Purchasing and Replenishment System
Purchasing Inventory Software
No matter what you sell, you need to have a system in place to track it. As a business owner, you should know how much a given item is selling over a day, week or month. Your brand must also track the supplies and materials it orders to supply customers' purchases. If someone buys a shirt or a set of glassware from your company, you should have that specific item in stock to ship to them.
Tracking your sales is essential for your business, as is managing your stock on hand. Ideally, you'll have a system in place that will replenish stocks and supplies as needed — before you run out. Using a purchase order management system allows your company to stay on top of its inventory and supply needs, keeping your customers happy and well-served.
Sales are a measure of your ongoing success — they shouldn't be something that affects your productivity or produces unnecessary paperwork. Fortunately, Finale Inventory contains a wide range of purchasing and stock-replenishing features.
- Save you time and effort: Purchase order systems should be easy to use — software that fits seamlessly into your workflow will help your team stay productive even when you're dealing with a high volume of sales.
- Improve accuracy: A purchase order system can and should be part of overall quality management. Rather than being thought of as additional paperwork, it should strive to ensure that every order is processed and reported accurately, ultimately improving customer satisfaction.
- Reorder automation: With advanced order management capabilities, quickly create purchase orders in minutes. Prevent costly stock-outs by setting reordering thresholds. Or, save time with Finale's dynamic reordering features to handle the numbers for you. Finale can calculate reordering points based on the product's sales velocity to make smarter purchasing decisions for restock forecasting.
- Have a handle on your landed costs: Even with cost fluctuations, with Finale's sophisticated landed cost algorithm, you'll always know how much you're spending on each product. Understanding the landed cost of each product will allow you to gain insight into the gross margin of your sales. Finale will calculate the landed cost based on the cost of the products themselves, plus any other costs you directly incur to obtain the products. These costs can include everything from shipping to freight costs. Understanding your average landed cost and how your suppliers are performing will give you the leverage you need to drive down spend as you grow. Finale’s inventory accounting functions and reports complete the full picture by providing a record of each financial transaction to ensure accurate reporting of figures for financial reports, taxes, or regulatory compliance.
What Is a Cloud-Based Purchase Order System?
A cloud-based purchase order system handles the process of creating and sending out purchase orders.
Ordering supplies is one part of inventory management. When you create a purchase order (PO), you send a product request to a seller. Along with listing the items you would like to buy and their quantities, the PO should also record the date you need the goods, your shipping and billing address and the PO number.
If you were creating a purchase order by hand, you would have to input all the information into the PO manually. When you use a purchase order system, the software program handles much of the inputting. You choose the supplier for which you're creating the PO and type in the items you want to order.
If you've purchased these goods in the past, the system will begin to auto-populate the PO for you. As you type in the names of supplies, the system will also let you know how many your company currently has available, which can help you determine if you need to order more or not.
A cloud-based purchase order system lets you create the PO, but it can also handle sending this request to the seller. You can either email the PO through the software program itself or export it as a PDF, print it out and send it along. When it's time to reorder, you can duplicate the PO or schedule it to send at a later date.
You can also use cloud purchasing software to receive shipments and input them into your inventory. When a shipment arrives at a warehouse or another facility, you can go into the software program to receive it. When working with the software, you type in the number of items you received from the PO.
For example, if you order 500 reams of paper and received 250, you would type in 250. The system would update itself and note that 250 reams of paper were still on order. When accepting shipments, you can list where the items went, such as in your primary warehouse or another facility.
Other features of cloud-based purchase order systems include tracking the average cost of items you buy. For example, if the paper cost $5 per ream during one month and $10 per ream the next, the system would let you know the average cost is $7.50 per ream. You can also set up the software to reorder for you automatically and add logos or barcodes to printed POs.
Finale Inventory Purchase Order Software Features
Finale Inventory is a cloud-based inventory purchase order software platform designed for today's businesses. Multiple product tiers are available, making the software a viable option for all types and sizes of business. Our product can help you do several things, including:
- Centralize purchasing and replenishment in a single database: Our product collects and consolidates sales data from multiple sources — including e-commerce and point of sale (POS) platforms — and gives you access to dynamic forecasting tools that help you make restock purchasing decisions.
- Receive partial shipments: Partial shipments are common in many warehouses, but few cloud-based inventory purchase order systems contain tools for handling them effectively. Finale Inventory makes it easy to receive partial shipments and create backorders for reconciliation at a later date.
- Manage multiple suppliers: Working with multiple suppliers is a smart way to make your business more flexible and resilient — but it does create additional paperwork. Our cloud-based purchase order system stores separate price and part number information for each vendor, reducing the risk of delays and billing inconsistencies.
- Understand product costs: Finale Inventory's sophisticated average unit cost calculations provide valuable information to give you a precise understanding of how much you're spending on each product. Understanding the average cost of each product will allow you to gain insight into the gross margin of your sales.
- Assign products to multiple locations and sub-locations: If you have multiple locations, easily allocate your incoming inventory to a specific warehouse or sub-location within a warehouse.
How Finale Inventory Purchasing Inventory Software Can Help Your Business
For more than a decade, the team at Finale Inventory has been helping small to mid-sized Fortune 500 and e-commerce companies with their inventory management needs. Our cloud-based software handles all aspects of inventory and product ordering, transforming companies into smooth-running, well-oiled machines.
Practicality and ease of use, access, and usefulness of all features
”Finale Inventory Software is so accurate that we no longer have the overstock of unused products or dead skus. Purchasing accuracy is 100% and if there is an error we no longer have to question if it is user error or software.”
December 6, 2017
The customer service is excellent! You can easily reach and get a response from a real person.
”It really helps create more organization, structure, & efficiency to our inventory supply chain. The company has been great working with another vendor or ours to seamlessly integrate our CRM system.”
The Rag Company
Dec 11, 2017
Very easy to use. Great for tracking sales and the movement of merchandise between warehouses.
”Finale can generate custom reports that can be very helpful for audits. Keeps the record of every movement, including canceled transactions.
Easy to make changes to the stock.”
Z Natural Foods
Dec 14, 2017