Picture a list of all the inventory that you have in your store. It doesn’t matter what type of list you have; whether it’s in a book, excel file, or elaborate inventory management system. Now imagine you have some new inventory in your store that needs to be added to this list. Surely each item has a unique item number, a brief description, and the cost of the item, at minimum.
But now ask yourself a question: How do you keep track of the shipment of these new items from the vendor to your store? Do you have a list of inventory you’re waiting to receive? What would happen if you’re expecting 100 items, but the vendor only sends you 99? How would you record this discrepancy in this list? Do you have any record of whether these items are consigned to you? What if you decide to keep a consigned item, and pay your vendor for it? A lot of questions, and RM Pro has answers.
RM Pro Tackles Inventory Management
If you need to delete an item from your inventory, that’s fine. But there’s always a reason, and RMPro strictly follows the real-life practices to reflect this reason. This keeps your inventory management on track and error free. Did you sell the item? Did you return it to your vendor? Or accidentally add the same item twice? or maybe you transferred it to another one of your stores? Did this item get stolen?
We’ve already thought of all these questions when creating the RMPro software. In the real world, when you acquire new inventory, it doesn’t just fall out of thin air and land in your showroom. There’s a process to it. A story behind each piece. The Purchase Order system of RMPro covers all these situations, and protects your information from impossible scenarios.
When you order inventory from your vendors, RMPro gives you a complete tracking process to monitor the items each step of the way. Purchase Orders have multiple statuses, separate from the status of the actual inventory which you’re ordering. First, you can “Create” a Purchase Order with all the items you need to order, without actually placing those items in your inventory yet. Once you’ve negotiated with your vendor, then you further bring the Purchase Order into the “Pending” state, making all the items “Ordered”. Once you receive the inventory (potentially months later), then you can “Receive” each item one by one. If there are any items which your Vendor will not be able to ship, then you can also “Cancel” these items off the Purchase Order as well.
Purchase Orders and Beyond
Purchase Orders can also be marked as consigned, if that’s the agreement you have with your vendor. RMPro knows that consigned inventory still belongs to your vendor, not you. Then, there are three things which can happen to consigned items: 1) You don’t sell it, so you return it to your vendor, 2) You sell it, so you have to pay your vendor, or 3) You don’t sell it, but you pay your vendor so that it becomes yours.
Ordering something for a customer? The Purchase Orders in RMPro can be automatically created from a Back Order, eliminating double entry. When placing a Back Order, you’re already providing detailed inventory information. Why should you have to type it all over again to log it into your inventory? Instead, RMPro automates the process of creating a Purchase Order based on the information provided in the Back Order.
Maybe your customer brings in something to trade? A Purchase Order can also be automatically created from a Customer Trade-In. Similar to a Back Order, you don’t have to type in the item information twice. A Trade-In allows you to specify all the item details while creating a Customer Invoice, and the value of the item will be used as a payment towards their invoice. Then, a Purchase Order is created automatically to add this new item to your inventory. This also sets up a new Vendor under the same name as your Customer, and they become linked together for future cross-referencing.
Have a lot of items to enter?
There are a couple ways of loading large amounts of items into a Purchase Order. First of all, you can load inventory from an Excel file. RMPro allows very flexible Excel formats when loading items into a Purchase Order. Your file’s columns may be in different places, with different header names, and even contain sizes in different formats. The import tools in RMPro allow you to import virtually any arbitrary Excel file using field mapping. Or, if your vendor also uses RMPro, there’s a special “PO” file type that can be used to easily transfer inventory from one RMPro system to another. If your vendor provides a PO file, you can easily load it into a Purchase Order without having to map any fields at all.
Perhaps you are ordering program inventory from one of the major vendors such as Nourison, Momeni, Loloi, or Dynamic? You can speed up the Purchase Order process by hooking your RMPro up to our DataLink solution. Using this integration, you can browse the hundreds of thousands of products we have already standardized in one place, and simply add them to a Purchase Order, eliminating the need for manual product entry.
Even better: Wouldn’t it be awesome if a Purchase Order can be created automatically for the inventory which is proven to sell well at your store? RMPro’s Open-to-Buy module does exactly this. For each of your vendors, you can identify what is not only more likely to sell, but also likely to give you the best profit margin. Once you’ve identified your best-selling inventory, the Open-to-Buy module can produce a Purchase Order on the spot to speed up the process of ordering this inventory.
Processes Keep you on Track, and So Can RM Pro
It all boils down to processes. There’s a process for every change in an item’s status – because in reality, inventory status doesn’t get simply changed for no reason. RMPro deliberately blocks you from doing so, and requires that you (and your users) follow a particular process to reflect these changes. There’s very little room for accidents or horse play when your inventory resides in a structured format like RMPro.
Take that, Excel!