INVENTORY MANAGEMENT | 4 minute read
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.
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
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:
Every purchase order created via TradeGecko displays one of the following statuses:
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.
