Effective finished goods inventory process for businesses

For goods service companies, the finished goods inventory process is very important. This can affect the revenue as well as the reputation of the business in the market. So, how to make the warehouse management process more efficient? Let's find out with Viindoo through the information below!

>>>> See More: 12 best, professional warehouse and inventory management software

The finished goods inventory process helps inventory operations to take place continuously and effectively, limiting errors. Besides, the finished goods inventory process also allows the manager to monitor the situation of export and import, and control the number of goods in the inventory. With the finished goods inventory process, managers can promptly detect errors and find ways to fix them.

At the same time, this management process also helps businesses determine the amount of inventory to control the quality of the goods in the best state when exporting. Therefore, the finished goods inventory process plays a very important role in controlling the quantity and quality of goods.

The finished goods inventory process makes work more efficient

>>>> Read More: The most detailed ISO 9001 inventory management process [Detailed summary]

Finished goods inventory process

Export management

The first step of the finished goods inventory process is export management. In this step, the enterprise needs to perform the following tasks:

• The warehouse accountant will be in charge of checking the quantity to ensure that the finished goods meet the requirements when there is a notice of export from the inventory.
• After checking the finished goods, the enterprise will make a delivery note according to the information in the order. Next, the delivery note will be sent to the warehouse keeper to complete the making.
• The warehouse keeper will export according to the data recorded on the delivery note.

>>>> Don't miss: The best material management software for stores

Import management

Inventory import management will help businesses control the number of goods imported. Accordingly, businesses need to take the following steps:

• The warehouse keeper will conduct a stock count of finished goods after receiving a request to import finished goods into the inventory. After the stock count is completed, the warehouse keeper will sign the delivery confirmation record.
• Next, the warehouse keeper will make a receipt and sign it.
• Finally, the warehouse keeper needs to enter finished goods into the inventory and update the data to control the number of finished goods stored in the inventory.

Import management

>>>> See More: What is production warehouse management ? Importance and optimal solution

Finished goods transfer management

The tasks to be performed in the management step of inventory transfer of finished goods are as follows:

• If need to convert finished goods between inventories, the manager will send a proposal to be approved by the competent department.
• After the proposal is approved, the warehouse keeper will make a bill to transfer the finished goods.
• Next, the finished goods will be delivered to the required inventory. At this stage, the manager needs to re-invent the number of finished products to avoid inadequacies and errors.
• Finally, the manager must regularly update the data to track the number of finished goods in the inventory.

Inventorying finished goods

The process of inventorying finished goods is the process of inspecting and determining the quantity and condition of items in stock. The following are commonly applied steps in the process of inventorying finished goods:

• Prepare for the inventory:
• • Determine the timing and duration of the inventory. Notify relevant staff members about the inventory process, ensuring prior preparation.
• Define the scope of the inventory:
• • Clearly define the scope of the inventory, including specific areas, types of items, or materials to be examined.
• Prepare documentation and tools:
• • Prepare documents such as inventory lists, item lists, inventory forms, and supporting tools such as computers, counting machines, barcode scanners, measuring devices, etc.
• Numbering and identification:
• • Ensure that each item in stock is accurately numbered and identified for easy recognition and tracking during the inventory process.
• Conduct the inventory:
• • Carefully inspect each item in stock, including determining quantities, checking conditions, verifying barcodes or identification information, etc. Record inventory information on forms or in the inventory management system.
• Address discrepancies:
• • If there are discrepancies between the actual quantities and the recorded quantities in the system, investigate the causes and address the discrepancies according to the organization's procedures.
• Recheck and finalize:
• • After completing the inventory process, review the recorded information to ensure accuracy and completeness. Finalize any necessary documents and store them according to regulations.
• Report the results:
• • Generate a report on the inventory results, noting any discrepancies and proposing necessary measures to improve inventory management. Share this information with relevant parties and implement necessary actions to rectify the issues.
• Reconcile data:
• • Compare the inventory results with the data in the inventory management system, ensuring consistency and adjusting any errors if necessary.
• Evaluate and improve:
• • Review the inventory process, evaluate its effectiveness, and propose improvements for future inventories. Extract lessons learned and apply them to subsequent inventory processes.

The process of inventorying finished goods needs to be carried out carefully and with high accuracy to ensure effective warehouse management and prevent losses or errors in the quantity of products.

Viindoo Inventory - An effective inventory management solution for finished goods

Viindoo Inventory is software that supports businesses in managing finished goods. This inventory management software will help managers keep track of inventory by automatically updating data when exporting, importing, or moving goods. At the same time, Viindoo Inventory also supports businesses to actively control the number of goods in inventory and promptly replenish them.

Some outstanding advantages that logistics management software brings such as:

• Manage the number of goods in stock, classifying products by group, model, and size...
• Control the status of finished goods in the inventory.
• Support automatic data recording of transaction history, transaction time, the person in charge, and order of dispatch...
• Integrate inventory management on many platforms.
• Connect supply chain management in a comprehensive way, saving time, and improving work efficiency.
• Support multiple methods for accounting for inventory.
• Make reports and multi-dimensional analyses of inventory performance.

FAQs

Conclusion

Controlling the finished goods inventory process will help businesses save costs as well as bring in more revenue. If businesses still do not know which inventory management solution to choose, Viindoo inventory management software is one of the top choices that businesses should consider. Contact Viindoo right away via the hotline at 0225 730 9838 for more specific advice!

>>>> Useful Articles:

• How to manage warehouses in logistics effectively
  

• Dropshipping Inventory Management: The Ultimate Guide