In this article:
Why use Stock Management?
Stock Management is not mandatory for running your business with Abacus. However, there are two main reasons why you may consider using stock management:
Keep track of stock levels
Follow the cost of your goods - so you can adjust recipes, suppliers, and procedures to improve profit margins
Keep track of historical purchases, wastage, sales, and stock movement for bookkeeping and tax purposes
Order from suppliers and respond to any changes in the order
Understand the necessary inventory required to operate your business effectively
Depending on your type of business, you may also want to manage your stock using "working items" and "recipes". In any case, it's best to know the basics first.
There are different platforms and devices that are optimised for different stock management processes:
Backend: for in-depth insights into stock levels and stock movement
POS: for on-the-go updates (like quick stock ins and stock checks)
Stock Management App: for stocktaking processes
Basic Stock Management setup
More advanced Stock Management
In your product's details, you can also set up:
Safety Stock: this is the minimum amount of stock that you want as a buffer so stock does not run out unnoticed. If your stock falls below this threshold, it will be highlighted in red on the Stock Management page
Stock Factor: this is the number of units in a product. We highly recommend that you have in-person or remote training if you want to set this up for your business.
For example, if you have a 3L bottle of milk, but want to measure the usage per litre, you will make the stock factor 3, so each unit is 1L.
If you want to track ingredients, this requires a more advanced setup, and we advise you have a training session with our team to find the best setup for you.
How to manage stock
How to understand stock numbers