Sales and Inventory System

October 21, 2017 Accounting

Related Literature-Inventory System Inventory control systems maintain information about activities within firms that ensure the delivery of products to customers. The subsystems that perform these functions include sales, manufacturing, warehousing, ordering, and receiving. In different firms the activities associated with each of these areas may not be strictly contained within separate subsystems, but these functions must be performed in sequence in order to have a well-run inventory control system. In today’s business environment, even small and mid-sized businesses have come to rely on computerized inventory management systems.

Certainly, there are plenty of small retail outlets, manufacturers, and other businesses that continue to rely on manual means of inventory tracking. Indeed, for some small businesses, like convenience stores, shoe stores, or nurseries, purchase of an electronic inventory tracking system might constitute a wasteful use of financial resources. But for other firms operating in industries that feature high volume turnover of raw materials and/or finished products, computerized tracking systems have emerged as a key component of business strategies aimed at increasing productivity and maintaining competitiveness.

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Moreover, the recent development of powerful computer programs capable of addressing a wide variety of record keeping needs—including inventory management—in one integrated system have also contributed to the growing popularity of electronic inventory control options Given such developments, it is little wonder that business experts commonly cite inventory management as a vital element that can spell the difference between success and failure in today’s keenly competitive business world.

Writing in Production and Inventory Management Journal, Godwin Udo described telecommunications technology as a critical organizational asset that can help a company realize important competitive gains in the area of inventory management. He noted that companies that make good.. Chapter Ii: Related Literature And Studies Of Inventory System Chapter II: Related Literature and Studies Review of Related Literature In exploration, we find new techniques, new knowledge, even develop new substances, gadgets, equipment, processes or procedures, imagination and skill is employed by the researcher.

The commodities, new devices, services, in technology are needs of man for a better fuller life which is the concern of the research. These useful arts are the products of the technological environment and the end-user is society in general. The fast growing trend and innovation in technologies today prompts researchers to conduct studies about the efficiency of   system program. This Chapter presents a brief review of literature and studies, both local and foreign that is related to these studies. Review of Related Studies

The following statements given are related to our study about the inventory system which is found very useful for the proponents in making the system. “It is nearly impossible to overemphasize the importance of keeping inventory levels under control,” Ronald Pachura wrote in an article for IIE Solutions. “Whether the problems incurred are caused by carrying too little or too much inventory, manufacturers need to become aware that inventory control is not just a materials management or warehouse department issue.

The purchasing, receiving, engineering, manufacturing, and accounting departments all contribute to the accuracy of the inventory methods and records. ” It is little wonder that business experts commonly cite inventory management as a vital element that can spell the difference between success and failure in today’s keenly competitive business world. Writing in Production and Inventory Management Journal, Godwin Udo described telecommunications technology as a critical organizational asset that can help a company realize important competitive gains in the area of inventory management.

According to Udo, companies that make good use of this technology are far better… Review Of Related Literature Review of Related Literature History of Forums In the past, forums were viewed as places for geeks to communicate via the web. However, as the internet continues to grow and define itself, we have found them to be a very valuable resource of information. Forums benefit your internet experience twofold. Forums date from around 1995 and perform a similar function to the dial-up bulletin boards and internet newsgroups that were popular in the 80’s and 90’s.

It gives you a sense of virtual community that develops from the regular users. Forums have also been referred to as bulletin boards, discussion boards, message boards, discussion forums and web forums. From www. ehow. com In the past, sales and inventory systems were mutually exclusive systems, with one used to sell merchandise and the other used to track it; modern point-of-sale systems incorporate computerized access to the inventory control system, allowing for real-time updating.

An inventory and sales system working in unison effectively tracks product from the moment it enters the store to the moment it leaves, barring losses due to shrinkage. While there have been a number of half-and-half systems created that incorporate computer design and sales/inventory control systems using periodic update methods, the most advanced systems use a process known as perpetual inventory systems.

In a perpetual inventory system, newly arriving inventory is debited to the computerized inventory account, whereas traditional ledger or half-and-half digital/traditional systems use periodic entries and a purchase account, which is a less efficient process overall and can lead to intermittent reporting inaccuracies. Unfortunately, due to factors such as loss due to spillage and theft, even perpetual inventory systems require periodic total inventory reviews. Software prior to the 1990s

Early electronic cash registers (ECR) were controlled with proprietary software and were very limited in function and communications capability. In August 1973 IBM announced the IBM 3650 and 3660 Store Systems that were, in essence, a mainframe computer used as a store controller that could control 128 IBM 3653/3663 point of sale registers. This system was the first commercial use of client-server technology, peer-to-peer communications, local area network(LAN) simultaneous backup, and remote initialization. By mid-1974, it was installed in Pathmark Stores in New Jersey and Dillard’s Department Stores.

