• Per the UK’s Office for National Statistics, as of Oct 2011, exports were valued at £25.5bn, up 0.6% from July and the highest level since monthly records began in 1998
• Every day US$1.4 billion of bilateral trade crosses the U.S.-Canada border, according to the U.S. Department of State 
• In 2010, Irish exports to the U.S. totaled U.S. $33.9 billion, according to the U.S. Census Bureau Foreign Trade Statistics
• Per the WTO, Europe’s exports of manufactured products grew by 11 per cent in 2010 

Multi-currency capabilities: Opening trade around the world

Regardless of their “home” location, most businesses desire to expand their operations globally.

While improved communications and the internet have greatly improved the ability for businesses to engage globally, one obstacle still restricts trade significantly:  multiple currencies.

The ability to trade in multiple currencies is a requirement for buying and selling internationally.

Multi-currency with ACCTivate!

Buy and sell globally with ACCTivate!’s multi currency capabilities.  Seamlessly integrated with QuickBooks and across all of ACCTivate!, including purchasing, inventory management & sales, ACCTivate!’s multi-currency enables businesses to extend their operations into the global marketplace.

ACCTivate!’s multi-currency capabilities enable you to:

• State public prices in multiple currencies
• Report sales transactions in country of sale currency & home currency
• Currency rates are automatically updated from QuickBooks exchange rates
• You may maintain a separate price list for every currency
• Create virtually any report or document to gain the information you need, in currency of choice

Learn more today!

Contact us or give us a call at 1-866-877-1311 to speak with an inventory specialist.

What is a serial number & a lot number?

• A serial number is a unique number assigned to identify a specific item.
• A lot number is an identification number assigned to products indicating the batch or lot in which the product was manufactured or processed.
• Serial number tracking & lot number tracking is the ability to track and trace serial numbers back to suppliers, through outsourcers or to customers by lot or batch.

Who uses & tracks serial numbers?

While most consumers associate serial numbers with computer hardware and software, serial numbers are common to many industries.  Serial numbers - and the need to track serial numbers - are an important part in the supply chain process of getting products from manufacturer to consumer, safely & accurately.  Examples include:

• Auto parts distributors recognize serial numbers when inventory is received or shipped & track serial numbers for recalls
• Electronic distributors use lot number & serial number traceability to capture test certifications, specifications & related references
• Medical supply & pharmaceutical manufacturers & distributors must manage, view and report on source, expiration date, lot, inspection and quarantine information to comply with regulatory requirements and track serial numbers & lot numbers to do so

Total control & tracking of serial numbers with ACCTivate!

“Prior to having ACCTivate!, we were only using QuickBooks, but we weren’t tracking serial numbers, we weren’t tracking anything. So if someone pulled the wrong serial number we wouldn’t know it until the end of the month.”

- Chysawndra Schultz, Finance Manager

In today’s world, however, there are solutions for small business that are not any of the above if appropriately implemented.  EDI is the magic that seems to come from the big guys and be pushed on many small suppliers without previous technical experience and a feeling that they are looking into the abyss.

First let’s define EDI – Electronic Document Interchange. It is a method by which standard documents may be exchanged between customer and vendor that has a lot of new nomenclature and standard names.  It is, however, highly implementable by even very small companies that wish to do business with the Big Box retailers who absolutely require their vendors to accept EDI documents.  The Big Box retailers are determined to squeeze every drop of overhead expense out of their order processing.  EDI allows them to do that.

Many small distributors are now doing business with these Big Box retailers and processing successfully using total EDI from PO to shipment to invoicing.  Fulcrum Products of Portland, Oregon, a distributor of lighting products such as book lights, flashlights alarm clocks, has four vendors processing EDI transactions.  Jody Brooks, the Operations Manager, says that EDI has greatly expedited the fulfillment particularly with their high volume customers.

BECCA Cosmetics of San Francisco sells high-end cosmetics to a variety of prestigious chains, including one in Australia and one in Canada. Mingyu Fang, General Manager, says that EDI has been very successful for them and it has been integrated into their total business management system.  She says that when EDI is done right, it is well worth it.

Both of these companies are relatively small and have been able to profitably implement an EDI system as part of their standard business practice.  They are playing with the Big Boys and doing well with it.

It is never easy to manage a distribution business.  Prices up and down, employee problems, spiraling costs, vendor relations, and customers all need attention at a differing and sometimes unpredictable times.  Customer loyalty, however, in this tough period is probably the single most important item that will see us come out of the recession on the upswing.

To do this we are all programmed with the necessity of giving the best customer service and being there for them.   That means having…

• products ready to be delivered when the phone rings and in the right time frame
• the right demand information for each product
• vendor up to date lead times and individual customer requirements all readily available to you

This is the level of service that is necessary to keep customers loyal.

It has always been an axiom in business that if you take care of customers, they will take care of you.  Together with a friendly and business-like attitude, the better the up-to-date information that you have at your finger tips, the better you can take care of your customers.

That may seem like an odd quote for an inventory management blog, but if you are like most inventory intensive companies, much of your cash is tied up in inventory.  The good news is that with a disciplined approach to inventory control and an analytic review of your sales and stocking level you should be able to put some of it in the bank.

Before you begin, make sure you have an accounting system that allows you adequate control of inventory, provides accurate sales, cost of goods and inventory valuation data and can reliably recommend reorder quantities.  If not, buying more effective software may be worth the money.  Even in the current economy, many companies are investing in software to improve productivity and financial performance.

DCV’s readers haven’t been sitting idly by as the nation slips further into recession-they’re taking action in response to a rapidly deteriorating economy.

These actions have included putting projects on hold and laying off workers, while at the same time investing in equipment and software that will boost productivity in their distribution operations.

- James A Cooke, Special Report, “Ready for the Storm,” DCVelocity, Jan 2009

There are several ways to turn inventory into cash.

• Review the stocking level for each product and reset the minimum stocking level and/ or reorder point to reflect the service level you want to achieve.
• For products that may be sourced from multiple suppliers, evaluate the lead time, purchase price and shipping costs for the best mix to reduce investment without adverse profit effect.
• For slow moving items consider asking the supplier to drop-ship directly to your customer thereby eliminating local inventory.
• Evaluate putting rarely sold items on a special order basis.
• For fast moving items the supplier may be willing to ship product on consignment.

If you have a significant inventory value on your balance sheet even a small percentage reduction can put a large amount of cash in your bank account.  It will take creativity and, above all else, discipline in your inventory control procedures … but that’s a topic for another day.