Office Inventory is a key task of the administration section to list all consumable or non-consumable items in the official record. Far cost the depreciation of an asset and determine the deficit price value.
It is very important for the administration to list out all items on a monthly basis and introduce an action plan to sold-out depreciated items among the vendors and update the inventory stock register for annual audit purposes.
In this post, we’ll elaborate on the inventory process and inventory register for broader information. What Is Inventory Management?
Types of Inventory Management System
INTRODUCTION:
The basic theme of office inventory is to provide essential awareness towards the allocation of required assets through the proper way to all employees of any organization. Employees are also responsible to keep checks and balances of assets from time to time.
Management of all organizations is responsible to provide training to their staff on the related field for betterment.
The administration is a focal stage to develop inventory procurement and distribution procedures according to the rules regulations of any organization.
Here are some useful formats and ideas to systemize office inventory management, where want to take some new steps to systemize the whole inventory record of the organization.
IMPLEMENT AN ACCURATE INVENTORY SYSTEM:
Matching count in the physical warehouse to the count and the computer enlisting the organization of others are keys to accurate inventory.
Indeed, the basic points of effective inventory management can improve office inventory records. Maintaining inventory accuracy must be an integral point of any organization, promote accuracy is everyone’s duty.
Organization management must need to provide opportunities to their concerned staff for better performance.
Define organization inventory processes clearly for everyone whose job affects inventory. Integral formal checks where an operation is critical.
Get the right people who perform the job involved in the definition process.
Documents employee procedure clearly, and include information about quality standards, physical aspects, and safety nets. Include correct methods for filling out and processing paperwork, the sequence, and the timing of data entry.
Set training schedules allow plenty of time and make sure each group has a thorough understanding of the procedure. Emphasize that the procedure is the only right way to perform the tasks.
Test your employees on the procedure to ensure that they know and remember their multiple choices.
Discuss wrong answers with employees in private to re-establish the right procedure and encourage understanding. Best Tips For Handling Administrative Matters
Address deviation from the written procedure immediately, if an employee has a better method of completing a task and you might integrate this method.
Measure accuracy tracking as a percentage of total assets; communicate accurate information to your staff in a positive manner.
PHYSICAL AND FINANCIAL CONDITION OF ITEMS:
|
|
Financial Status |
||||||||
|
Asset or serial No |
Item description (Make and model) |
Location |
Condition |
Vander |
Year of service left |
Initial Value |
Monthly Operating Cost |
Total Cost |
Current Value |
Coding for check and Balance:
Indeed according to the rules and regulations of the organization, display inventory code numbers in all un-consumable items properly. This practice will make it easier to finding-out any item if needed.
INVENTORY LIST (Format)
|
Inventory List |
|||||||
|
Inventory ID |
Name |
Description |
Unit Price |
Quantity in Stock |
Record Level |
Record Time in Days |
Quantity in Record Book |
ASSET CODING & DOCUMENTING:
The fixed assets coding will follow the pattern explained
below.
A single letter representing each Location will prefix
asset codes, so that just by looking at the code of the asset, one is able to determine
which Location the asset belongs to.
With each Location, fixed assets will be classified under
the following:
Motor Vehicles
Equipment & Appliances
Furniture & Fixture
Computers & Allied
Be the focal point to activate all things around you,
keep proper monitor of outcomes, and analyze the result with deep knowledge.
Evaluate the results with the exact requirements and fulfill the gap if found
to and complete tasks.
Share suggestions and experiences to maximize the
profitability under minimum utilization of available resources.
Orient all staff including newcomers with organization
policies and procedures. Organize policy review meetings to share the key
policy matters with all sections. Consolidate all feedback from team
members is present it to the line manager.
Always become the focal point to and share all
administrative related information to concerned sections/departments on a monthly, quarterly, and annual basis. GRN full form
Provide technical and moral support to the line manager
to take a better decision. Think in a positive way and make sure to
facilitate all employees including provide a good enabling working environment
to achieve the perfect job done results.
Listen to all administrative related issues and try to
settle the genuine issues immediately and normal issues gradually.
Indeed utilization of all human resources for the betterment and
achieving organizational goals.
Supervise and delegate assignments to
lower staff without hesitation. Use necessary verbal motivational tools
to achieve a better result. A Comprehensive Job Description of Communication Manager
How to increase administrative assistant skills, there
are thousands of ways to acquire knowledge regarding improve administratively
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In this article, we’ll discuss the top 10 tips to
enhance the skills that are commonly used in office management.