The first microprocessor-controlled cash register was built by William Brobeck and Associates in 1974, for McDonald’s Restaurants. Each station was controlled by an Intel 8008, a very early microprocessor. There was one button for every item — for example [2 Vanilla Shake], [1 Chocolate Shake], etc. By pressing the [Grill] button, a second or third order could be worked on while the first transaction was in progress. When the customer was ready to pay, the [Total] button would calculate the bill, including sales tax. This made it accurate for McDonald’s and very convenient for the servers.

Up to eight stations could be interconnected and printed reports, prices, and taxes handle from a single station in “Manager Mode. ” Programmability allowed retailers to be more creative. In 1979 Gene Mosher’s Old Canal Cafe in Syracuse, New York was using POS software written by Mosher that ran on an Apple II to take customer orders at the restaurant’s front entrance and print complete preparation details in the restaurant’s kitchen. In that novel context, customers would often proceed to their tables to find their food waiting for them already. This software included real time labour and food cost reports.

In 1986 Mosher used the Atari ST and bundled NeoChrome paint to create and market the first graphical touchscreen POS software. [edit]Modern software (post 1990s) In 1992 Martin Goodwin and Bob Henry created the first point of sales software that could run on the Microsoft Windows platform named IT Retail. [1] Since then a wide range of POS applications have been developed on platforms such as Windows and Unix. The availability of local processing power, local data storage, networking, and graphical user interface made it possible to develop flexible and highly functional POS systems.

Cost of such systems has also declined, as all the components can now be purchased off-the-shelf. The key requirements that must be met by modern POS systems include: high and consistent operating speed, reliability, ease of use, remote supportability, low cost, and rich functionality. Retailers can reasonably expect to acquire such systems (including hardware) for about $4000 US (2009) per checkout lane. ACORDING TO WIKIPEDIA Point of sale (POS) (also sometimes referred to as Point of purchase (POP) ) or checkout is the location where a transaction occurs.

A “checkout” refers to a POS terminal or more generally to the hardware and software used for checkouts, the equivalent of an electronic cash register. A POS terminal manages the selling process by a salesperson accessible interface. The same system allows the creation and printing of the receipt. “If the 1980’s were about quality, and the 1990’s were about reengineering, then the 2000’s will be about velocity. About how quickly the nature of business will change. About how quickly business itself will be transacted. About how information access will alter the lifestyle of consumers and their expectations of business.

Quality improvements and business process improvements will occur far faster . . . A manufacturer or retailer that responds to changes in sales in hours instead of weeks is no longer at heart a product company, but a service company that has a product offering”  – Bill Gates, [email protected] Speed of Thought – Warner Books, 2000. A Point of Sale (POS) system is a system for managing the sales of retail goods. The term is used to refer to the software and hardware associated with check out stands, and all of the bundled features which are included.

Most retailers use a POS system at their checkstands or counters, and several major manufacturers offer POS systems designed for various types of businesses, ranging from grocery stores to clothing boutiques. Using a POS system makes a business much more efficient, lowering the costs of running the business while improving customer service and making the business more pleasant to work in. In the retail trade, the “point of sale” is the moment when a customer walks up to a counter with goods and prepares to purchase them.

A POS system handles the transaction, whether it takes the form of an adding machine and a hand written receipt pad, or a complex computersystem. Except in the case of very small businesses, a current POS system usually takes the form of a computer system. The most basic POS computer system is an electronic cash register. The clerk can ring up goods in the cash register and produce a receipt for the customer. At the end of the day, various cash register functions can be used to print out daily reports which are used to reconcile the cash register and to prepare a deposit.

More complex cash registers are capable of extremely detailed reports, and they have memory functions which allow users to look up reports from the past, or generate monthly and yearly reports. A more complex POS system, however, includes numerous bundled features. Many POS systems have inventory management capabilities, where each piece of merchandise is entered into the system so that it can be tracked. Some systems also allow store buyers to generate purchase orders from within the system, using data about sales and product popularity.

Time clocks and other accounting features such as credit card verification may be integrated into a POS system as well. Human resources may keep personnel records within the system, in a separate password protected area. The hardware of a POS system is also distinctive and important. A typical system includes a display screen for the clerk, a customer display, a cash drawer, a credit card swiping system, a printer, and a bar code scanner, along with the computer loaded with the POS software. Custom features may be added or removed, depending on the industry.

