10 consejos para CONTROLAR INVENTARIOS y COMPRAS en tu empresa | Mejora tus resultados | Video 475

How to Control Purchases and Inventory for Better Business Results

Importance of Purchases and Inventory Management

• The purchases in retail businesses, such as supermarkets and hotels, can account for 40% to 80% of sales. This highlights the critical role of effective inventory management in profitability.

• Properly managed inventories lead to profits that cover costs, fixed expenses, debt payments, salaries, and ultimately yield profits for stakeholders.

• Companies lacking control tools may incur significant financial losses due to ineffective purchase and inventory management practices.

Key Strategies for Effective Management

Establishing Control Mechanisms

• Implement managerial control tools to oversee the entire purchasing process from order placement to customer invoicing. This is crucial for both industrial companies (dealing with raw materials) and commercial entities (selling goods directly).

• Losses in purchases or inventory directly affect a company's profit margins by increasing cost of sales; even a small percentage loss can translate into substantial annual losses. For instance, a company with $1,000 monthly revenue could lose up to $50,000 annually if it experiences a 5% loss in purchases or inventory.

Practical Tips for Improvement

• Tip 1: Assign dedicated personnel for supplier relations and purchasing tasks while ensuring another individual manages warehouse responsibilities effectively. This division helps streamline operations and accountability.

• Tip 2: Utilize an ERP system with accounting modules that automate purchase orders, track incoming goods against orders, manage inventory storage accurately, and facilitate stock deductions when items are sold or used in production processes.

Auditing Practices

Regular Inventory Checks

• Conduct regular audits or selective inventory counts (recommended on Thursdays) to ensure physical stock matches recorded data; discrepancies should be adjusted accordingly by the accountant after approval from upper management.

Financial Accountability

• Adjustments identified during audits must receive approval from the general manager before being processed by the accountant; this ensures transparency and accountability within financial records related to losses from purchases or inventories.

Inventory Management and Control Strategies

Understanding Inventory Losses

• Discusses various types of inventory losses commonly faced by businesses, including weight loss, theft, spoilage, and expiration. These factors can significantly impact financial statements by revealing the extent of inventory loss.

Establishing Purchase Processes

• Emphasizes the importance of creating a clear process flow for purchasing that all stakeholders can visualize. This includes steps from placing an order with suppliers to receiving goods in warehouses.

Inventory Handling in Production

• Describes how warehouse personnel verify received goods against purchase orders and organize them appropriately. It also highlights the need to record inventory costs accurately when items are delivered to sales points or production facilities.

Managing Different Types of Inventories

• Explains that industrial companies must track raw materials used in production processes as well as additional supplies needed throughout manufacturing until packaging is complete.

Daily Inventory Reflection

• Stresses the necessity for daily reflection of work-in-progress inventories from the start of production orders until completion. At month-end, these should be reported as finished goods inventory.

Types of Inventories in Various Businesses

• Outlines that commercial enterprises typically maintain one main inventory for merchandise, while industrial and agricultural businesses may have multiple inventories: raw materials, work-in-progress, and finished products.

Conducting Regular Inventory Audits

• Highlights the need for regular selective audits of inventories at retail locations to ensure accuracy and prevent discrepancies due to theft or mismanagement.

Importance of Financial Metrics

• Advises on establishing key performance indicators (KPIs) related to purchases and inventories. These metrics help compare actual results against standards set for financial health monitoring.

Addressing Deviations in Financial Performance

• Discusses how deviations from established metrics indicate potential losses that require attention. Identifying these gaps is crucial for maintaining control over purchases and inventory management.

Cost-Benefit Analysis of Inventory Control

• Warns that the cost associated with controlling purchases and inventories should not exceed potential losses from inefficiencies like theft or errors. A practical example illustrates how investing in better controls can reduce significant losses effectively.