Timely billing is always important for companies that manage inventory. You need to know what you have in stock as well as when to place your next order for more. In order to do this, purchasing needs to keep tabs on sales so sales can keep selling.
Organizing inventory data from the warehouse, active product data from the factory floor, and projected product sales data from the sales team can present a real headache. Reports from separate software programs, manual spreadsheets, and other unofficial means are not accurate enough to make appropriate projections and forecasting decisions. If your head is spinning trying to figure out how much inventory you have, how much product is heading to customers, what your sales staff has in the pipeline, and how that calculates into the next product order, then it’s time to check out Microsoft Dynamics® NAV. Microsoft Dynamics NAV will give you direction and control over your inventory and sales data.
Managing your supply chain and inventory is a critical element to the success of your business. Having the inventory you need, when you need it, will allow you to satisfy customer demand. Having too much inventory quickly eats up cash resources, but having too little inventory could lead to product delays, order changes, and the loss of customers. Microsoft Dynamics NAV has the ability to match your available products with customer demand to make production activities as efficient as possible. Incorporating the warehouse processes into the calculations will further streamline inventory and production productivity and costs.
Controlling inventory and managing supply chain relationships is further improved with the accounts-payable capabilities of Microsoft Dynamics NAV. Automated calculations, prepayment features, and intercompany invoice posting will allow you to make payments to vendors quickly and easily. Paying vendors on time and under their terms will save money from overdue charges, but also build solid relationships. When vendors are paid on time, you have consistent access to vital inventory which means you keep your production rolling and customers satisfied.
Managing customer accounts is just as easy with Microsoft Dynamics NAV account receivables features. Define credit limits, collections criteria, and payment terms on an individual customer basis. Matching receipts with invoices is also automatic and will reduce the chance for human error when processing receivables. Streamlining the account receivables process will optimize cash resources and reduce collection issues.
Microsoft Dynamics NAV will provide you with a consistent solution for collecting and tracking inventory, supply chain, and billing data. Having control over this data will improve productivity and efficiency throughout your business, as well as improve relationships with your customers and your supply chain.
By Peter Elgar with Concentrix TSG, Microsoft Dynamics NAV Partner based out of the United Kingdom
Concentrix TSG provides a range of ‘best-in-breed’ ERP and CRM solutions and is devoted to ensuring our clients get the most out of their solutions.
How to Coordinate Inventory Management with Timely Billing Processes is a post from: Accounting Software Blog
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