If you stock all products in your own facility, your inventory controls and processes are handled internally. How you source and store the various products you sell determines how you manage your inventory. Define Product Sourcing and Storage Methods Here’s a seven-step approach to creating an inventory management plan with procedures, controls and tools tailored to your business’s unique needs. Once you have good processes and procedures in place, you’ll soon find more time for business-building activities. Good inventory management is more than increasing stock accuracy, it makes your day more efficient. If you find that inventory-related tasks take up a major portion of each day, it’s probably time for a review and reboot. Luckily, you can avoid these roadblocks by incorporating simple inventory management procedures and tools into your operating plan. Too much unsold inventory on hand at the end of the year equals higher business property tax and income tax bills. Over time, inventory overages also lead to bottom-line losses due to expired, outdated and otherwise unsellable stock.Īnd let’s not forget business taxes. It’s very easy to order excess inventory when you don’t closely track stock, which leaves you cash-strapped in the short term. However, stock shortages are just the first stumbling block caused by bad-or no-inventory management. If you don’t have goods in stock to sell, or if you can’t find items to fill orders, you have no income. Why It’s Vital To Learn How To Manage InventoryĪny business that sells products must manage goods properly to survive. However, it’s important to know the distinctions as you grow and begin delegating supply chain and inventory tasks to staff or outside contractors. Inventory management deals with receiving, tracking and storing the products you hold, plus provides data for informed purchasing.įor a small business or solopreneur, supply chain and inventory management procedures easily meld together. Supply chain management oversees the flow of products from raw goods and production sourcing through final distribution. Inventory management is a key element of supply chain management, but the terms aren’t interchangeable. No matter which home inventory app you choose, you will be better prepared when you file an insurance claim or renew your insurance coverage.Inventory management is the umbrella term for the procedures and processes that affect ordering, receiving, storing, tracking and accounting for all of the goods a business sells. Most of them will be useful to homeowners. There are many home inventory apps to choose from, including apps created by insurance companies. Finally, Nest Egg includes some convenient features such as a pie chart breakdown of all your categories and the option to manage several different locations with their own inventories. When a barcode is scanned, the price is automatically added. Like Sortly, multiple pictures of an item can be uploaded. We also liked the ability to specify if an item is owned, rented, borrowed, or under warranty. These categories are useful because you can add subcategories to organize your inventory list further. With Nest Egg, instead of folders, there is a category-based system where you choose one of their predetermined categories or create your own. We liked the ease of use of this app and the ability to take a picture of an object or scan its barcode. Download Sortly on iOS, Android, or desktop so that you can quickly and easily access your inventory on any device. Sortly also allows you to include several pictures of each item and customize folders by adding notes or picture labels. Another excellent feature links to the product’s URL, which fills in the object’s price or value. There is space for adding a picture, price, total value, or notes. Sortly allowed us to choose an inventory for our home or business and provides flexibility in how items are organized using folders. Our review looks at how to add items, how the home inventory is organized, and the added features we appreciated. Both apps have free or paid options, with paid options providing access to more features. After looking at many apps, these two are our favorites on iOS for Apple and the Google Play Store for Android. The apps being reviewed today are Nest Egg and Sortly. Many of these apps sync to cloud storage, so you will have this list no matter what happens. Thankfully, there are apps that make the task of categorizing and organizing your possessions much easier. You can just send your insurance company a list of all of your documentation to replace damaged or lost items when filing a claim. By creating a home inventory, the hard work is done. Having a list of all the items in your home allows you to be prepared for insurance claims and updating your insurance policy. Documenting your material possessions and their value is an excellent habit to begin.
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