What are the benefits of Bar Coded Inventory in Corrugation Packaging Industry and the Flexible packaging Industry ? … for that matter any industry.
>> Read the First PPT file
What is the Correct System of Implementing the Bar Code based Reel Issue and Reel Receipt in a Corrugation industry, Flexible Packaging Industry, Auto component industry, with batch wise traceability. Electronics ?
>> Read the Second PPT file
What is the Correct System of Continuous inventory Physical Verification of Reels Corrugation Flexible Packaging ?
>>> Read the third file
This third PPT includes a manual, on how this is done in Finsys ERP, with screenshots
Continuous Stock Taking and Daily Physical Verification | Part 1
This video tells you about the importance of Physical Verification of your raw material on a daily basis, with the example of corrugation box industry.
According to Oxford Reference “A system of stocktaking designed to ensure that all the items of stock are physically counted and reconciled with the accounting records shown on the bin cards and the stock ledger within a specified period. For example, a stocktaking team may be working continuously so that all items of stock are checked four times a year, when adjustments are made to the accounting records to adjust them to the physical stock.”
Advantages of Continuous Stock Taking:
Prevents Unnecessary Losses and Wastages
Improved Stock Management
In-house experts can be used
No Need to Shut down Operations
Eliminate Delays in Production/Delivery
Now why is Physical Verification Important?
For correct Profit and Loss Account
For Bank Stock Report # For Correct Drawing Power
MRP : Material Requirement Planning
To know correct closing quantity
and many more..
But does Physical Verification mean redo from the start? NO!!
But that happens so.. and it is not advantageous for anyone.
There could be many reasons for this difference in ERP records vs Actual Records such as Wrong opening reel no., missed some reels in opening, wrong kg in opening, wrong supplier reel no. in opening, barcode not put back on the reel, etc.
So in order to prevent such situations Continuous Stock Taking is essential to prevent wastage of resources and this can be done through a good ERP. In next video we will show you how it’s done in Finsys ERP.
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