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Many businesses who have one or multiple physical shops will often transfer their stock from the main warehouse across multiple store locations. Businesses will tell you that having access to the costs of goods is an essential part of effective stock management, as this information is used within a number of key tasks. Therefore, it is important to maintain visibility of the value of this stock as it is transferred from one location to the other. Without clear estimated and actual costs when transferring stock, businesses lack the information needed to gauge the value of what is being held in each location.
Estimated costs are important in gauging profit margins of the stock held, as a lot of companies have to rely on obtained averages for their cost of goods when making calculations and reporting on stock. Without this information, tasks such as store specific stock valuations and maintaining accurate budgets for purchasing can be greatly affected, resulting in erroneous information and a lack of visibility.
OrderWise already provides a number of different estimated costing methods, with the flexibility to customise this for each individual item. As well as ways of calculating various averages, users also have the choice of basing estimates on the last cost paid, last cost of goods ordered, the special cost from their main supplier or even just manually updating this information as and when it is required.
Now gaining clearer accuracy when transferring stock across multiple store locations, OrderWise has introduced a feature to further enhance complete visibility of stock value. These details can now be seen on the Store Transfer report in OrderWise, with three additional calculations; estimated costs of the product, line estimated costs and lastly the last 7 days sales.
Bringing these new columns through to the Store Transfer report allows organisations to easily observe the estimated value throughout the process, enabling them to actively manage costs across all stores. Specifically, the line estimated cost provides an insight into the costs associated with the product linked with the quantity needed from the store transfer report. This gives the business the ability to effectively meet demand requirements and aids the decisions involving purchasing in order to fulfil demand whilst accurately controlling profit.
Thanks to this simple but useful new addition, businesses using OrderWise can benefit from greater overall visibility of estimated stock costs and focus on increasing profitability.
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