What is inventory control?
The inventory control is a process in which a business puts efforts to maximize the stock present in the inventory since the quantity of stock available in the inventory tells a lot about the financial health of the business.
What is the purpose of inventory control?
The basic objective of this inventory control process is to increase the profit earned by a business with the least amount of investment. The satisfaction level of the customer is also kept in consideration while meeting the needs of a company. Another objective of the inventory control is to always be informed about where the stock of the company is so that it can be accessed whenever it is needed.
Why we use inventory control sheet?
There are plenty of reasons for using the inventory control sheet since it has a lot of benefits associated with it. Some of the reasons for using the control sheet are:
- It enables a business to ensure the right amount of products needed to be stocked in the inventory
- It also ascertains that a business pays the right amount for buying the inventory
- When to reorder the products to restock the inventory is something that most of the people are unable to comprehend. The inventory control sheet helps them with this
- The business always needs the right amount of inventory to be in the right place so that it can be accessed whenever it is needed. The inventory control provides enough information about the quantity of inventory
For an organization and for any business, having its own inventory is crucial. This is because an inventory helps an organization or a business to sell its products and its merchandise to have some product at the back which can replace the shelves once they have been emptied or finished. This inventory is what can bring the organization or the business to a profit and it is such that without it an organization can shut its operations.
To make sure that the inventory is being taken care of and that it is in control, an organization makes use of an Inventory control sheet. This Inventory control sheet is a sheet which is made by the organization or a business to maintain and have a look at the inventory.
Importance of inventory control sheet
When it comes to controlling the inventory available in the warehouse, there are lots of challenges a business faces. One of the biggest challenges is how much amount should be ordered. When the extra amount is ordered, the products in inventory lead to obsolescence which wastes the money.
Inventory control sheet introduces new methods and strategies to a business with which it performs the control operations on the inventory to maximize the profit with the minimum amount of cost. Many businesses these days are making use of control sheet for better output.
This Inventory control sheet consists of various rows and columns that record the inventories and details about them (such as the product number, how many items are remaining of the product, when will they be sent, what is the price and how much is it costing every day, what is the demand and etc.).
This Inventory control sheet is maintained by the inventory controller or the manager and is forwarded every day to the organization so they can make vital decisions about the inventory. It should be made sure that the Inventory control sheet is organized and is neat. Because no organization or business have all the time in their hands to make a new Inventory control sheet every time it is needed, they make use of a template.
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Inventory Control Sheet Template
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