Stock analysis is extremely crucial for any business as stock play the role of a companyâ€™s heartbeat. From stock movement to reordering to stock ageing, various reports are involved in order to get the right information about your businessâ€™ inventory. It is only with these crucial reports can one identify the important aspects of stock items and thus take business decisions worry-free. One such report is Stock Summary.
What is Stock Summary?
A Stock Summary is a statement of the stock-in-hand on a particular date. It is one of the primary inventory statements that updates the stock record in real-time as and when transactions are entered. Stock Summary provides information on stock groups and shows the quantity details, rate and closing value of the stock items under them.
Benefits of Stock Summary Report:
- You can view the entire stock flow ranging from opening stock goods inwards, goods outwards to the closing stock can be analysed in terms of its quantity.
- You can identify and view the available stock at different locations and take purchase and sale decisions accordingly.
- A clear view of purchase and sales order outstanding which will further help you decide on the actionable tasks to improve your businessâ€™ cashflow.
- It gives you an insight into the quantitative movement of each stock item.
- With details about the Nett Stock, you can even establish great relationship with your consumers by giving them suggestions and alternative choices when the demanded stock is unavailable.
TheÂ Stock Summary reportÂ with stock valuation methods can be used to view the effects of different methods on the value of stock. Each stock item can be set up to have a different stock valuation method. In some instances, a particular method of valuation may be required, for example, to assess the replacement value or saleable value of stock. Tally.ERP 9 displays stocks in any or all the valuation methods dynamically and simultaneously, without any complicated procedure. Tallyâ€™s stock summary report is so dynamic that apart from just showing you a list of inventories, you can do so much more. You can also view profitability and consumption details for each stock item and will give you a drill down of each stock item to track the micro-level details which are crucial for planning way ahead. Quite interesting, isnâ€™t it? Take aÂ free-trialÂ of Tally.ERP 9 today and manage your business more efficiently.
Optimum stock is the key toÂ manage inventoryÂ successfully. Overstocking will lead to blockage of cash and add up to certain risks such as price fluctuation, cost of managing excess stock, dead stock etc. This means that excessive stock may lead your business into losses.
Detecting the correct re-order level is extremely crucial. If an order is placed too soon, it would incur extra costs which include, warehousing rent, opportunity cost, etc. These costs are classified as â€œcarrying costsâ€ which also affects the overall financial health of your business. However, if the company places an order too late, it would result in stock-out costs, for example lost sales, etc
Some of the most crucial benefits apart of keeping your companyâ€™s finances steady which re-order levels of inventory reap are:
- Automatic generation of a replenishment order at the appropriate time by comparison of stock level against re-order level inventory controls
- Appropriate for widely differing types of inventory within the same firm
- This report will help you in taking the appropriate decision for timely Purchase of Materials and will readily provide all relevant information required for placement of a Purchase Order.
- Monitoring stock levels to see when the â€œre-order pointâ€ has been reached. The re-order point is the point at which the stock gets low enough that itâ€™s time to order further stock.
Maintaining a companyâ€™s financial health remains a top priority for any business owner and accurate management of inventory triggers that. Reordering of your stock without incurring any additional expenses could be a bit challenging but it certainly isnâ€™t impossible. Especially with a software as flexible and reliable as Tally, you can ensure that you never run out of stock.
To simply put,Â Tally.ERP 9Â accepts the quantities that you want to specify. In advanced mode, it considers the previous consumption patterns to suggest re-order levels. However, you can define your own reorder levels. You can also specify the minimum quantity of the item to be ordered, either in simple or in advanced mode. Keen to explore more about of stock? Take a free-trial rightÂ here!
Inventory and stock play a significant role in defining a business and its profitability, and it is a well-known fact. One of the most crucial features every business owner expects in anÂ accounting softwareÂ is for it to be able to track inventory accurately and seamlessly. For any business to efficiently manage its activities, the stock needs to be recorded error-free. Any business owner who is looking for a business software demands it to be robust and flexible, so that at any given point data can be altered as per the requirement.
Physical Stock Voucher is used for recording the actual stock which is verified or counted.Â It could happen that the Book Stocks and the Physical Stock do not match. It is not unusual that the company finds a discrepancy between actual stock and computer stock figure. In such scenarios, the software must give you the flexibility to accommodate such discrepancies so that your books and stock-in-hand match. Physical stock differences must not be ignored by any business as stock management can make or break your business.
Often while running your physical audits, you may encounter some discrepancy in stocks. With physical stock journal, you can easily make the changes so that you can take your business decisions accurately without affecting your profitability. Mismatch between the value of closing stock recorded in the company books and the actual physical stock in the godown can arise due to
- Inaccurate stock records
- Theft, damage, loss, and so on
These discrepancies can be rectified by passing a physical stock voucher so that the closing stock as accurate.
WithÂ Tally.ERP 9â€™sÂ physical stock registerÂ feature you can easily assess the available stock and find out about the inventory discrepancies in your books. This way you can effortlessly adjust the stock values and even derive to conclusions as to why your book stocks do not match with your physical stock. Physical stock vouchers offer you a great deal of flexibility in terms of recording of stocks with the help of which you can easily and seamlessly manage and view the status of your inventory at a single shot. With the feature of narrations, you can even clearly view the reason behind various inconsistencies and manage your business more efficiently.
Wish to streamline yourÂ inventory managementÂ more effectively? Take a Free TrialÂ here, right away.