inventory record keeping

Question 1

why is inventory record keeping good?

Answer 1

• it is important that accurate records are kept and that a suitable system is in place

Question 2

explain what manual record keeping means?

Answer 2

Where record keeping is done manually a bin card (or inventory card) may be used to record inventory received and issued. Bin cards record inventory coming in (received), inventory going out (issued)
and a balance.

Question 3

explain what computerised record keeping means?

Answer 3

Most organisations will now use a computer-based system to record its
inventory. This could include the use of the following systems:

• EPOS – scanning barcodes/QR codes in the warehouse, on shelves
  and at the till in order to automatically update inventory levels
• Databases/Spreadsheets
  :using software to hold the inventory
  information and also carry out calculations and analysis

-CCTV and security tags – to deter theft of inventory from both the
warehouse and store

Question 4

why use computerized record-keeping method?

Answer 4

-Records will be more accurate
compared to manual system

-Inventory levels can be automatically
updated

-Inventory can be automatically
ordered from your supplier

-Easier to analyse the popularity of
certain products