Taking Advantage of Your Lynx Software Stock Control Tools
Analysing and controlling stock movement is a vital aspect of business management. Hold too little stock, and you could run out and lose potential sales. Holding too much stock costs you shelf-space and ties up funds better used elsewhere in your business. Lynx Software’s stock reporting features allow you to have both a ‘big picture’ view of your stock system, as well as being able to track the specific movements of an individual item.
Here are 5 different report options available in the Stock Control Module of your Lynx Software program (version 6) that can help you effectively manage your stock system.
1. Summary Report
A ‘big picture’ report that provides an overview of both sales and stock movement over a given date period. For instance, this would be an excellent weekly managerial report, allowing a quick analysis of the overall performance of the business. Any queries or anomalies resulting from viewing this report can be further investigated in greater detail.
2. Stock Valuation (Grouped by Department, Summarised)
A snapshot of the current value of all stock currently on hand. This valuation can be based on a cost or selling price, giving you an idea of the value of your stock as a cost to your business, or what it would be worth in revenue if you were to sell it all.
3. Stock Movement
Another excellent report categorising the movement of each item in your stock system. Based on a date range you specify (eg. Last Month), you can see Opening Stock Levels, Purchases, Transfers, Sales, Write-offs and Stocktake Variances and the resulting Closing Stock Levels for that period. You can narrow down to a single department for specific analysis.
4. Reorder Report
Used in conjunction with each Stock Item’s ‘Recommended’ and ‘Reorder’ levels, this report lets you know whether the stock-on-hand of an item in your system has dropped below the minimum levels you have set, and how much you need to order to re-establish an adequate stock level. You could run this report weekly and use it as the basis for ordering from your suppliers. Also bear in mind that you could decide to set reordering levels only on items you particularly want to keep tight control over – it’s up to you.
5. Stock Transaction Report
This is an ideal troubleshooting report. It can be run for a single stock item you are trying to track anomalies for, and shows each individual stock transaction in the Lynx Software database affecting that specific item during the selected date period.
Every business is different, and reporting requirements vary depending on your business. But the versatility of Lynx Software’s reporting capabilities means that you can often tailor your reports to suit your needs. And with version 6, you can save pre-set reports and schedule them to be emailed to you or saved to a ‘cloud’ drive on a regular basis. So once you define a set of reports you want as a management tool, you can get them sent to you automatically.
Feel free to contact POSLynx for advice on getting the most
out of your software’s powerful reporting capabilities.
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