Analyze office working environment and determine and how
to provide enabling the environment to an employee where all employees work
freely and generate better progress.
Assess the employee's needs and make sure all things
related to work are in place. Facilitate them according to the organizational
policy.
Be a front person to welcome all assignments from the line
manager. Accept all challenges with a positive approach.
Develop good relations with all stakeholders to minimize
inter-group conflict and apply all measures to resolve the inter-group and
intra-group issues.
Treat all co-workers professionally and adopt
perfect supervision techniques to satisfy reporting employees.
Clear and
implement well define the job description and draw the line of
responsibilities.
Supervise and play a leading role to implement all administrative
assignments including monitor fixed datelines of all project tasks.
Build a result-oriented human resources team to meet the
daily routine and exceptional office matters.
Share knowledge with teammates and
allow others to participate in the decision-making process.
Most professionals
relying on teamwork and distribute responsibilities according to their
specialty.
Use standard monitoring tools in depth to and analyze and
share the work progress indicators with the line manager.
INVENTORY POLICY FOR CONSUMABLE ITEMS IN OFFICE
All tangible items purchased by ABC, other than those, which fall
within the definition of a fixed asset, will be classified as consumable
stores.
The general policy is to expense the value of consumable stores on
the premise that the bulk of purchases are consumed within a financial
year.
Any deviation from this policy will require the approval of the
General Manager.
As far as possible, the consumable store will be purchased from
local suppliers, keeping both cost and quality factors in view. Developing local sources of supply is a continuing policy of ABC.
Bulk ordering against consolidated ABC requirements will be
implemented if significant economies can be achieved thereby.
Where possible
procurement will be done through the HEAD OFFICE Bulk Purchase Committee.
A cash advance will be kept to an absolute minimum. Payments to
regular suppliers will be made against crossed cheque /drafts after receipt of
goods.
Although consumable stores are held at nil value, strict control
must be enforced over their receipt, storage, and issue
Item falling under the
following categories will be included in consumable stores (also referred to as
“Store”)
Hardware (barbed wire, pipes, angle iron)
Fertilizers
Seeds
Fuel
Motor Vehicles Spares
Office Supplies Stationery
The purchase of a store
item will be initiated through a Stores Request No (This will be a sequential number for each Field Office /Section.
Store Code (existing
Store Code, or “new” if the item does not have a store Code)
Quantity, Required by (date), Justification, For Use in (Location)
Requested by (name/designation) Signature
Once the inventor has completed the above section of the form, he will give it
to the Finance Section.
There the request will be checked against the
Annual Budget and the amount spent/ committed to date, to verify the budgetary
status of the request.
Also, the Finance Section will calculate the total amount of the
request by multiplying the quantity requested by the latest available rate of
the item.
Then the Finance Section will give the form to the Field
supervisor/Section Head.
If the total amount of
the request is Rs. 10,000 or more, then the Field supervisor / Section Head will recommend if he agrees
with the request.
He will send the form to the Manager Administrator Office / Head office, who is also the Convener of the
Purchase Committee.
The Convener will obtain three quotations, on the basis of which a comparative Statement of Quotations (GEN1-Annex-II will be prepared.
The Store Request along with the Comparative Statement of Quotations will be
tabled by the Convener at the next meeting of the Purchase Committee.
The Convener may obtain a quotation for bulk purchase of items of
common use in the Region / Head office.
PURCHASE COMMITTEE:
Head office Purchase Committee will each comprise
of three members
The Manager Finance and Manager Administration at the Field Office
will be a permanent member of the Field purchase Committee. The Regional Head
on an annual basis will nominate the third member.
Program Manager- Finance & Admin and Manager Administration at
the Head office will be permanent members of the Head office Purchase Committee
the General Manager on an annual basis will nominate the third member.
The Manager Administration will be the Convener of the Purchase
Committee. He will be responsible for convening meetings of the Purchase
Committee and also for minting them.
The Purchase Committee may invite the indentor or other staff
members to attend a particular meeting for assistance.
Members of the Purchase Committee cannot delegate their membership
to any other person without the prior approval of the Regional Head / General
Manager in the Field Office /Head office, respectively.
