Effective inventory management is critical for organizations in the energy sector, where the complexity and volume of stored materials can pose significant challenges. Discrepancies between physical counts and system counts can lead to inaccurate inventory valuations, impacting financial reporting and operational efficiency. Organizations often face the challenge of being unable to tally their physical count using the system count due to the sheer volume and complexity of the inventory stored in their warehouses. This results in a disparity in the valuation of the inventory held by warehouses.
Preparing the initial inventory adjustments in NetSuite will largely depend on your current inventory management system and how well it can track your inventory quantities and valuations. Tvarana’s Inventory Count App is equipped with a worksheet that can be exported from NetSuite and used to input real-time warehouse data, which can be then imported into NetSuite. It’s a one-step process that then auto-calculates the difference between the physical count and the system count. The variance on review can be written off or adjusted during the accounting process, thus providing a much cleaner approach to establishing inventory.
Our App provides an organized approach to managing inventory by assisting businesses with accounting for their inventory on an on-going basis. Users can create and segregate each item line batch based on lot numbers, serial items, or bins depending on the item being accounted for. Post adjustments are easier for lot numbered and serial items. The app reconciles the data with existing serial numbers in NetSuite and then posts the adjustments. It eliminates the need to correct data on an XL and reimport since all data corrections can be made in NetSuite and posted through the app. This SuiteApp is designed to save you time by providing a framework to perform real-time warehouse counts and keep track of your inventory count with regularity.
At Tvarana, we are committed to delivering value to our clients in the energy sector. Our Inventory Count App not only saves time but also provides a robust framework for real-time inventory management, ensuring your operations run smoothly and efficiently. Schedule a demo with us to learn more about the Inventory Count Suiteapp.
