Office Inventory is a key task of the administration section, which lists all consumable or non-consumable items in the official record. The cost is the depreciation of an asset and determines the deficit price value.
The administration needs to list out all items every month and
introduce an action plan for sold-out, depreciated items among the vendors, and
update the inventory stock register for annual audit purposes.
In this
article, we’ll elaborate on the inventory process and
inventory register for broader information.
Types
of Inventory Management Systems:
INTRODUCTION:
The basic
theme of office inventory is to provide essential awareness
towards the allocation of required assets properly to all employees of
any organization. Employees are also responsible for keeping checks and balances on
assets from time to time.
Management
of all organizations is responsible for providing training to their staff in the
related field for betterment. The administration is a focal stage to
develop inventory procurement and distribution procedures according to the
rules and regulations of any organization.
Here are
some useful formats and ideas to systematize office inventory management when you want to take some new steps to systematize the whole inventory record of the
organization.
IMPLEMENT
AN ACCURATE INVENTORY SYSTEM:
Matching
the 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 part of any organization; promoting accuracy is everyone’s duty.
Organizational
management must provide opportunities to its 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.
Document
employee procedures 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 to 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.
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
find 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 can 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 monitoring of
outcomes, and analyze the results with deep knowledge. Evaluate the results
with the exact requirements and fill the gap if found to complete
tasks. Share suggestions and experiences to maximize profitability under
minimum utilization of available resources.
Orient all
staff, including newcomers, with the organization's 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 and share all administrative-related information to
concerned sections/departments on a monthly, quarterly, and annual basis.
Provide technical and moral support to the line manager to make better decisions. Think positively and make sure to facilitate all employees, including providing a good, enabling working environment to achieve the perfect job results. Listen to all administrative-related issues and try to settle the genuine issues immediately and the 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.
How to
increase administrative assistant skills. There are thousands of ways to
acquire knowledge regarding improving administrative assistant
skills.
Top 10
tips to enhance the skills that are commonly used in office management:
Analyze
the office working environment and determine how to provide an enabling
environment for employees 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 inter-group and intra-group issues. Treat all
co-workers professionally and adopt perfect supervision techniques to satisfy
reporting employees.
Clearly and
implement well define the job description and draw the line of
responsibilities.
Supervise
and play a leading role in implementing all administrative assignments, including
monitoring fixed deadlines 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 rely on teamwork and distribute responsibilities according to
their specialty.
Use standard
monitoring tools in-depth to analyze and share the work progress indicators
with the line manager.
INVENTORY
POLICY FOR CONSUMABLE ITEMS IN THE OFFICE:
All tangible items purchased by ABC, other than those that 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 cheques/drafts after receipt of goods. Although
consumable stores are held at nil value, strict control must be enforced over
their receipt, storage, and issue. Items 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 it if he agrees with the
request. He will send the form to the Manager
Administrator's Office / Head office, who is also the Convener of the
Purchase Committee.
The
Convener will obtain three quotations, based on 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:
The Head
Office Purchase Committee will comprise three members
The
Manager of Finance and the Manager of Administration at the Field Office will be permanent members 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 of 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 the HEAD OFFICE Bulk Purchase
Committee.
And the requirement of obtaining three quotations shall be waived where a quotation is recommended as a repeat order by the HEAD OFFICE Committee.
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 provide 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 the downtown. The recommendation, if any, for advance
payment against order/delivery is justified, and 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 the minutes of the 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 the 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 store's
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
Store's 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
Asked Questions:
Inventory
Management Software
The
mission of the best inventory management software company is to help you 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, and a great deal of time
should be spent on making it automated. Inventory management software is a
critical 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 for Small Businesses
Using
inventory management software can help small business owners plan and track
inventory buying, pricing, and sales. Once you enter your store inventory
management software, you can view the reports to see which products made
the most money.
Inventory
Management Software in Excel:
Learning
inventory management with the help of software can make your work much easier
and more economically friendly for future business scenarios.
Warehouse
Inventory Management Software:
If you are
constantly faced with the task of managing your inventory and orders, you know
that it 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 at what the software market has to offer and pinpoint
the products that can give you the best results for your
business. Warehouse management software is a simple way to keep track of
your warehouse inventory. With thousands of inventory management software programs 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
the 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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