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Inventory management - it’s time to start tracking
Andrew Stubbs • May 10, 2021

Inventory is a key concept at the heart of any business: it's what you, as a business owner, use to make money. In simple terms, inventory refers to all the items, goods, merchandise and materials held at hand for the on-selling stage that generates your cash flow.


As a major asset for any manufacturing or trading business, it's important for business owners to understand what inventory is really about and why it's so important to keep track of it.


First thing to know: the definition of inventory changes slightly depending on the industry. Inventory can be either tangible or intangible (such as in service industries), but it always represents that which can be used for revenue generation or that which has a dollar value when sold. It can also be an asset that is presently in processing but which will be sold later.


What is an inventory tracking system?


Firstly, 'tracking system' means a set of tools and processes used to track goods across the supply chain. They ensure you can monitor trends and identify where you can improve. This often begins with ordering items from suppliers and vendors and concludes when delivering your products to end consumers. You can see how having more awareness of inventory across the supply chain would help you make smarter business decisions.


Depending on what sector you're in, the kind of inventory you need to track will differ. It makes sense then that different inventory tracking systems work better for some industries than others. As with anything, there are pros, cons and trade-offs.


What is the best way to manage inventory?


While it is important to track your inventory, there is no single 'best way'. You may want a system that gives you more data collection and analysis. This would help you monitor trends. You may need the most competent real-time tracking, so staff at remote locations can all be 'on the same page'. Or you may be looking for the easiest system for your workforce to use.


Finding the right system that works for your business can help you continuously improve. The more data you can track and manage, the better informed your decision making will be.


Following are five of the best inventory apps available. They all offer different benefits at different price points.


  1.Sortly


All of the options on this list include the features most commonly used by inventory managers on the go, but Sortly goes a step further to offer features no other apps have.


For starters, Sortly includes an offline mode that allows you to scan incoming and outgoing items all the time. This is useful when your smartphone can't find a signal. When you eventually do reconnect, all your offline activity then syncs with your account for seamless inventory tracking company-wide.


Also, more than just barcode scanning, Sortly supports QR codes too. This gives you more flexibility to choose the scanning method that works best for your business.


  2.Inventory Now


If you run a mobile business (like a food truck or pop-up store) or attend a lot of trade shows, Inventory Now may be the inventory app you need.


How it works is that Inventory Now pairs with PayPal Here, essentially replacing your business's point-of-sale (POS) system. This gives you the ability to generate sales orders as you make your sale, as well as process payments for the order. You can then set the order fulfillment process in motion straight away. All of this can be achieved from your Android or iOS mobile device. You can also use this system to process customer payments without investing in an expensive POS register.


Inventory Now software also supports item kitting (which allows you to group items together for bundles) and built-in barcode scanning. You can even generate UPC and SKU numbers within the app and then use these in barcode generation.


  3.On Shelf


On Shelf's biggest selling point is its ability to analyse and report efficiently. It offers perpetual inventory tracking, so the stock displayed in your app reflects your real-time inventory levels, not what they were at the end of the previous day's trade. This up-to-the-minute reporting makes it easier to make the right decisions on the go.


What's more, On Shelf displays your inventory list with colour coding to indicate your business's most and least profitable items. This means you can quickly identify your highest priority items. You can also access graphs showing sales trends for each product. On Shelf will even recommend correct inventory levels for each item so you never have to worry about ordering excess inventory again.


The biggest downside? On Shelf is only available on iOS devices, so any employees using an Android smartphone will need to be provided with an iPhone or iPad to access your inventory tracking system.


  4.Stock Control


Have you ever tried to find a single item in a crowded back room or a huge warehouse? Stock Control makes it a lot easier to find that needle in a haystack.


With the Stock Control inventory app, you can attach detailed, custom location info to each item. So if an item's stored in your back room, you can specify that it is, for example, on 'the fourth shelf from the top along the back wall'. Or, for items in a warehouse, you can attach the bin, row and zone numbers. This level of detail makes asset tracking, order picking and warehousing a lot faster and easier.


Stock Control also lets you generate PDF catalogues of your items based on your current inventory levels. You can then share these catalogues, ensuring that your customers only order items that are currently in stock.


Be advised, though: the Stock Control app is also only available on iOS devices.


  5.inFlow Inventory


If you need inventory management software with a little more oomph that can still offer easy-to-use mobile functions, inFlow Inventory may be the best pick for your business.


With inFlow Inventory, you get the desktop features of a complete inventory management platform. This includes team management, vendor tracking, customer tracking and order management. In addition, inFlow's mobile app allows you to use a built-in barcode reader to scan items, adjust stock levels, create new sales orders and generate purchase orders - and do all this on the go.


Making the right choice


It's true: you know your business best, yet not even you could be expected to always know where every single item is held within your business. Using inventory management tools to track your supply chain ensures you can always have the right products, in the right quantity, at the right time.


When these systems are implemented effectively, you can reduce the costs of carrying excess inventory while maximising your sales. Good inventory management helps you track your inventory in real time to streamline this process.


