QuickBooks can help you determine how much inventory you have on hand and when it’s time to reorder, but how do you decide how much to keep around so you neither run out nor keep so much in stock that it’s not cost-effective?
Phitch OC 9.0, a new software product from ePhiphony Incorporated, helps you keep that balance in a fashion that will maximize economic profit. Of the many QuickBooks add-ons that help with administrative inventory tasks, it’s the only one that actually helps optimize inventory.
Economic profit, which is a measurement of the economic value of an investment, can better weigh the complex tradeoffs involved with purchasing inventory. “Right-sizing” this investment, without compromising service levels, provides management with a beneficial way of increasing return and freeing needed capital for expansion and other strategic investments, according to ePhiphony Incorporated.
Setup and integration with QuickBooks Premier or Enterprise are easy, and the company recommends you use the software at least once a week. Output is simple: color-coded flags indicate the state of your inventory, and signal your reorder point.