing the company inventory. By this means, a company should have a good inventory report to avoid discrepancies in inventory data. An inventory list is a solution to solve the inventory data discrepancies.

HashMicro’s inventory software helps you to overcome all the worries you experience, equipped with some of the most complete excellent features. Not only that, this software can be integrated with other inventory management systems. This article will give information to the readers about the importance of an inventory list for companies.

What is an Inventory List?

inventory list
Source: Rawpixel.com

An inventory list is a form of recording report that involves information about a company’s inventory. Through this list, a company can find out accurately how many goods or items they have, such as office stationery, furniture, and other supporting equipment. 

Furthermore, this report can also be used by a business company to record all their inventory stock. Several essential aspects should be considered in making this list, such as product codes, product names, and the number of products available.

Also read: Why Business Should Switch to Cloud Inventory Management

The Purpose of Compiling an Inventory List

An inventory list can be a source of information for a company in knowing the number of items or stocks they have. Compiling this list aims to make a company able to take action on the goods they have. These actions could be a form of repairing or purchasing goods for the company inventory. In addition, compiling this list can increase the effectiveness of using the company goods. All these purposes reflect the importance of an inventory list for companies.

The Benefits of an Inventory List

There are various benefits that a company will obtain in making an inventory list. Here are the explanations for each benefit:

Easier in controlling goods

This list will make it easier for a company to control its goods movement. So, a company does not have to worry about its goods. In today’s digital era, a company can manage their goods easily and computerized.

Saving the company expenses

By knowing the number of items available, a company can save on its expenses. In this case, a company does not need to buy some new items that can still be used. So that a company can avoid the expenses on the purchasing of unimportant goods.

A reference in company wealth calculation

A company should be able to calculate the wealth it has. In this case, wealth can be either a movable or immovable asset. An inventory list can be a reference for a company in calculating its wealth. 

Avoid inventory data discrepancies.

The discrepancies in inventory data often are an obstacle for a company. Therefore, a company can use inventory lists as the medium in goods recording. So, a company can avoid discrepancies in inventory data. Adding an Accounting System to your Inventory Management System will help you analyze inventory costs and estimate the profits and losses generated from each product.

Also read: 5 Brilliant Ways to Improve Your Inventory Management

Tips in Compiling Inventory List

To make it easier for a company to compile this list, here are some tips that be a reference for your company to compile it. Ensure that you have involved the essential aspects of compiling an inventory list, such as product code, product name, product type, and product quantity. Involving well and detailed the important aspects of this list can give convenience for a company when looking for information about product availability.

As a prevention method, a company can make an inventory list backup. So you will have a backup if sometimes this report is damaged or lost. It would be better if you use a digital inventory recording system. Your company will be worry-free with this digital inventory recording system.

Furthermore, a company should update the inventory data periodically. This is because the company goods or property will have a change, either in addition or reductions of goods. This update will make it easy for your company to find out the real-time inventory data every time.

Examples of Inventory List

Here is an example of an inventory list that companies in recording their inventory often use:

inventory list
Source: Pinterest.com

Conclusion

Inventory data recording using an inventory list is an important thing for a company. In addition, this data recording can give a company several benefits. One of them is providing convenience for a company in controlling their goods or property. In today’s digital era, so a company can do a digitalization in inventory data recording with system inventory.

As a leading ERP provider company in Indonesia and Singapore, HashMicro provides convenience for companies in compiling a digital inventory list using Inventory Management Software. Integrating the Inventory System with Purchasing system to help you plan inventory costs, control the procurement of goods, and manage orders better. Many companies are choosing HashMicro to increase their operational efficiency, especially in inventory data recording. Contact us to get the best offer and a free demo.

Related article: Inventory App Singapore – EQUIP from HashMicro

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