Top 5 Benefits of a Good Inventory Management Strategy

Inventory management

Inventory management is a good practice for any company, regardless of your industry. If you are not keeping a watchful eye on your inventory or counting stock regularly, you are setting yourself up for potential inventory errors and challenges. Learn more about why implementing a good inventory management strategy will keep your inventory in check, and allow your business to thrive.

Improve the accuracy of inventory orders

Proper inventory management will help you figure out exactly how much inventory you need to have on-hand. This will help prevent product shortages and allow you to keep just enough inventory without having too much in the warehouse.

Leads to a more organised warehouse

If your warehouse is not organised, you will have a hard time managing your inventory. Many companies choose to optimise their warehouses by putting the highest selling products together and in easily accessible places in the warehouse. This, in turn, helps speed up the order fulfillment process and keeps customers happy.

Helps save time and money

Inventory management can have real-time and monetary benefits. By keeping track of which products you have on-hand or ordered, you save yourself the effort of having to do an inventory recount to ensure your records are accurate. A good inventory management strategy also helps you save money that could otherwise be wasted on slow-moving products.

Increases efficiency and productivity

Inventory management devices, such as barcode scanners and inventory management software, can help drastically improve your efficiency and productivity. These devices will help eliminate manual processes so your employees can focus on other – more important – areas of the business.

Keep your customers coming back for more

It’s a fact that good inventory management leads to what you are constantly striving for – repeat customers. If you want your hard-earned customers to come back for your products and services, you need to be able to meet customer demand quickly. Inventory management helps you meet this demand by allowing you to have the right products on-hand as soon as your customers need them.

These benefits are fantastic reasons to get your inventory management in order, however, if you feel you need help getting a handle on your inventory and keeping it run efficiently now and in the future, maybe its time to give Triumph Business Systems a call. Let us help you get control of your inventory and your business, so you can focus more time on what matters most.

How do I speed up going through the menus?

Although the Triumph menus are consistent and logical to follow, sometimes you just want a quick way of getting to the options you use all the time.

Well, the good news is that this can easily be done!

At the top of Triumph, on the button bar, is a Favourites button. Click on this to display a list of your favourite menu options, and a list of the options you have most recently visited…

Simply click on any of these, to take you directly to that option, e.g. Sales Order & Quote Entry (D-O-T-O).

To add your own permanent favourites, click the “Maintain Menu Favourites” option at the bottom of the list. This will bring up the following dialog, where you can add, remove and order your Favourites…

Note that to add a favourite option, it must be in the list of most recent options to start with.

Lastly, if you don’t see a Favourites button on your button bar, you may need to adjust your menu security. To get access to Favourites, you must also have access to the “Maintain Menu Favourites” option (S-M-F)…

How do I store additional information that needs to be kept and maintained?

It doesn’t matter what system you’re using there is always additional information that needs to be kept and maintained. It may be the industry you’re in or the way your company operates, but there is always something extra to record. With Triumph’s User Defined Column functionality, it will provide you with the ideal place to easily store all this extra information. User defined columns can be defined on master records such as Stock, Jobs, Quotes, Debtors, Creditors, and Fixed Assets. As well as the following transactions; Sales Orders, Purchase Orders, Purchase Requisitions and Point of Sale.

To create user defined columns for any of the above, go to menu option User Defined Column Set Up {S – U – U} and select the appropriate Module, e.g. Inventory. Note that this is a single user operation/option.

You can then select up to 10 x text columns, 10 x checkbox columns, 10 x number columns, 6 x date columns and 1 x notes column.

Select from the predefined columns on the left, then customise the appearance and behaviour of your selected column on the right. Change its label, status help, size, default value, if its required, caps-locked and more.

There are also some advanced options that can be set such as the display mask, validation table lookup, and eCommerce enabled. You can also set the label name for the tab where the user defined columns will be displayed, e.g. “Extra Details”.

Refer to Triumph’s Help for a detailed explanation on how to set advanced and other options.

When ready click Save to update the system with your user defined column definition. If you go to the corresponding maintenance option, e.g.  Stock Item Maintenance {I – F – A}, you will see your user defined columns on their own tab.

Additional things you should know about user defined columns:

  1. They can be added to lookups and used to filter/search for records.
  2. They can be printed on custom forms and reports.
  3. They can be imported like other import fields.
  4. Transaction based columns can inherit their value from their corresponding master file, e.g. debtor to sales order or creditor to purchase order.

 

It doesn’t matter what system you’re using there is always additional information that needs to be kept and maintained. It may be the industry you’re in or the way your company operates, but there is always something extra to record. With Triumph’s User Defined Column functionality, it will provide you with the ideal place to easily store all this extra information.

User defined columns can be defined on master records such as Stock, Jobs, Quotes, Debtors, Creditors, and Fixed Assets. As well as the following transactions; Sales Orders, Purchase Orders, Purchase Requisitions and Point of Sale

How do I export my reports and listings to Excel?