These facts hold true whether you're running a mobile food truck, a home-based service provider, a multi-site retail business or a warehousing and logistics operation. Whatever your enterprise, there's an inventory tracking management system that's right for you.


So, take some time to look deeper into all the options out there. You may be amazed at what the available apps can offer.

Why Your Business Needs to Invoice Using the New Peppol Network

By Andrew Stubbs • 05 Jun, 2022
Here's some good news if your business sends invoices to business or government customers. Peppol* is on its way. (That's Peppol, not Peppa .) Ever had this conversation in your business? You or one of your team: "Hello, I'm calling to follow up the invoice we emailed to you last month. It hasn't been paid yet." Customer: "Really? We didn't receive that invoice?" In addition to the time and expense of following up, the cash flow delays create stress for you and they hurt your business. Thankfully, the adoption of Peppol will solve this problem. What is Peppol? Peppol is an obscure acronym for Pan-European Public Procurement On-Line. What's more important than what it stands for, is what it enables. Peppol is an international 'eProcurement' framework for the electronic exchange of information. It creates a standard approach for governments and businesses to structure and exchange information such as invoices and other documents. What Peppol means for you and your business Peppol makes electronic ordering, invoicing and shipping between governments and private companies faster, simpler and more secure. This means your business will get paid faster when dealing with government and larger businesses. In 2019, Australia and New Zealand adopted this platform for e-invoicing which, when implemented, will make 'we never received your invoice' issues virtually impossible. The new e-invoicing system is more secure than email and provides many other benefits. Which countries are adopting Peppol? There are currently 40 OpenPeppol member countries: 32 countries in Europe plus Australia, New Zealand, USA, Canada, China, Japan, Mexico and Singapore. Each country has a Peppol authority. For example, in Australia that's the Australian Tax Office (ATO). Is Peppol already in use? Yes it is. For example, the SuperStream system in Australia-which many businesses are currently using to automate the payment of employee superannuation contributions-is based on the Peppol protocol. How does e-invoicing work? The system connects the accounting systems of all businesses and government departments via the secure Peppol network.  Suppliers generate sales invoices in their accounting systems which are sent to Peppol.

Company Director? Why You Need to Apply for Your DIN

By Andrew Stubbs • 04 May, 2022
If you're a director of an Australian company-or you plan to be-take 5 minutes now to read this article. All existing directors (and intending directors) of Australian companies need to be aware that the Australian Government has announced the introduction of a new mandatory Director Identification Number (DIN) system. (You'll notice the term director ID is also used for DIN.) This system is the initial step in the Modernising Business Registry (MBR) Program which has been established under the Treasury Laws Amendment Act which was legislated by the Australian Government in 2020. More information on the MBR program can be found here . What is the DIN system trying to achieve? The DIN aims to provide accountability and traceability of a director's relationships over time, across all companies and will provide information on a director's involvement in what may be repeated unlawful activity, including illegal phoenix activity. It should also solve the problem of false or fraudulent director identities. What are the key features? It is mandatory for all directors, foreign directors and alternate directors of Australian companies to hold a DIN. The DIN is a unique 15 digit number. The first 3 digits will be 036 which is the identifier for Australia. The last digit is a check digit to help with accuracy when quoting your DIN. Like your tax file number, you will only be issued with one DIN which you will hold for life - even if you cease acting as a director for any period. To obtain a DIN, you will need to prove your identity so you will not be able to hold multiple DINs. Other office holders (e.g. company secretaries) are not required to register. The director is responsible for updating the DIN records for any changes in personal information within 7 days of the change. The director must apply personally. The process cannot be completed by your accountant, lawyer, spouse or executive assistant. There are significant penalties for non-compliance. How do you apply for a DIN? Directors have 3 options for applying. You can apply online from 1 November 2021. To use this method, you must first establish your identity via myGovID (an app you download on your smart device which is different from myGov). Once set up, your myGovID will make accessing a wide range of government services easier. (It's not just for your DIN application). For information on how to set up a myGovID please go to https://www.mygovid.gov.au/set-up During the DIN application process, you will need additional information such as your tax file number (TFN) and your residential address as per ATO records. It would also be advisable to have other personal details such as bank account details, medicare card or a recent income tax assessment available in case these are required. You can also apply by phone ( 13 62 50 ). During the call, the operator will ask for the identity documents you would have used to obtain your myGovID (passport and driver licence) as well as the additional information listed above. These details will be confirmed with the records held on existing government databases and, assuming the details agree, your DIN will be issued. Or you can apply by mail, but this is not recommended because the process for doing this seems vague ("Write to us") which means you can probably expect a lengthy process of certifying documents and coping with the vagaries of the postal system. One of the other two methods would be a better choice. When will you need to apply for a DIN? Transitional arrangements will allow directors to become familiar with the new requirement. When you need to have a director ID will depend on when you were appointed as a director.

