With Christmas now only a few weeks away, many businesses will have already entered into their busy period, experiencing a much greater influx of sales orders than previous months. Without a good system in place to handle this extra demand and manage purchasing requirements, companies may be finding that stock levels are quickly dwindling as sales order volumes increase. With items selling out more quickly than usual it is important for businesses to ensure that not having the items in stock at the exact moment of time, doesn’t end up costing them the sale. That’s why at this time of year, it is vitally important that businesses are able to not only sell the items they have in stock, but also items that are due to arrive.
In order to counteract stock shortfalls that can occur during the Christmas period, businesses should ensure that they have clear visibility of goods that have already been purchased from suppliers and are also able to secure these items for customers. This is because in most sales scenarios, customers will be happy to secure the items they require in time for when they are needed, even if that means they won’t be taking the stock away or have it despatched that day. Therefore by giving staff the ability to secure goods that have already been purchased and are due to arrive, businesses are able to ensure that more sales opportunities are closed and more customers walk away fully satisfied with their shopping experience.
However having the ability to allocate stock due in from suppliers is not just beneficial for front end sales, but also offers further benefits to companies that are also manufacturing their own products. This is because component stock demand for works orders will also be stretched at this time of the year, therefore it is important once component stock diminishes, high priority works orders take precedence over stock that is due to arrive from suppliers. By having this ability to allocate on purchase stock to works orders, manufacturers can ensure that delays to product builds are carefully avoided and work is completed to the agreed timescales.
Reserve Stock With Enhanced Management Of Allocation
Adding highly beneficial new functionality in version 10.11 of OrderWise, businesses are now able to automatically allocate stock to on purchase order transactions. Ideal for companies that don’t hold large quantities of stock or those simply looking to manage stock demand during their busiest periods, this new feature enables users to accurately and seamlessly reserve stock for both sales and works orders. Once activated within the variant settings tab, when staff go to auto allocate their order lines, OrderWise will firstly look to allocate the line to an in stock transaction. If this is not possible, then the order line will be automatically allocated to an on purchase order transaction instead.
Thanks to this great new functionality, businesses using OrderWise are able to benefit from effective management of stock during busy seasons, utilising stock that is due to arrive from suppliers when all other stock has diminished. By ensuring this stock is carefully reserved for high priority orders, businesses can ensure that sales are fully maximised, customers satisfied and manufacturing timescales met.
Automatically Allocate Payments To Sales Orders With OrderWise Accounts
Another headache many businesses will face on a day-to-day basis that can become increasingly more difficult to manage at this time of year is the allocation of payments to invoice transactions. When managing this process in most back end accounts systems, accountants and finance managers are often required to manually go through payments they have received and assign these to right invoice transactions. With higher volumes of invoices and payments during the festive period, businesses can find that their accountant’s time is consumed with the laborious task of matching these together.
However OrderWise Accounts solves this problem by providing users with seamless and automatic allocation of payments to invoices. By default, OrderWise will attempt to allocate sales payments during the posting process. This means that when a payment has been taken against a sales order, the payment will be automatically allocated to the correct sales invoice transaction when the invoice and payment are posted to OrderWise Accounts. This results in an automatic reduction of the outstanding amount and a recalculation of the customer’s account balance.
By using OrderWise Accounts for a fully integrated business management solution, companies are able to reap the benefits of a better, more efficient way of allocating payments to invoice transactions. This ensures that even during the busiest months, businesses using OrderWise are able to handle all their accounting requirements in a fast, organised fashion.
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