Goods Order Inventory management software (GOIS) helps you make smarter purchasing decisions by giving you easy access to the data you need to make fast, informed decisions.
With GOIS, you’ll have reliable dynamic inventory insights at your fingertips that help you prevent missed sales, avoid stockouts, and free up cash to reinvest in your line of work.
Purchase Orders: An Important component of Good Inventory Management
Keep track of inventory from the moment it’s ordered from the supplier to the moment it is delivered to your customer. Create purchase orders and share them with your suppliers directly from within Goods Order Inventory management . With purchase orders, Goods Order Inventory management becomes an even more robust inventory management suite.
Here’s what you’ll usually find on a PURCHASE ORDERS:
- Purchase order number
- Purchase order date
- Buyer address
- Supplier address
- Product/services list and prices
How can a purchase order system help me?
Having a purchase order in place can be beneficial for your business. From making sure the correct information goes to your suppliers, to delivering an overview on your stock levels, it makes sense to have a system that works seamlessly. Using a purchase order will save you time and money too.
If you’re eager to make your company organized, here are seven reasons why using purchase orders are more significant than you might imagine.might think.
1: See What’s Been Ordered but Not Delivered
What stock do you have coming your way? What’s been ordered from your vendors that you’re still waiting to get?
The responses to these questions are fast and easy to find if you have a good purchase order system in place.
Some companies wait to input purchase orders until their order arrives. By inputting a purchase order at the same time as you order your supplies, you’ll know what’s on its way so you don’t spend more than you need to.
2: See Your Financial Commitment Ahead of Time
When you place an order, you’re establishing a commitment to pay upon delivery. Even though the payment has not been processed through your accounting system, you’re still on the hook for the costs.
By using purchase orders to track what you’ve bought, you will recognize what type of expenses you can require. This way, you’re certain to receive the funds on hands then there are no surprises down the roads.
3: Your Sales Team Benefits
Your sales team needs to recognize about your inventory. They necessitate to see what you have on hand and what’s available for them to sell fast. Don’t put them in a position where they are too scared to promise a customer and potentially lose the sale for you. Instead, let them know when more inventory is coming in so they can feel confident promising their accounts more product.
4: Save Money
Do you have multiple people keeping an eye on your accounts? If so, you could risk having multiple people place orders for your business. This can double how much you buy and it’s not necessary.
With purchase orders, you can prevent over-buying. You can stop overlapping orders with a supplier. If your inventory management system tells you you’re low on supplies but your purchase orders so you’ll receive a shipment tomorrow, everyone in your company will know that you’re in the clear and not to reorder.
5: See What You’ve Bought at a Glance
Need to calculate how much you’ll spend each quarter? Go back and review your past purchase orders for a glimpse.
History repeats itself, especially in this business. To know how much, you’ll need in the future, get familiar with how much you’ve bought in the past. Not only will this help you plan for the supplies you need, but it can also shed some light on which areas of your business are selling particularly well.
On some occasions, a supplier might be backlogged or might start to slow down their delivery times to you. Looking at past purchase orders can help you see when this is happening so you can either find a new supplier or discuss the situation with your current supplier.
6: See Your Pricing History
Managing your bills seem a little higher than usual? Your suppliers might have snuck in a slight price increase on you without you knowing. This happens more often than you might think.
With purchase orders on hand, you can track the pricing history you had with a specific supplier. If the price moves up, you’ll know it’s time to revisit your account or start shopping around for a better deal.
7: See Who Bought the Item in the Past
Change is inevitable – especially in business. People get promoted or leave your company. Or, you swap roles with a partner to cover while he’s on vacation. In either case, you probably won’t consistently have the same person buying for your business time and time again.
On your purchase orders, it’s significant to track who took in the purchase. Who bought the product for your company? And so, if there is any discrepancy or confusion, you’ll know who to ask about it internally.
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