|Biju||Sep-1st , 2017||0 comments|
As a growing retailer, you might be handling with different type of vendors. Some one will be smaller than your organisation and mostly they will be disorganised in their process. On the other hand, some vendors will be larger than you and might be very well organised on their entire supply process.
In both the case, you need to have complete control over your vendor or supplier management. Because, the cost and lead time on which the vendors or suppliers delivers the products are very critical and this is going to define your profitability . Hence, managing and tracking each supplier activity is critical for growing retailers.
Please note, some of the important points you should take care to effectively manage the supplier or Vendor management process.
1. Database of Suppliers / vendors – First and foremost , recording your supplier details are critical to start off. The valid data you enter in the application will help you to organise the activities with them on a regular basis. Eg : the lead time , products supplied by the vendor, Tax details etc., can be entered one time that system will help you with relevant details when required.
2. GRN or stock entry - This option will help you to update your stock details which are supplied by your suppliers on a regular basis.
3. Supplier invoice – Worst nightmare for small or growing retailers are usually on managing the continues stream of invoices which are being send by the supplier on regular basis. If you dont track what is being received at your store, you are at risk of losing the money. So keep a close watch on the invoices received from suppliers and the items supplied against the same.
4. Supplier payment - known in other words as – Accounts payable, is a very critical element in retail business. Since retailers job is to buy and sell, if you don’t have a track on what needs to be paid to a customer, it might eat in to your profit. With retailbeanlite, you can track each and every payment done to a supplier and map it to corresponding supplier invoice.
5. Real time reports – Retailbeanlite is equipped with some of the very useful reports to get a detailed or birds eye view of your buying process. Eg : Purchase register, Supplier ledger, Supplier closing balance, Agewise payable, Bill wise payable etc are available for effective supplier management.
Retailbeanlite (www.retailbeanlite.com) –cloud based retail software for growing retailers will help you to manage vendors or suppliers seamlessly. The features provided will you give you 360 degree at any time – on Realtime basis.
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