Regardless of location and type, every single business face some major challenges while managing their inventory. If you can not trace your stocks in real time, store the products efficiently or monitor the returns perfectly- your business will stop being profitable in near future.
Now comes the big question. How can you resolve these problems?
You would be delighted to know that WP ERP lets you add stock management capability to your business. It can be easily done using Inventory Management extension. Please note that, more than 2000 business are currently using WP ERP to manage their business operations.
4 Tips to Manage WordPress Inventory with WP ERP
Now we are going to give you 4 tips on how you can manage your store inventory with WP ERP! Bear with us, because this tips are going to change the way you have used an inventory solution.
Tips 1: Make Best Use of Product Categories
In order to get started, you need to add a product to your inventory first. But there is one thing that you must keep in mind while adding the product. This is the product category. Unless you select a product category properly, you will not be able to check product details or stock history in one place. This can create serious problem if you mistakenly give double entry for a single stock record.
In our inventory extension, you can find product category option from the accounting dashboard. After clicking on it, the box above will appear. Make sure you add the name, slug, description and most importantly, parent category to have an accurate account of your products.
Tips 2: Set Item Code, Price and Tax Rates Accurately
Then you have to provide the product specifications. This option covers necessary information ranging from basic product details to purchase and sales details. It is necessary to have these details filled up because it helps customers to find their products without any delay.
You should give extra attention to item code. It refers to the unique ID that is attributed to each unit of product. Moreover, other stores might have products with similar features and pricing. Having an Item code (SKU) helps you to differentiate between these products.
Tips 3: Generate Automated Invoices & Vouchers
So, you have added all the product details in your inventory. What do you do next?
Now, it is time you drive the operations of your business with WP ERP inventory extension. Generate invoice whenever an order have been placed by your customers. Keep your customer information stored in one place. Can you see this extension works as a limited edition CRM for your business as well?
Likewise, you can buy products from different vendors/suppliers and make payment from your desired account. You can add tax and discount rates with each payment. These features will save up your time and help you to manage your business easily.
Tips 4: Track Everything & Take Data-driven Decisions
Finally, everything that you do with WP ERP inventory extension must be tracked so that you can take better management decisions. For example, if you find out some customers do not have clean payment record, you should be extra cautious to approve bulk orders from them. Similarly, if a particular product performs poorly in your inventory, you might consider dismissing it.
Right now, three major reports can be generated in inventory extension:
a) Product Purchase
b) Product Sales
c) Inventory Report
You can get a detailed account of your sales, purchase and inventory record from these reports. You can filter the data according to date and get and overview of your transactions for that period. All these reports can be exported to .csv format with a single click. This is a privilege for managers who wants to analyze business performance on a continuous basis.
Final Thoughts
For a business owner or manager, keeping track of account books can be really difficult without a comprehensive solution. Every single operation impacts company’s financial health on daily basis. That is why it is imperative you integrate your major functional areas like HR, Customer Relationship, Sales and Management with Accounting.
WP ERP’s Accounting module offers you an integrated solution to solve all these burdens easily. You have to download the free plugin first. Then power up the accounting module with amazing extensions from this marketplace.