7 Best Practices for Setting Your Small Business on the Success Track

By Andrew Stubbs • 07 Apr, 2022
If you're a small business owner, you're always on the lookout for better ways to go about routine tasks to boost growth and underpin reliability. So, yes, you have the will; now, what are the ways? What are those consistent routines you can instill that will have the most benefits? This article looks at the top 6 things you can do to help your business thrive. We're going to cover finances, goals, marketing, technology and you ! So, let's take a look… 1. Your finances are a scorecard … and a predictor Boil it all down and dollars in the bank are the report card on the health of your business operations. Surprising then that so many people don't really pay much attention to how much they've earned, nor how much they're likely to earn. As much as it might feel like a chore, reviewing your sales and financial projections and then using them to ascertain if you need business financing is a discipline worth cultivating . If you suspect that your cash flow is precarious, you should be checking out your options today. First metric to check: your credit score. If it is too low, you need to take steps to shore it up. Next, check in with your bank or finance broker about what loans are available. 2. Goal setting, goal achieving, goal celebrating So, if you're using current and future dollars in the bank to keep score, the next thing is to do something about it. This is where goal setting comes in. If thoughtfully set and persistently pursued, goals help you orientate your willpower and your energy at each moment of the business day. This is the hidden power of goals: giving you a good sense of direction and a way to channel your instincts towards wise objectives. Constantly checking in with your goals makes them a benchmarking tool to keep your business pointed in the right direction. Yes, just having goals helps. Actually achieving a goal helps too, of course! 3. Increasing the impact of your marketing Marketing is not magic. It is not a mystery. It is not an art. However, many less-than-reputable marketers will try to claim that it is. They do so to gain wiggle room to pad their invoices and cover up their lack of skill. What this means is that it is easy to waste money on ineffective marketing. The good news is that there are many low-budget marketing strategies that actually work to help grow your brand and reputation. Scout around on the internet and choose one or two new tactics. Deploy them and test them. If they work, double down. If they don't, try something else. If you can't tell if they're working, also try something else. Social media is the obvious starting place for these low-stakes experiments and the old classics of LinkedIn, Facebook and Twitter are where to trial them. 4. Bringing your business up to date technologically The ability of modern productivity and project-management tools to give small players the same capabilities as the big boys simply cannot be ignored. Harness them properly and they'll let your small businesses operate with the same productivity as the titans of your sector. And, if your business is in the services sector, the increased controls that business technologies can yield also lets you be highly agile - that's something the big boys can't do. So, ask yourself: are you taking full advantage of what's out there? Don't worry, the answer to this question is always 'no' - the field is simply moving too fast for anyone to be able to take full advantage. However, if you have a realistic view of your needs, then you have a yardstick to help assess all the solutions out there. When you know what you need the technology to do, then you can wisely choose what hardware, software, platforms and techniques to introduce. 5. SEO has changed and it is going to change again Google - indeed all platforms offering broad search functions, from Youtube to Facebook - are constantly altering and optimising their algorithms. This, in turn, means SEO practice must constantly evolve to keep pace. So, if your SEO approach hasn't been overhauled in a few years, the time has come to give it some attention. Do a review of best practice and score how you cater to SEO in your online presences. Yet, because the underlying concept of SEO has not changed, the corrective actions you need to take may not be major. Then again, they might be! It is better to know unpleasant news sooner than outright bad news later. 6. Download the right new apps The remote work trend has gone mega and this means mobile productivity apps are very much of-the-moment. See, you can get a surprising amount done with just your phone and tablet. And apps are how it all happens … plus connectivity and a full battery, of course! Usually, apps are best for keeping an eye on things, boosting effectiveness on the "busy" tasks and enabling you to give your stamp of approval to work that needs your say-so to progress. In general, these are not value-adding tasks, just the value-neutral tasks that get in the way of the value-adding tasks. Now, there is no end of apps out there. So, as always, don't bother looking until you have some idea of what you need. 7. You are the ultimate business tool Health is the single most important aspect to consider for anyone running a business. It's the non-negotiable factor that governs everything else you are capable of. To adapt a quote from Arnold Schwarzenegger, being fit and healthy is "a status symbol. It reflects you worked hard for it; no money can buy it. You cannot borrow it, you cannot inherit it, you cannot steal it". This means that you must get enough sleep every night (most people need 7 hours or more). This means a healthy diet must become your preferred way of eating. This means that you should exercise every single day (except when sick). This means you must give your mind a rest too . Meditation isn't some mystic monkish thing, it's simply the practice of letting your thoughts come and go while you - the observer - stay peaceful and undisturbed by them. Think of it like this, meditating is mediating your mind. Take stock, choose wisely, make small steps in the right direction In this article, we've talked about some improvements you can make to what you're already doing. You don't have to do all of these at once. Start with the one that seems easiest and then stick with it to see if it works. Remember, it's not always about big changes. Often, you can make major improvements in outcome by making small changes to input. Doing the little things better. So take stock, choose wisely and be sure to make those small steps in the right direction for success today, tomorrow and the next day.
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