Whenever possible procurement will be made through HEAD OFFICE
Bulk Purchase Committee.
And the requirement of obtaining three quotations shall be waived
where some quotation is recommended as repeat order by HEAD OFFICE Committee. What is the full form of NGO?
To examine requests for
consumable stores submitted by Field Offices/Sections, and make recommendations
to the Regional Manager / Program Manager-Admin & Finance after ensuring
that: The expenditure proposal and its budgetary status have been clearly
set out and authenticated by the official designated.
If the expenditure is un-budgeted, then there is a recommendation
to offset this expenditure against a budgeted item.
If this is not
possible, then a justification for this. Three quotations are attached. If this is not feasible, for
whatever reason, then an explanation in writing.
Local sources of supply have been explored fully before making a
recommendation for purchase from down country. The recommendation, if any, for advance payment
against order/delivery is justified, and that a cash advance, if requested, is
unavoidable.
To recommend the method of disposal and a reserve price for stores
written-off. To identify items for
bulk purchases and coordinate such purchases with the other Purchase
Committees.
The Convener will keep minutes of Purchase Committee
meetings. All the members of the Purchase Committee will sign these
minutes.
The recommendation of the Purchase Committee will be required for
consumable stores for use in Productive Physical Infrastructure (PPI) Project
if procured by ABC.
The Purchase Committee
will review the store's Request as well as the Comparative statement of
Quotations, and make its recommendation on the Stores Request. All
members of the Purchase Committee will sign the Stores Request.
If the Purchase Committee recommends the purchase of the requested
stores, then the Stores Requests, and other documents attached to it, such as
the Comparative Statement of Quotations will be put up to the Regional Head /
Program Manager-Admin & Finance for approval.
The Regional Head / Program Manager-Admin & Finance will review the
documents reviewed from the Purchase Committee and will either approve or not
approve the requested store's purchase, by writing his decision in the
“Remarks” blank and signing the form.
Frequently Ask Questions (FAQ)
Inventory
Management Software
The mission of the best inventory management software
company is to help you to find top-notch inventory management software for your
company.
Best Inventory Management Software tries to offer the best inventory
management software at the best possible price. Check out our site to find the
best inventory management software for your company.
Your inventory management software should be easy and
painless to use, and a great deal of time should be spent on making it
automated.
Inventory management software is a key element that will streamline
the operations of your business. With an automated inventory management system,
all you don’t need to worry about is how much inventory you need.
Inventory management Software Small Business
Using inventory management software can help small
business owners plan and track inventory buying, pricing, and sales.
Once you
enter your inventory management software in stores, you can view the reports to
see which product sales made the most money.
Inventory Management Software in Excel:
Learning inventory management with the help of software
can make your work much easier and economically friendly to future business scenarios.
Warehouse Inventory Management Software:
If you are constantly faced with the task of managing
your inventory and orders, you know that can be a real-time- and stress-saver.
And it would be nice to have all of this done more efficiently. Unfortunately,
it’s not easy to find a one-size-fits-all tool for your needs.
So, we decided
to take a look into what the software market has to offer and pinpoint the
products that can give you the best result for your business.
Warehouse management software is a simple way to keep
track of your warehouse inventory. With thousands of inventory management
software available on the market, finding the best warehouse inventory software
for your company can be tough.
Not all warehouse management software is A.O.S.
compatible, so be sure to check for compatibility before you make your
purchase.
Here are many fundamental factors to help you decide if inventory
management software is the right fit for your company.
Inventory Management Software with Barcode Scanner:
This post offers insights into the evolving
nature of inventory management software, and why you should be investing in it
now.
Slide room helps retailers optimize their in-store operations, develop easy-to-understand management tools, and establish an outward-facing brand image.
Top 5 Key Elements of Inventory
Track your activity. As a business owner, you ought to know about any movement in your stock.
- Daily counts. Managing your inventory is a daily task.
- Manage out-of-stock products.
- Clear description.
- Organized work environment.
What of 4 Types of Inventory
- Raw Materials.
- Unfinished Products.
- In-Transit Inventory, and.
- Cycle Inventory.
Key Inventory Functions
- To Develop Policies, Plans and Standards Required:
- Effective Running of Stores:
- Technological Responsibility for the State of Different Materials:
- Stock Control System:
- To Ensure the Timely Availability:
- Maintenance of Specified Inputs:
- Protection of Inventories:
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