As we all know, creating a stock summary or analysis of the stock is not as easy as we understand. It is a critical and essential part of the business, where lots of moving parts are involved, from reordering to ageing the stocks to get the accurate information about the inventory and identify the essential aspect of the stock items and can take the decision without any hassles.
What is a Stock Summary?
It is a statement of the stock-in-hand on a specific date. The stock summary report is one of the basic inventory statements that updates all the stock records in real-time as and when transactions are entered. And it provides all information on stock groups and shows the full quantity details, rates, and the value of closing stock items under them so that transactions can go on smoothly.
Advantages of Stock Summary report
There are numerous advantages of stock summary reports –
You can know your details of stocks
Based on the stock summary reports, you can easily identify the detailed flows of the stock items, quantity and quality, rate, stock inward and outwards, closing and opening value of the stocks, and even the reordering and stock ageing. You can get accurate information about the inventory, and stock summary reports will help you to understand the movement of specific products day-by-day or for a particular period.
Help you to understand the sales and purchase of the product
Based on your summary reports, you can check your available stocks at different locations, and then you can make decisions on sales and purchases. A clear understanding of the sales and purchases outstanding will help you to improve or increase the cash – flow in your business.
Help you to forecast the stock-wise profit and loss.
During the transaction with your vendor, regularly you should keep a tab on profit and loss margins and understand the value of the sales and purchase items that helps you in enabling your future transaction. Based on the stock summary reports. You can forecast your profit and loss. And you can see the profits and losses, which were made on the sales of stock items.
Stock summary report format in excel
There is a template for the monthly stock summary report in excel that helps you understand how to manage stock in excel.
You can download the template Stock summary Reports in Excel
How does Stock summary report work in Saral?
Sometimes, managing in excel becomes a cumbersome process. Which is why we have a solution which can manage inventory on scale. Whether you want to manage a small set of inventory or manage huge stock, saral can handle it.
In Saral, easily you can generate the stock summary reports, where you can see the details of the opening and closing balance of the stocks on a given date with the details of the inward and outward, along with stock balance and profits, which were made on sales of stocks. Stock summary reports will help you know the exact quantity of stock purchase orders, sales pending stocks and available stocks. So, we will see the details AND standard of how stock summary reports work in saral.
(Detailed Stock summary reports)
(Standard Stock summary reports)
This is the end of our discussion on Stock summary report. Let’s know your other questions and opinions on this topic. Mention below the comment box.