Inventory System Free Essays

A perpetual inventory tracking system is a method of immediately accounting for inventory sales in the inventory account, if there is no theft or spoilage. It is an inventory management system where store balances of inventory are recorded after every transaction. It eliminates the need for the store to close down constantly for inventory stock-taking as perpetual inventory systems allow for continuous stock-taking. We will write a custom essay sample on Inventory System or any similar topic only for you Order Now Perpetual inventory systems keep a running account of the company’s inventory. Perpetual inventory systems involve more record-keeping than periodic inventory systems. Every inventory item is kept on a separate ledger. These inventory ledgers contain information on cost of goods sold, purchases, and inventory on hand. Perpetual inventory management systems allow for a high degree of control of the company’s inventory by management. Perpetual inventory management is generally used by companies who have the ability to scan the inventory items sold and who use  point-of-sale inventory systems. Perpetual inventory systems provide the business owner with a record of what is sold, where it was sold from, when it was sold, and for what price it was sold. As a result, it allows for businesses to have more than one location with one centralized inventory management system. Even with a perpetual inventory management system, the company still needs to shut down at least annually to do a periodic, or manual, inventory count. The scanned data should tell the business owner exactly what inventory should be on hand. The major advantage of doing a periodic inventory count is to determine how much inventory has been lost, stolen, or subject to spoilage. What is a Periodic Inventory System? A periodic inventory system does not require day-to-day tracking of physical inventory. Purchases, cost of goods sold, and inventory on hand cannot be tracked until the end of the accounting time period when a physical inventory is performed and ending inventory is compared against the sum of beginning inventory and purchases. Cost of ending inventory can be calculated by using the  LIFO or FIFO inventory accounting methods, or other less common methods. How to cite Inventory System, Essay examples Inventory System Free Essays Nowadays, many companies use modern technology in the operation of their business. However, there are some companies that still use the traditional way in processing their data and one of this is Hi-Safety Industrial Supplies, Inc. The study will propose a monitoring and inventory system for Hi-Safety Industrial Supplies, Inc. We will write a custom essay sample on Inventory System or any similar topic only for you Order Now The business uses manual way of monitoring of daily transactions and conducting an inventory. All the necessary records of completed transaction are being filled in different ways such as data, invoice, tdr, sample replacement and concisement. Monitoring includes the transactions happening in the company and the all stack are in warehouse and sales office and the flow of cash which may include the income of the company. Inventory happens on monitoring of the materials used in every job. The researchers have observed the needs of the company for computerization to lessen their work and can secure files and information within their business. Monitoring the cash flow and items used is the main concern of the study for the company. It wants to efficiently manipulate data, to reduce the errors and to enhance data accessibility to users. The proposed system will also help speed up their transactions because of computerization. INTRODUCTION Technology is growing fast, but some people are still using old ways and techniques of doing their work. This old techniques has many problems and human errors on it. Today, we need to minimize the risk of human errors especially in inventory systems because one error can cause a profit loss of a certain company. Computerization of the system is a great way of minimizing the risk of human errors and greatly improves the efficiency of the workers and lessens the workload of the people involved in it. Inventory is use to list down all available goods held in a stock by businesses. It helps a certain business to keep track of its merchandise. A detailed list of goods consisting of its product description, quantity, product number, and other attributes that is important to a product is found in the inventory. Inventory objects could include any kind of physical asset: merchandise, consumables, fixed assets, circulation tools, library books, or capital equipment. The application technology in this process improves its efficiency. It lessens the time consumption of a manual inventory process and simplifies the information in its record. Computerized inventory system can also improve. Physical Inventory counting and Cycle counting of stocks. How to cite Inventory System, Papers Inventory System Free Essays Janes (2001) stated that computers are extremely reliable device and very powerful calculators with some great accessories applications like word processing problem for all of business activities, regardless of size, computers have three advantages over other type of office equipment that process information because computer are faster, more accurate more economical Reyes (2005) task would be time consuming to accomplish manually and more practical with the aid of computers field in cabinet. Dioso (2001) stated    that computer assist    careful intelligent planning, organizing, actuating and controlling . This maybe observed from the past that they monitor production activities, solve scientific problem and help arrive in tentative answer to a multitude of involve conditions. We will write a custom essay sample on Inventory System or any similar topic only for you Order Now Ralph M. Stair (1999) emphasized that the development of technology through the years have enabled us to do more with less effort. From the orientation of the light bulb to the industrial revolution and beyond, we have continuously tried to in a more efficient means of doing tasks. Lewis (2002) stated that the reason for using computers vary from person to person. Some of the computers in business are to perform accuracy, to be as productivity, to decrease bottle necks or hassles to alter cash flows or to simples elevate your status. Sybex    Inc (1999) stated that visual basic provide a graphical environment in which the users usually designed the forms and control that become the building block of tour application . Visual Basic support many useful tools that will help the user more productivity. Computerize sales and inventory system Computers began from a wild imaginative idea to the world’s highly prioritized tool. Computers today are now used as a substitute to manual processes and other past inventions like the radio, television, etc. It is now used by people for much simpler, easier and faster way to do things. Some used it as a hobby, and some use it as a job. Technology has never stopped from advancing through the years. Its new innovations helps answer the people’s further complex questions. Why not use these advantages to benefit ourselves? Many people use computers in their daily lives. Some use it for transactions, some use it for educational purposes and others use it for data storage. Though it might sound unnecessary but in some cases when storing a file for such a big company, can you manage it properly? Organizing, finding a file, etc. With computers, it can help you simplify the process of storing and managing the files you need for future use and make finding files easier than the manual process. A Proposed Sales and Inventory System In business like merchandising, Sales and Inventory system plays an important role. It is used to track all the transactions made by the business and responsible for monitoring the items supplies. All the business transactions must be properly recorded and must be fully secured by password. A Computerized system is the best solution and most innovative answer for their needs. The researchers had been motivated to do a study on this topic according to the above observation. The result may help others to understand more about computer-generated data processing, especially on how to deal with computers in terms of speed, accuracy and data security How to cite Inventory System, Essay examples