Keep Inventory Management Simple with these 5 tips

Is your stock and inventory management up-to-date? Are you confident you know how many of each item you have and where your stock is? If you’re looking to get better visibility and understanding of your stock, then investing in the right software can really help. 

Getting the right tools to accurately track your stock without taking up hours of your team’s time can make a huge difference in improving the records and efficiency of your business. 

Here are four of the things that WorkGuru.io can do to help your business track stock better.

Using FIFO Inventory Management

FIFO inventory tracks the landed cost of the products received per purchase order. This is much more accurate than the alternative: Average Landed Cost where the varying cost of each purchase order is averaged out over all the purchases. In terms of accounting, FIFO takes the true cost of the items dispatched or used on sales or projects as the  COGS value.

FIFO can also help you ensure that you charge out your work at the right price, easily when there are volatile prices involved. With supply issues with steel and timber currently, FIFO could help you account for your project costs accurately while prices fluctuate. So, if a piece of timber you’ve had for six months costs you $X, whereas a piece this week has cost you $Y, you can quote at the right price for that piece. 

WorkGuru.io uses FIFO to help you manage your stock costs better and understand your actual costs on each project.

Keep stocked up on the items you need

With the help of par levels and BuyingGuru tools that come with the software, WorkGuru.io helps you maintain your par levels and know when you’re running low. 

The BuyingGuru report gives you visibility of your stock, the desired par level vs how many are on hand. The report also shows you how many are expected to arrive (purchased but not yet landed) and what your shortfall is compared to your par. 

From your report, you can create purchase orders for the stock you need, with your preferred suppliers, making it much easier to keep in stock and running smoothly. It means you can keep on hand the materials you need, and get more from your stock. 

Learn how to set up BuyingGuru

Use Production Jobs to add to the stock

Production jobs let you create stock for your shelves outside of standard projects. Track the cost of materials and time as you work, and that cost will be applied to the items you create.  At the end of the project, you can confirm the actual number that you produced, and these will be automatically added to your stock. 

Helping you save time, WorkGuru’s project templates are also available on production jobs. It means that if you produce similar production runs time and time again you can save time by templating those inputs and outputs. You can also create back runs to help manage large production jobs easier. 

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Available in real-time, anywhere

Being cloud-based, you and your team can access all your business ops from the warehouse, factory, on the road or in a clients office. You’re only ever a username and password from keeping up-to-date with your business information and stock information.

Not only that but because your staff can log on, even when working on remote sites, it’s possible to keep all your records up to date, all the time. Your team can record the stock they use, make notes about the projects straight away. 

Intuitive and friendly tools

It’s no secret that WorkGuru has a tonne of powerful features, but serious work has gone into making them user-friendly for your whole team. There is no point in a complete operations management system if it can’t be used easily by everyone.

WorkGuru makes all features easy to find and use, and has an extensive support website to help you get the most out of your subscription. Plus our team are on hand to help with support and fixes needed. 

The WorkGuru Kiosk can also help your team get things done faster with a simple interface. The Kiosk helps your team log in and record stock usage in a couple of seconds. It means your records stay up-to-date without disrupting your team’s work.

Read more in our blog “4 Reasons Project Tracking Is Easy With WorkGuru.io Kiosk