Simplify Inventory With Asset Management Software From Timly
- The Inventory – Definitions and Terms
- Carry Out the Inventory: These Variants Are Permitted
- Digital Inventory Management: Keep Track of Your Devices
- Stocktaking – Stock and Inventories at a Glance
- Inventory – Use of an Inventory System in Practice
- Maximise Professionalism and Minimise Costs With an Inventory Software
(No credit card required)
The Inventory – Definitions and Terms
Inventory refers to all assets of a company and is part of the principles of proper accounting prescribed by law. The aim is to guarantee reliability in business and goods transactions between companies.
For this reason, every merchant must ascertain and document the exact asset status of his company when he commences business operations. This requires the determination of all assets and debts. The merchant is then obliged to update his inventory at the end of each business year.
This is obligatory for companies in which double-entry bookkeeping is required and a simple profit and loss account is not sufficient. Professional inventory software such as Timly is designed to provide the best possible support for those responsible in companies for the management of operating resources. This is, for example, because it enables users to obtain a permanent, daily updated overview of their own inventory.
Over 300 Companies, Schools and Cities Rely on Timly
Carry Out the Inventory: These Variants Are Permitted
The law provides for various possibilities as to how the business deal may be carried out. This takes into account the different concerns of companies. Depending on the business purpose, it is possible that a business is particularly burdened with customer traffic at the end of the business year. In this case, those responsible can, for example, switch to the postponed inventory.
The most important types of inventory are:
Inventory as of the balance sheet date:
This is the “classic” form of determining the inventory. The reporting date is based on the end of the business year, which is usually 31 December of a year. However, it is possible for the inventory to be taken up to 10 days before and after the balance sheet date. This must make it possible to calculate the inventory at the end of the year.
This form of stocktaking allows entrepreneurs to have taken inventory on any day within the last three months before and up to 2 months after the balance sheet date. This variant also requires the possibility of retroactive calculation to the end of the business year.
Here the keeping of a so-called stock book is a prerequisite. This must permanently record the status of entries and exits of the stocktaking. If this is guaranteed, the entrepreneur is allowed to carry out the physical inventory at any time during the year. Practically, this can be done during a company holiday or in the course of maintenance work.
Some inventories can only be collected with disproportionate effort. To facilitate this, the legislator offers inventory sampling in such cases. The prerequisite is the application of recognised mathematical statistical methods for extrapolating the stocktaking on the basis of randomly collected values.
Specifically required is the physical inventory according to type, quantity and value, by counting, measuring and weighing. In addition, there is the book and asset inventory. In the case of the book inventory, the assets and liabilities are recorded. The asset inventory ultimately includes all inventory, i.e. also office equipment, installed components, machines and tools as well as finished products.
Despite proper bookkeeping, this comprehensive inventory of assets by type, quantity and value demands a great deal of effort from those responsible and employees of companies. This considerably impairs the work processes in companies. The personnel expenditure for preparation and implementation alone usually causes high costs.
For this reason, the holistic claim of inventory software such as Timly includes providing the appropriate support for all types of inventory. For example, the creation of inventory lists is completely unnecessary if the assets of a company have already been recorded. Timly also offers all the prerequisites for keeping a digital stock ledger, which is the basis for the permanent inventory management, which is more efficient in many cases. Here, the developers of Timly have set a special focus.
How SodaStream has simplified their inventory processes with Timly
Stocktaking Easier Than Ever – Start Your Free Demo Now!
(No credit card required)
Digital Inventory Management: Keep Track of Your Devices
Inventory software must be able to map all the necessary characteristics of an asset. Timly includes a flexible categorisation that can be precisely adapted to each inventory item. Minimal required information can be stored, such as manufacturer, type and location. It is also possible to store comprehensive detailed information such as data sheets and maintenance records in the profile of an asset. Flexible container objects, which in turn can contain other objects, ensure better allocation.
Especially in IT, companies often have to deal with numerous virtual assets, such as software licences or virtualised servers. Timly makes it easy to link these to a real location and real hardware. All assets receive a QR code when they are first recorded. This identifies them in the system from then on.
