Stock Management

Stock management, also known as inventory management, refers to the process of overseeing and controlling the flow of goods, materials, or products within a business. The goal is to ensure optimal levels of inventory while minimizing costs and maximizing efficiency. This involves tracking inventory levels, ordering and restocking items, and maintaining an organized system for storage and distribution.

  1. Inventory Tracking
    • Allows businesses to monitor and track stock levels in real time. This includes details like quantity on hand, location, and status (e.g., available, reserved, on order).
  2. Order Management
    • Helps automate the process of creating purchase orders, managing supplier information, and tracking order status from placement to fulfillment.
  3. Inventory Valuation
    • Calculates the value of inventory based on different valuation methods (e.g., FIFO, LIFO, weighted average) for accounting and financial reporting purposes.

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