Procurement and Inventory Control Module
Various factors such as stiff competition, changing technology, short product life cycles, demand that a company does not order material in excess. Our Procurement and Inventory Control module is designed to meet all these challenges. It help companies standardize and automate processes for planned materials such as daily requisitioning, sourcing, contract releases, and purchase order creation. Businesses can manage diverse spend to ensure on-time delivery and to improve contract compliance, cost savings, and visibility into strategic sourcing.
Procurement and Inventory Control module offers a host of advanced procurement and inventory features such as material requisition, purchase enquiry, supplier quotation analysis, purchase orders, good receipt, purchase invoice, store issue, stock adjustment and stock transfer. Many features including management of multiple storage centers and locations, specialized inventory management features (serial numbers, batch tracking, and special stock), which are part of a diverse capability in inventory management, are included as standard functionality within the Procurement and Inventory Control module.
Procurement and Inventory Control Module is completely integrated with other modules in ERP. The purchase department initiates the purchase process by raising the purchase order. The vendor supplies goods based on the purchase order. All purchase orders are treated as pending purchase orders till the time material is received from the vendors. On receipt of goods, a receipt note is raised. When the receipt note is raised, stock accounts are updated. After the receipt note is created, purchase invoice is created which is a reference for the finance department to make a payment. The stock updations are reflected in the stock ledger and the stock registers. General ledger account updations are reflected in the balance sheet, P / L statement and general ledger.
Request approval to procure goods and services quickly and easily.
Send enquiry and receive quotation from various vendors. Analyze the quotes and make best informed decision for your company.
Optimize procurement for recurring needs with negotiated terms, tiered pricing, and pre-specified delivery schedules.
Receive items against the purchase orders as they come into the store and utilize the best storage location. Issue the stock to various jobs/department based on requisition received. Perform the inventory transfer across locations, jobs and bins with various costing method available.
Have the feature to create sub store location and material at site to have better control of inventory for the running sites/jobs.
Enforce compliance with purchasing thresholds and guidelines.
Benefits at a glance
- Manage the entire procure-to-pay process with capabilities to process requisitions, purchase orders, invoices and payments in a single solution.
- Improve business performance with real-time access to requisition, purchase order and other key procurement information.
- Gain real-time visibility into key inventory trends, on-time delivery metrics etc.
- Simplify the procurement process on one system for employees to request and for purchasing departments to acquire goods and services.
- Realize savings by eliminating unauthorized spending and by consolidating multiple requisitions to negotiate favorable bulk-purchase pricing.
- Accurately track and report costs by accounting for specific detailed landed costs and allocating inventory costs by value or quantity.
- Control inventory replenishment with capabilities to minimize excess stock and fulfill orders on time.
- Digital approval capabilities to authorize expenditures in accordance with company policy.