Instant Inventory is easy to use and does not require you to count the inventory, it counts it for you. Now that's Smart!
With Instant Inventory you can manage your inventory more quickly and reduce the amount of money you lose regularly to product shrinkage.
Instant Inventory is a smart phone application that works on any smart phone or tablet with a secure internet or WiFi connection, including iPhone, iPad, Android, Blackberry, Microsoft and others.
It connects with many industry leading point of sale solutions to provide real time counts on inventory at any location on the spot.
Check multiple locations within the same establishment or check multiple establishments from anywhere for the correct inventory.
With real time knowledge of your inventory, you will feel secure in knowing that you are protected from theft or other loss.
Real time inventory can also help with timely ordering of product.
The Instant Inventory App can track inventory using either the perpetual or periodic method.
Under GAAP, there are two primary methods of keeping track of inventory: the perpetual method and the periodic method.
Perpetual Method of Inventory: Any business that keeps real-time information on inventory levels and that tracks inventory on an item-by-item basis is using the perpetual method. For example, retail locations that use barcodes and point-of-sale scanners are utilizing the perpetual inventory method.
There are two main advantages to using the perpetual inventory system. First, it allows a business to see exactly how much inventory they have on hand at any given moment, thereby making it easier to know when to order more. Second, it improves the accuracy of the company’s financial statements because it allows very accurate recordkeeping as to the Cost of Goods Sold over a given period. (CoGS will be calculated, quite simply, as the sum of the costs of all of the particular items sold over the period.)
Periodic Method of Inventory: The periodic method of inventory is a system in which inventory is counted at regular intervals (at month-end, for instance). Using this method, a business will know how much inventory it has at the beginning and end of every period, but it won’t know precisely how much inventory is on hand or lost in the middle of an accounting period.
A second drawback of the periodic method is that the business won’t be able to track inventory on an item-by-item basis, thereby requiring assumptions to be made as to which particular items of inventory were sold.
Now you can have inventory information when you need it to better manage your products using both methods. You will know instantly what needs to be ordered and how much you are losing to giveaways, theft and other shrink losses.
Under GAAP, there are two primary methods of keeping track of inventory: the perpetual method and the periodic method.
Perpetual Method of Inventory: Any business that keeps real-time information on inventory levels and that tracks inventory on an item-by-item basis is using the perpetual method. For example, retail locations that use barcodes and point-of-sale scanners are utilizing the perpetual inventory method.
There are two main advantages to using the perpetual inventory system. First, it allows a business to see exactly how much inventory they have on hand at any given moment, thereby making it easier to know when to order more. Second, it improves the accuracy of the company’s financial statements because it allows very accurate recordkeeping as to the Cost of Goods Sold over a given period. (CoGS will be calculated, quite simply, as the sum of the costs of all of the particular items sold over the period.)
Periodic Method of Inventory: The periodic method of inventory is a system in which inventory is counted at regular intervals (at month-end, for instance). Using this method, a business will know how much inventory it has at the beginning and end of every period, but it won’t know precisely how much inventory is on hand or lost in the middle of an accounting period.
A second drawback of the periodic method is that the business won’t be able to track inventory on an item-by-item basis, thereby requiring assumptions to be made as to which particular items of inventory were sold.
Now you can have inventory information when you need it to better manage your products using both methods. You will know instantly what needs to be ordered and how much you are losing to giveaways, theft and other shrink losses.
You can view your expected inventory for each location on an iPad or other tablet and know each products shrink percentage loss instantly.
At any time, you can see a report that shows how much money you are losing to shrinkage. You can identify loss by product, location and time so you can act to stop it as it occurs.
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