INVENTORY MANAGEMENT   |   4 minute read

How to Automate Purchase Orders in 10 Minutes with TradeGecko

Business is booming in the new year! There’s a greater demand for your products and services, and you’re swimming in new orders.

Informal agreements and handshake deals worked when you first started. But tracking and managing them will be harder to manage over time. How will you be able to reconcile receipts with your budget or protect your company without any formal documentation?

If your business is in this current state, it’s time to consider using purchase orders.

Having to purchase more inventory certainly isn’t a bad thing, it means you’re making sales. But it is a bit of a pain. Having to constantly make up and fill out purchase orders is a time-consuming part of inventory management, especially for wholesalers that purchase inventory from several different suppliers.

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Why are purchase orders important?

Purchase orders are a vital part of business, and getting them right is integral to SMB operations. The less time and money spent on incorrect inventory purchases is more time spent focusing on core business tasks.

Especially as SMBs grow or expand their lines of merchandise, getting the purchase orders right becomes increasingly important. The wrong quantity or time in a purchase order can mean a great deal of business down the drain. Manual purchase orders run the risk of human error and many SMBs have learned the hard way when only a fraction of their stock turns up… a month late!

Purchase orders are also important in creating a business footprint. As a documentation of your purchase history, they show where you’ve been, how you’re spending, where you’re succeeding and where you aren’t. They help you move forward and make informed decisions in future buying.

Related Blog: Why POs are Important to SMBs

Automate your purchase order process with TradeGecko in 10 minutes

It sounds pretty straightforward but a purchase order can complicate your supply chain. It’s important to invest in an inventory management software that will effectively manage your suppliers and vendors.


TradeGecko’s purchase order features will enable your business to:

  1. Create and edit purchase orders independently or from directly within a forecast report
  2. Receive Add purchase order items via the Stock Receiving App barcode scanners
  3. Save and email or print purchase orders
  4. Complete the purchasing workflow
  5. Mark purchase orders as received or partially received
  6. Easily generate reorder reports and demand forecasts to know exactly when reordering is needed
  7. Quickly audit all purchase orders generated within the system, regardless of status

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Every purchase order created via TradeGecko displays one of the following statuses:

  • Draft: This is an optional status that you can apply to tentative purchase orders. At the draft stage, the order has not been made yet and there is no change to your stock level. You can also edit the PO and resave as needed.

    Once you are ready to send your PO, you can approve the order and the status will change to ‘Active’.
  • Active: The active stage is where you will begin to receive the goods in your purchase order. You can choose to partially receive purchase orders or receive all the goods. You can also add landed costs to your received delivery if required.

    If your TradeGecko account is integrated with an accounting software such as Xero or QuickBooks Online, your data will be synced at this stage. The PO will also be reflected in your stock reports as Incoming.

    At this stage, you can edit all parts of the order, such as the quantity of stock received (partially or in full), add landed costs, or void the order.
  • Received: At this stage, all your goods have been received and your stock levels will have increased. The PO is not editable in this final stage.

With its integrated approach to inventory management, our platform makes creating and managing purchase orders simple and easily trackable.

From the dashboard, you can easily create, review, and update all outstanding purchase orders, with stock levels and pre-loaded supplier information all in the one place. Prices are also automatically adjusted to match different quantities as needed.

As with all of TradeGecko’s functionality, the PO management dashboard enables growing businesses to work smarter, accurately plan for the future, and provide a better customer experience for your business.

As an inventory management system with a holistic and integrated approach to monitoring stock levels, TradeGecko makes creating and managing purchase orders extremely simple. You can quickly see all the outstanding purchase orders and bringing goods into stock is as easy as clicking the received button.

Related eBook: The SMB’s Guide to Purchase Order Management

 

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