Have you wondered how to export your reports and listings out from Triumph into Microsoft Excel for further modifications?

To export a report or listing into Microsoft Excel, what you first need to do is to open up the report/listing and preview it. In this example we are previewing the Debtor Trail Balance (D-R-B).

  1. Click on the “Export Report” button in the top left corner of the preview.
  2. Select “Microsoft Excel 97-2000 (XLS)” to export to Excel and the destination as “Application” then click “OK”.
  3. Click “OK” again when prompted for formatting options.
  4. This will bring up Microsoft Excel with your report loaded.
  5. From here you can save your Excel file for later use.

This works for all Crystal reports and listings in Triumph.

Note that on the cloud version of Triumph you can only view your reports in Excel. The full version of Excel is not installed or licensed for the cloud. In this situation, you can save the Excel file directly to your local computer if you have permission, or save it on the cloud, then use Windows File Explorer to copy and paste it back to your local computer.

How do I change stock item images?

Triumph is very powerful and efficient in the way it allows you change the image representing stock items.

First, go into the Stock Item Maintenance screen, then select the stock item from the list and double click on the image box. It will say “Double Click to Select Image” if the stock item has no image associated with it.

Select the required image from the Triumph/Images folder and click on the “Open” button.

The selected image should now be linked to the stock item.

Do note that the default recommended size for all thumbnail images for stock items, categories, stock groups and manufacturers is 160 x 160 pixels, or a similar ratio, i.e. square. Stock items can also have a more rectangular aspect but it is not recommended to go wider than 270 pixels wide x 160 pixels high or a similar ratio.

How can I prevent Triumph from skipping over the stock description in Sales Order Entry?

By default, Triumph skips over the stock descriptions in Sales Order & Quote Entry. However, you might want to change this behaviour so stock descriptions are not skipped over each time.

This can be achieved by first going into Sales Order Entry Control (S-S-X-O).

In Sales Order Entry Control, uncheck the “Skip Stock Desc.” flag and save by pressing the F2 button on your keyboard or clicking on the  icon.

Triumph ERP Software Training Course Outline

Software Training with Triumph ERP

In collaboration with one of our extraordinary Western Australian dealers, Triumph users have access to a broad range of software training courses to help you get the most out of your Triumph ERP software. Learn out to make your software work for you and check out below for our extensive variety of software training, exclusive to CA Management Services and Triumph Business Systems.

Triumph Training Courses Overview

Triumph Intro and General Knowledge

An ideal training course for new and existing Triumph ERP users. This course does not require knowledge of any Triumph modules.

Purpose

This introductory course aims to provide participants with knowledge and skills required to use the basic functions of Triumph ERP including General Ledger, Debtors and Creditors modules.

Target Audience

Aimed at participants who would not have used this package previously, or who would like a ‘refresher’ overview of the modules with a few handy tips thrown in.

Prerequisites

Participants should be familiar with the basics of using a PC. Experience with alternative accounting package would be an advantage but not necessary.

Content

During this course, users will learn the basic functions of Triumph ERP, including the following:

Getting FamiliarUnderstanding the general operation of Triumph ERP
Master FilesSetting up Creditors, Debtors and Inventory
CreditorsPurchase Orders; Purchase Invoices; Creditor Payments
DebtorsSales Invoice; Cash Sales; Returns on Unpaid Invoices; Partial Returns
ReceivablesApplying payments; Applying payments to multiple invoices; Analysing Sales; Statements
General LedgerEntering cheque payments; Making deposits; Reconciling the bank account

As well as other modules which will be reviewed, including:  Sales Analysis and reporting, Sales orders, Purchase Orders, Job costing, Point of Sale, and eCommerce.

Triumph Advance Hidden Features Course Outline

This training course is designed to show existing users the features Triumph ERP has that the majority of users are unaware of. We are addressing the comment that many users make. “I know the system can do more for me but I don’t have the time to spend playing with it.”

Specific Issues can include:

StocktakingForeign Currencies
Automatic Pay Runs / EFTQuoting / Orders / Standing Orders
Purchase OrderingBill of Materials
Stock Ordering ReportsReports Overview
ODBC LinksCrystal Link
Synergy LinkStanding Journals / Accruals
Changing CodesFixing Errors
Sales AnalysisBank Reconciliation
GST Reporting General Ledger Reporting

Users will also learn about Multi Division and Multi Location, and Preventing Data Corruption- addressing validations, re-indexes, integrity checks and network settings.

Crystal Report Writing Course Outline

An ideal training course for current Triumph ERP users who want to extend the reporting capability of Triumph by making their own customised reports.

Purpose

This course is aimed at learning how to design presentation quality reports with Crystal Reports. Within a few minutes of beginning this class we will use the Triumph ERP database information to produce a basic list report. Then we will turn the basic database information into a more complex presentation-quality report. Crystal Reports has many extensive capabilities and has been designed to provide you with the most flexibility possible in designing reports. Our only limit to creating reports with Crystal Reports is your imagination!