Since Timly stores the data in the cloud, employees with the necessary authorisation can call up an item’s profile by scanning its QR code. For greater convenience, an inventory app optimised for smartphones and tablets is already included in the software package.
This high degree of flexibility makes it possible to integrate the permanent recording of additions and disposals, as well as the allocation to persons, locations and other objects, into the workflows of companies without any significant additional effort. If the inventory is used consistently, the number, locations and condition of any inventory category can be output at any time.
Timly also offers an inventory mode for physical stocktaking. If this is active, scanning the QR code of an asset is sufficient to tick it off. The provision of additional hardware, such as MDE devices, is not necessary.
Stocktaking – Stock and Inventories at a Glance
A major challenge for managers is that the business activities of a company can only rarely be limited to a narrowly defined location. Merchandise management is often outsourced, employees are on assembly and in the field. The home office is an integral part of the working world. This trend has, for example, established video conferencing in a short time. Classic meetings are increasingly becoming the exception.
For the same reason, a classic stock ledger and the Excel spreadsheet on the PC in the workshop are becoming obsolete for inventory management. Only specialised inventory management software can ensure dynamic asset management for companies in such a way that the amount of work involved in resource management does not become disproportionate. Cloud-based storage with an authorisation concept allows permanent work with the data inventory – independent of the work location of individual employees.
Inventory – Use of an Inventory System in Practice
SodaStream, the world market leader for sparkling water makers, is one of Timly’s satisfied users. At the same time, the company is a prime example of a successful, globally active company with flexible working practices. The complete recording of the company’s IT assets led to a considerable simplification of the management of IT end devices.
For the practical implementation of the inventory, Timly developed an innovative new function, the self-inventory, together with SodaStream.
This makes it possible to send employees a request to carry out the inventory of provided work equipment on the due date. Employees who are not at the main site simply scan their assets themselves. The ineffective personal appearance on site is no longer necessary.
Maximise Professionalism and Minimise Costs With an Inventory Software
Simplifying inventory is only one aspect of inventory software like Timly. The inventory including all assets of a company ensures greater effectiveness and supports the principles of proper accounting. There is no longer a need to create multiple stocktaking lists. Application purposes such as the collection and bundling of information, planning of maintenance and necessary inspections, as well as the annual stocktaking of the inventory, ensure time savings and professionalism in the handling of work equipment.
Personal responsibilities and the availability of information “at the push of a button” reduce costs in the handling of resources. Inventory software such as Timly shows its strengths particularly in the annual financial statement, as the information required there is stored in the system on a daily basis. The inventory determined from this usually already corresponds to the result of the stocktaking.
Experience the Timly Software in a Free Trial
(No credit card required)
Intuitive Management of Your Inventory
With Timly you get access to an efficient tool for your inventory. A wide range of sophisticated functions allows you to easily digitise your assets.
Manage All Assets
Mobile Available Everywhere
Localise your assets with the integrated barcode scanner for smartphones & tablets.
Easily assign assets to people, projects, rooms, locations or external service providers.
Digital File Management
Save the exact GPS location of your assets with one scan. All GPS data historically verifiable.
Similar Blog Posts:
Performing IT Maintenance Professionally – For More Security and Efficiency
The need for IT maintenance is often not present in the minds of those responsible in companies. PCs are set up and the necessary software is installed. Afterwards, the workhorse under the desk or in the server room is often left to its own devices until problems arise.
Storage Software Ensures a Clear Overview in the Warehouse
If used correctly, storage software can make work in the warehouse considerably easier. However, some prerequisites are necessary for this. The warehouse software used must be able to manage inventory and warehouse items holistically.
Professional Inventory Software – A Must for Every Company
Using dedicated inventory software is not a matter of course in all companies. Often Excel tables or even printed lists are still in use. In individual cases, this can have a good reason. However, experience shows that it brings undreamt-of advantages to systematically record all inventory and work equipment.