What you'll learn Creation of Master Accounting Vouchers Inventory Vouchers Stock Journal Transactions with Vouchers Advanced Features,Configuration, Remote Access, Synchronization Invoice Formation Online Database Connectivity (ODBC), Various Analytical Reports etc.Total course Fee
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Inventory management can be defined as a whole lot of activities done to maintain an optimum number of inventories to ensure uninterrupted production, sales, high customer satisfaction, reduced inventory handling cost and so on.
In simple words, inventory management is all about striking the balance between overstocking and understocking. Overstocking will lead to cash flow blockage and additional cost for managing excess stock. On the flip side, understocking leads to loss of sale due to non-availability of stock at the right time.
Thus, it’s all about maintaining the right level inventories at the right time and keeping the inventory handling cost at low.
Inventory management helps companies identify which and how much stock to order at what time. It tracks inventory from purchase to the sale of goods. The practice identifies and responds to trends to ensure there’s always enough stock to fulfill customer orders and proper warning of a shortage.
Once sold, inventory becomes revenue. Before it sells, inventory (although reported as an asset on the balance sheet) ties up cash. Therefore, too much stock costs money and reduces cash flow.
One measurement of good inventory management is inventory turnover. An accounting measurement, inventory turnover reflects how often stock is sold in a period. A business does not want more stock than sales. Poor inventory turnover can lead to deadstock, or unsold stock.
Inventory management is vital to a company’s health because it helps make sure there is rarely too much or too little stock on hand, limiting the risk of stockouts and inaccurate records.
Public companies must track inventory as a requirement for compliance with Securities and Exchange Commission (SEC) rules and the Sarbanes-Oxley (SOX) Act. Companies must document their management processes to prove compliance.
Basic of computer
Accountant, Data Entry operater
You will receive an industry-recognized Certification fromtheAttitude Tally Academy and TeacherDada after completing the course. You can also share your Certificate in the Certifications section of your LinkedIn profile, CVs, resumes, and other documents.
The 4 Types of Inventory Management The types of inventory management are Raw Materials, Works-In-Process, Maintenance, Repair and Operations or MRO and Finished Goods
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