Sage One – Now with Inventory Management

by

General Ledger

Sage recently unveiled inventory management for Sage One that can increase small business customer profitability.

This new functionality allows Sage One users to manage their inventory stock, and associate stock with costs and a variety of pricing levels, thereby providing better workflow, better accounting and better inventory management.

The new Inventory capabilities are part of a more comprehensive inventory functionality that's presently in development. The current feature set helps Sage One users manage purchases and receiving, as well as their sales and distribution of inventory stock.

Users can not only set up stock items manually within Sage One (as shown in the "Create an Item" illustration below), but they can use the optional "import and create" stock item function.  Easily import your inventory items from an Excel Spreadsheet or CSV file.

Sage One stock items can have up to 10 different sales prices. The purchase cost, as well as the minimum stock levels and re-order quantities can also be incorporated into each item.

Even at this initial level of inventory within Sage One, you can automatically adjust stock on your invoices. Whether you're producing or adjusting Sales Invoices, Purchase Invoices or Credit Notes, Sage One will automatically adjust your stock levels based upon the transaction quantities.

When you include stock items on your Sales Invoices, you can easily check to insure you have sufficient stock on hand for order fulfillment, and also whether you’re going below your minimum stock levels.

Keeping track of stock quantities is easy with the new Sage One Inventory feature. Within your list of stock items, you can clearly see the number of products moving in and out of stock (as shown in the red box below).

And yes folks, even though this graphic was taken from an early-UK release of the product, the U.S. based functionality uses US-Dollars($).

You can also manage your stock levels by making simple inventory adjustments. Just click on the "Adjust Stock Level" button (shown with the red arrow in the above illustration). You will be taken to the Adjust Stock Level screen, where you can make quantity adjustments for lost, damaged, stolen or recovered items. Document the quantity, cost and reasons why you are making the adjustment along with the date the adjust is posted into your accounting.

As I said, this first inventory implementation is just the beginning of a line of additional inventory related features intended to optimize Sage One for inventory-centric small businesses. 

In the near future, Sage will be rolling out Purchase Orders, Sales Orders, Stock Valuation and Sales Reports, and even a mechanism to convert Non-Stock Item to Stock items. Here are a couple of reports and stock-related features you'll be seeing in the near future.

Sage expects to enhance the product and service screen to quickly flag any stock items that are either "out of stock" or "below reorder levels." The Stock Movement Reports available in both a summary (shown above) and detailed version (shown below) give you the ability to not only look at specific periods and stock categories, but drill down directly into the details of a specific stock item.

Changes to the Sage One Inventory feature set are rapidly progressing. In fact, by the time you read this, some of the new reporting and look up capabilities may already be incorporated into the product.

If you'd like to see the Sage One Inventory Stock features in action, check out its video or go to Sage One to sign up for a free trial.