NetSuite Inventory
Managing your inventory is one of the most important tasks of running your business. With NetSuite 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.
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 Inventory, 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 Inventory 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.