sales and inventory

Topics: Pharmacology, Food and Drug Administration, Inventory control system Pages: 3 (687 words) Published: August 14, 2014
CHAPTER I
INTRODUCTION

1.1OVERVIEW OF THE CURRENT STATE OF SALES AND INVENTORY
Sales and Inventory System is basically the total amount of goods and materials held in stock by a factory, store and other business. A process where in a business keeps its track of the goods and materials it has. A simplest form that can be done manually by a count at the end of each day, in this way it is possible to keep a record of the goods coming in to the business and goods being sold. Since manual inventory consumes a lot of time and it is prone to errors, it would be helpful to build a system that will computerize the transactions from acquisition of the product description to updating the sales and inventory database. The computerized sales and inventory system will improve employees’ work efficiency by computerizing routinely and time consuming tasks such as the time spent in taking down product information. As a result, the time can be used in a more productive and efficient activity. The accuracy of the current system will also be improved, since the computerized system would eliminate the need of constantly encoding lengthy details of products by having a sales and inventory database. The monitoring encompasses tracking of individual processes, so that information on their state can be easily seen, and statistics on the performance of one or more process can be provided. Many companies are using Sales and Inventory Systems for the success and growth of their business. Sales and Inventory Systems have a variety of functions and purposes in promoting the sales and shrinkage control. Promoting the sales function deals with availability of sufficient products for the customers where in shrinkage control function deals with monitoring the occurrence of damage loss, or theft, and etc. of the products. A very important function of inventory control systems is asset valuation; that establishing the value of the products on the shelf for tax purposes at the end of the...
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