Apply These 6 Secret Techniques To Improve Inventory Management

 

  Inventory Management

You may simply separate each product line in your company's many product lines with Tally prime by creating an unlimited number of groups, categories, batches, and locations/Godowns.

Flexible Units of Measure

Tally prime makes it easier to handle real-time complexity such "the need to buy in one unit and sell in another," "Stock Items required to be quantified in more than one unit," "measuring the unit of stock item with floating conversions," etc. Tally Prime's adaptable units of measurement let you manage and quantify the stock anyway you like.

Manufacturing Journal

Utilize Tally Prime to track the full manufacturing cycle. Keep note of the raw materials used, the godowns from where they are shipped, and the price of those purchases. Keep track of the final goods, byproducts, and scrap that were produced.

Bill of Material

You can specify the raw materials, assemblies, parts, and components, along with the amounts of each inventory, required to make a final product using Tally Prime's extensive Bill of Material (BoM) capability. The BOM of finished products can also define the by-products, co-products, and scrap.

Re-order Level

By using Tally Prime's Reorder level, you can make sure that you never run out of stock and learn in real-time which stock has to be supplied in the appropriate quantities. You can specify the minimum order level and the re-order level, and an automatic report detailing the shortfall and the quantities that need to be ordered will be generated.

Multiple Stock Valuation

You can use many stock valuation techniques to value your closing stock in Tally Prime. You can set a different stock valuation technique for each item according to your needs using the flexible stock valuation approach. The following stock valuation methods are supported by Tally Prime.

• Average Price
• FIFO
• FIFO Permanent
• Cost of last purchase
• LIFO yearly
• LIFO Permanent
• Std. Cost
• Weekly Average Cost
• At No Charge

Job Work

You can fully oversee the job work process as both the major manufacturer and the job worker thanks to Tally Prime's robust job work functionality. To provide complete visibility of the job state and material status, it is flexible to record the Material issues, receipts, and consumption of Materials backed by job work reports.

Manufacture and Expiry Date Management

Management of the manufacture and expiration dates is essential for businesses working with items with a limited shelf life or durability.

With TallyPrime's batch summary report, you can manage batches with manufacture and expiry dates and obtain full visibility of batch details, including mfg Date, expiry Date, number of days to expiration, etc.