NetSuite Inventory

Managing your inventory is one of the most important tasks of running your business. With effective inventory management, you can streamline your stock levels to reduce costs and maximize revenue and profits. Good inventory management begins with having accurate, accessible information about your inventory.  

What is Inventory Management?

Quality information is crucial to answering inventory questions that arise on a daily basis, such as:

How many items do I have and where?

How many items have I committed to sell?

Should I order more items or materials now?

Your answers to these questions influences your inventory management decisions. Using reports and inventory analysis allows you to answer these questions accurately and make smarter decisions. When you use the Inventory feature in NetSuite, you can track and manage the items your company buys, sells and manufactures in the course of doing business. Your Inventory Management can be most accurate, easy and profitable when you properly set up inventory records to track data about each item.
Using NetSuite, your Inventory Workflow is integrated from purchase to stock to sale-no more checking a box on a clipboard and recounting your inventory by hand. Each transaction you enter updates inventory records and reports in real time to give you precise information about your inventory. For example, when you enter a sale or receipt transaction for items, the available quantities are updated on item records without having to re-enter information to adjust the amounts. By setting up information on each item record, the correct information will autofill on transactions you enter. 

Inventory records are used for the following, and more:

  • Set up costing and track purchasing costs

    Define the Costing Methods as average, LIFO or FIFO. Record the purchase price for each item so you can track expenditures and track inventory values

  • Track income and asset values by Using Item Records

    Define general ledger accounts to use to log item asset values and revenues.

  • Track weights and shipping costs by Using Item Records

    Setting a default weight and shipping charge on item records enables those values to autofill on transactions when the item is selected.

  • Set up stock preferences

    Use Multiple Units of Measure to define the individual inventory units you use to purchase, stock and sell each item. Then, the proper units are used on individual transactions. 

  • Track vendor and manufacturer data by Using Item Records

    Setting a default weight and shipping charge on item records enables those values to autofill on transactions when the item is selected.

  • Track stock levels

    Keeping track of quantities of stock on hand enables you to know if orders can be fulfilled, know when to reorder more, and report on inventory quantities. If you use Advanced Inventory Management, accurate stock data helps you automate demand-based inventory replenishment.

  • Plan inventory

    Get supply and demand calculations using Demand Planning and Available to Promise. 

  • Set sale prices using Item Pricing

    Set a single price or set multiple prices, such as a retail price and a sale price. Set up quantity pricing or create Pricing Groups.

  • Set up billing and revenue management

    Use Advanced Billing to set the billing schedule to be used for each item to automatically determine the proper billing intervals and amounts. Use Revenue Recognition to define deferred revenue and revenue recognition templates to correctly manage staggered income values. For more information, see the help topic Using Revenue Recognition.


NetSuite Advanced Inventory Management

NetSuite Inventory Planning

You cannot adapt to today's world with yesterday's fragmented business systems.

Using NetSuite to optimize your inventory workflow benefits your company and your customers. Your customers benefit from a reduced order-to-delivery cycle time and highest quality customer service. In turn, this results in increased repeat orders placed with your company. Your company also benefits from increased revenue, profits, and productivity when you track and analyze your inventory processes. Your success with inventory management translates into success for your company overall. 

If you're looking to save your business time, reduce cost, and ensure a more accurate financial reporting-it's time to switch to the cloud. Cloud Genius ERP is passionate about providing your business with the #1 ERP system on the market. Our team provides ongoing support for existing clients-from coaching to consulting to customizing solutions. We are with you every step of the way to simplify your software, so you can focus on your business. Contact us for a free price quote today!