A restaurant POSsystem, for example, may have a feature which prints order tickets directly in the kitchen, or a grocery store may have an integrated scale for weighing goods. Article Details Written By: S. E. Smith Edited By: Bronwyn Harris Last Modified Date: 23 September 2011 Copyright Protected: 2003-2011 Conjecture Corporation Inventory is basically the total amount of goods and materials held in stock by a factory, store and other business. This can be the food held in stock by a restaurant or the produce held for sale by a store.

For a business to be run efficiently it is important that they keep a record of their inventory as this keeps them informed of when they are running short of something and need to restock to ensure they can serve their customers. An inventory system is used for this purpose. An inventory system is basically a process whereby a business keeps track of the goods and material it has available. In its simplest sense it can be done manually by a count at the end of each day. In this way it is possible to keep a record of the goods coming in to the business and goods being sold.

However this is only really appropriate for small businesses that do not have a lot of stock. For larger business it is more likely that a computerized system will be required. There are many types of business that can benefit from using an inventory system. Retail outlets which stock and sell goods, warehouses that have goods and materials passing in and out on a daily basis and manufacturers that produce and sell products are just a few of this. It can be essential for companies that have a high turnover of stock and need a simple way of keeping track of this to ensure their business runs smoothly and efficiently.

These days a computerized inventory system is the most likely to be used by medium and large businesses although some small businesses may also use this. These typically use barcodes or radio frequency identification tags to keep a record of inventory objects. This can be used to keep a track of customer orders, monitor the stock a business has available for fulfilling orders and also provide details of when inventory needs to be restocked. Buying inventory costs money. Therefore more efficient control of the amount of inventory required to be held in stock to fulfill orders can be better for a company in terms of its cash flow.

Having a more efficient system in place to control inventory can also help to make a company more productive and this is also cost effective. There are a number of companies that produce inventory computer software and systems for use by a business. Some of these include Computerized Inventory Systems Specialists (CISS), Skuflow and Executivpro. These companies produce inventory system software for a range of different businesses including warehouses, retailers, stores and restaurants. In many cases the companies allow free downloading of evaluation software that you can try out to find a ystem that is appropriate for your business. Most of the companies providing the systems can be contacted for a quote for a system. Having an inventory system in place for your business can be a common sense idea. The initial cost outlay should be recouped by having a more efficient and productive working environment and this should help to ensure that the business is successful. A document management system makes electronic control over your files easy, with software solutions that include online and open source ones.

Having the right type of document management system for any business is really a necessity so that you can ensure you’re able to keep track of all of your most vital information as easily as possible. With this type of system you’re going to be able to access essential documents more easily, and ensure that you can also edit them at your leisure, so that you can always keep your company running smoothly. Through the right type of document management system, you can ensure that you can also provide much more excellent customer service, with better notation and record keeping, so that you become a service people can count on.

You just have to find the programs that have the features that are the most important to you. Basically what the average document management system is really going to do for you, is ensure that you can store a comprehensive record of all of your companies files on a computer network. This way, you can keep track of literally everything, from standard files, financial files, customer profiles, anything that you could possibly want. Plus, instead of actually having to go and search out a document that you need at that moment, you can simply use a search function within the system itself, and pull up just what you need in just a few seconds.

This way, you can ensure that you always have the information that you need literally in the palm of your hand, throughout your computer network. But another major advantage of the right type of document management system is just that they enable you to actually allow for cross platform access from a variety of different employees. This way, you’re able to ensure that you have a much more useful system for cross communication. A file can be edited by one employee, and then saved and put back throughout the system, so that every time that information is accessed you’ll be seeing the updated version of the document.

This way, everyone is always on the same page, and you can ensure getting valuable information from one place to another is easier than ever. Of course, you can also dictate who can see what document, by putting access restrictions on your most important files as well. This way, you can ensure that your document management system is completely secure, so that you don’t have to worry about any information being given away too freely. Through this type of password protected system, you can ensure only approved employees can access these files.

But what’s more, you also ensure that you can track who accessed what, and when, through the use of unique password generation for each employee. When you’re looking to buy the right type of document management system to implement throughout your company, you can find plenty of options fairly easily actually. Typically you can find any type of major software that you need through any office supplier like Office Depot or even Staples. That way, you can get just the program that’s going to have your company moving more smoothly than ever before. http://inventorysystem. org

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