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Automated Inventory Management

23.04.21 02:22 PM By Karen Parker

Qic-Guide Series: Inventory Management

QicWorks vision is to remove the need for multiple applications to run your building and construction business.


Incorporating the inventory management module with your QicWorks account means that now you have greater control over the materials you assign and book to your jobs. Here you can manage reorder points, preferred suppliers and pricing, automatically create purchase orders to replenish calculated shortages and create composite (or kits) items.


QicWorks inventory module is easy to setup and track stock costs. Materials that have already been entered within your net and billable pricing tables are automatically visible within your inventory module (and vis versa.) We have also added an inventory dashboard whereby you can be assured you have the right amount of stock on hand to meet demand. This means you know when you are holding excess stock that could be tying up our cash.


By assigning stock locations and bin numbers, weights and dimensions to your stock details, we are able to help businesses to become more organised. (Not to mention these are handy details to know when ordering transport.)


The Inventory module also includes the ability to create picking and restocking lists. Picking lists are used to identify which stock items are required to be ‘picked’ from stock, in preparation for being sold or used/consumed within a job. Picking slips are a great tool for highlighting ‘missing’ stock and are then used to adjust stock levels accordingly.


Restocking lists are automatically created, triggered by the entry of a delivery docket or supplier bill. They are used to provide warehouse personnel with details of the designated location/bin number in which the item is to be stored.


Here are some of the other great time saving features we are able to deliver to our clients through inventory management:

Composite Items

Composite items is a single commodity made up of two or more other items.

For example:

A Bike is a composite item which is made up of the following components:

  • 1 x seat
  • 2 x wheels
  • 1 x chain etc


Set max/min reorder points

A maximum order point is the maximum number of units you wish to hold for this stock item. The minimum order point is the least number of units you wish to hold.

QicWorks uses the available stock (stock on hand) and automatically flags stock items that are currently below the minimum order point.  Simply click the shopping cart to automatically create a purchase order to restock this item and QicWorks will pre-calculate and populate the quantity required, to take the stock items up to the maximum level. (Naturally as we love flexibility, this value can be overridden before issuing your purchase order.)


For Example:

Item

Available

Min

Max

Reorder

M8 x 65mm bolt

20

25

50

30

 

Once your purchase order has been issued, the quantity ordered will be deducted from the reorder column, and added to the On Order column.  Once the inventory item has been received ie delivery docket or supplier bill has been matched to the purchase order, the quantity received will deduct from On Order and be added to your Available total.


Available v’s Assigned

Items that are physically on hand will appear within the Inventory Management Table as Available. The quantity of items that have been assigned to a job (either within the job management or picking slip interfaces) will appear within the Assigned column. As the Assigned items have not physically been used or sold (think these items as being ‘set a side’,) this value is not included within the Available calculation.


If an item has been Booked to a job, again within the job management or picking slip interfaces, then the quantity will automatically be deducted from the Available column.


One Click Purchase orders

QicWorks inventory allows users to either order individual stock items or create one purchase order on a supplier for all understocked items they supply. (Again, when creating a single purchase order on a supplier, Users are able to remove the items they do not wish to procure.)


We recommend that if you are creating purchase orders to replenish stock and not for a specific customer’s job, that you create an internal job for “inventory,” and assign yourself as the customer. That way you can track the costs associated with stock replenishment.


Note: When creating this “inventory” job, be sure to assign it to a non-billable WBS node, so the values are not included within your accounts overall job financial reporting.


Handy Upload Sheet

Do you already have a list of materials, bin locations and supplier contract details in your existing system? Why not save time and import your stock items in the one go.


Simply download our import template, cut and paste your data and upload your data direct into QicWorks. QicWorks will then match the description on previously entered materials and then save any additional data you are uploading for that materials. This is a handy feature if the stock item already exists in QicWorks, but you want to update it’s bin location, pricing, supplier etc details in one bulk action.


Don’t forget your inventory items can be added to your Task Templates, that way your materials are already listed for your reoccurring jobs.


By integrating inventory management with your QicWorks account means that you have greater control over your stock levels, easy reordering and reduced manual entry - saving you time and money.

 

QicWorks is a job management solution that has been designed to manage complex rate structures, across multiple entities and worksites, all from the one account. QicWorks provides accurate real time field data giving you the confidence to make the right decisions. Contact us today to see how QicWorks can transform how you do business.

The information contained within this blog is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own situation and legislative requirements before making any decisions.