Why Stock Control will be extremely important in the new financial year

With the new financial year nearly upon us, it’s a great time to think about how you want to approach the next year. While there is probably already a lot on your to-do list, this can be an excellent time to hit the reset on your business processes and give your business a kick start for FY22. Just like new year’s resolutions, it’s time to stop putting off those changes that you’ve been wanting to make to your operations. 

With this in mind, there are a few ways that WorkGuru might be able to help you achieve just that. As an all-in-one business operations software, there’s a lot we can help you with when it comes to achieving your new financial year resolutions.

Over a series of blogs, we will be exploring the top features that can help you make the most of the new year. The first cab off the rank is the stock control features. 

Save money by getting your stock in order

Implementing a perpetual inventory system like WorkGuru will save you a tonne of time keeping your stock info up-to-date while also giving you much more control over your stock and ordering costs. Always having an idea of what you have on hand and what you need to order  an help you not miss out on work or set unrealistic expectations with your customers. You will also have the data to be able to make decisions on what to order and when. By understanding your costs and stock usage, you can make better use of supplier sales and negotiate better deals. 

Operating on a first-in, first-out stock management system, using WorkGuru will mean that you’ll be more able to stay profitable as prices change and fluctuate in the new year. This will be especially handy if you work with steel or other materials with volatile prices. Read more in our recent blog “Top 3 Things Your Manufacturing Business Needs To Think About For FY 2022”.

The other benefit is that you won’t be at risk of double ordering if you have a clear idea of what you have in stock. It can save you in unnecessary expenses and help with your cash flow. WorkGuru client Hydromech has saved thousands of dollars like this (read more of their case study here). 

How WorkGuru’s stock control works

Like all the features in WorkGuru, the stock control system was created based on years of consultation with businesses and understanding what they need. The perpetual stock control means that you and your team can always understand what you have and what you need. Plus adding new stock in and using stock is super simple, meaning that your team can keep your records up to date with minimal fuss. 

For example, watch the video below to see how a team member could check, use and update stock in less than 30 seconds. 

 

Because  WorkGuru can help you with inventory management and project management on the same platform, managing project costs and updating stock levels can be done all at once. 

 

Get a demo of WorkGuru today to see how these features can save your business time and money. Click here to get in touch.