If you use the right inventory management software such as Multiorders, then it is quite painless to manage purchase orders. It helps you avoid errors in information transferring and double ordering.
What is a purchase order
First of all, to be able to manage purchase orders, it is important to understand what it is. A purchase order is very similar to an invoice. Though you - the buyer, create a purchase order and send it to a supplier - the seller. Whereas an invoice is vice versa. The seller creates an invoice and sends it to the buyer.
When you use Multiorders order management software to manage purchase orders, you can forget about double orders and manual stock updating.
When you need to order more stock, you send a purchase order to your supplier. This document is provided to both parties and states what exactly is ordered. It lays out the payment conditions, product information, quantities and more. As a result, both parties know exactly what is ordered and how the ordered items will be handled. Therefore if there are any legal issues, the purchase order is the legally binding proof of the transaction.
In fact, the vast majority of companies who sell in brick and mortar stores use financial management systems to generate purchase orders. However, this way is not very comfortable as it does not help control the stock. This is why, Multiorders integrated the purchase order to the inventory management software.
Consequently, you can update your stock with only a few clicks after receiving the goods. Also, you can set reorder points, which will automatically notify you when you reach a certain number of remaining stock. Even more, you can generate purchase orders for multiple e-commerce stores in one dashboard.
With Multiorders, you don’t need to waste any more time filling the forms and updating stock manually. The software does this for you.
How to manage purchase orders to your advantage
Moreover, when you manage purchase orders in Multiorders software, your staff will avoid double ordering. Simply because all the purchase orders are easily accessible. As a matter of fact, users can check in the system if someone already placed the purchase order. Therefore no more errors and stock overload will happen in the warehouse.
In addition, when your staff have access to the purchase orders, they can provide information to the customers. For example, if you have a customer asking when will you have more items of their choice, a staff member can see when was the purchase order placed. Then they can pass this information onto a customer. This little detail acts as a huge advantage in customer retention.
Consequently, when you know where and how many items of each product you have, you can create sale waves. In other words, when the new stock is on the way, you can sell more of the ones left and renew your warehouse shelves.
In short, when you use Multiorders order management software to manage purchase orders, you can forget about double orders and manual stock updating. Most importantly, you will always be ready for audits and internal price checks.