Target Audience

Aimed at participants who would not have used this package previously but are familiar with Triumph.

Prerequisites

Participants should be familiar with the basics of using a PC. Experience with Triumph ERP package would be an advantage.

Content

Making your first report

Connecting to database

Linking tables; Inserting fields; Conditional formatting;Grouping; Subtotalling; Record selection; Requesting user input to select records conditionally.

Editing a typical Triumph form (ie Invoice, purchase order etc.)

A workbook is provided that is useful as a reference resource once you leave the course. 

NB: Triumph is only compatible with version Crystal Report Writer XI R1. The Crystal report writer that we use in this course is not supplied with a standard Triumph installation. It is available to purchase and comes with a ‘DataFlex Connectivity Kit’ that will allow you access to the Triumph data tables.  If your installation of Triumph is an SQL version, the Connectivity Kit is not required, but you will still require Crystal Report Writer XI.

Fixed Assets Course Outline

An ideal training course for new and existing Triumph ERP Fixed Assets users. Does not require prior knowledge of package.

Purpose

This introductory course aims to provide participants with the knowledge and skills required to use Triumph ERP Fixed Assets.  The presenter will take you through the software, reports and processes to help you manage and reconcile your fixed assets from month to month. 

Target Audience

Aimed at participants who are currently, or intend to use, Triumph ERP Fixed Assets in the work place. 

Prerequisites

Participants should be familiar with the basics of using a PC. Experience with alternative accounting package would be an advantage but not necessary.

Content

  • Fixed Asset module control settings – getting it right from the outset.
  • Adding a new fixed asset – Assigning a General Ledger posting table; reporting groups and asset locations; Insurance and Finance.
  • Fixed asset master account maintenance.
  • Transactions –  Additions; Transfers; Depreciation; Revaluations; Disposals.
  • Reports and Listings – Assets on file; Asset Valuation Schedule; Depreciation Schedule; Valuation Report; Period Transaction Register; Asset Transaction Report; Capital Gains on Asset Sales.
  • Special Processing – Change Asset codes; Change component codes; Check Asset Integrity; Delete Flagged Asset details; End of Period Processing; Depreciation Process.
  • Stock take of Assets.

Job Costing Course Outline

An ideal training course for new and existing Triumph ERP Job Costing users, which does not require prior knowledge of package.

Purpose

This course aims to provide participants with the knowledge and skills required to use the Triumph ERP Job Costing Module.

Target Audience

Aimed at participants who are currently using, or intend to use, the Triumph ERP Job Costing Module in the work place.

Prerequisites

Participants should be familiar with the basics of using a PC. Experience with alternative accounting package would be an advantage but not necessary.

Content

  • System Set Up – Control maintenance
  • Setting Up: Posting Tables; Default Cost Centres; Job Groups; Employee Activities; Employee Maintenance; Overheads
  • Adding a new job
  • Adding transactions: Timesheets; Creditors Invoices/Credit Notes; Stock Requisitions; Direct Purchase; Overheads
  • Reports
  • Invoicing
  • Adjusting and writing off WIP
  • Job Quoting
  • Time Clock
  • Attaching documents to Jobs

Creditors & Purchase Ordering Course Outline

An ideal training course for new and existing Triumph ERP users, which does not require prior knowledge of package.

Purpose

This course aims to provide participants with the knowledge and skills required to use the Triumph ERP Creditors Module.

Target Audience

Aimed at participants who are currently, or intend using, the Triumph Accounting Creditors Module in the work place.

Prerequisites

Participants should be familiar with the basics of using a PC. Experience with alternative accounting package would be an advantage but not necessary.

Content

  • Structure – how purchase ordering integrates with other modules
  • System Set Up – control maintenance
  • Adding a Purchase Order:
    • Line Types
    • Printing Orders
  • Stock Re-ordering – Reorder reports through to stock requisitions
  • Back to Back Ordering – From entering a sales order, through to requisitioning into a purchase ordering, then releasing the received goods back into the sales order for invoicing to the customer.
  • Invoice Entry
  • Reports

Managing Inventory Course Outline

Purpose

The Managing Inventory training course presents users with a variety of options to increase efficiency, accuracy and effectiveness in their inventory. Know the status of your inventory and use Triumph’s powerful reordering features to increase your efficiency.

Target Audience

Warehouse/stock controllers/storeman and decision-makers within your organization who wish to improve the company’s stock management.

Prerequisites

Hands-on experience with inventory and stock control. As a guide, you will get the most from this course if you have six months experience with using Triumph. ERP/bookkeeping knowledge is not a requirement for this course.

This course will cover the following objectives:

  • Practical, hands on advice on how to manage your stock better and re-order efficiently. Print informative reports that accurately tell you what’s happening and what to purchase.
  • How to create New Stock Items including the use of Triumph cataloguing features and bill of material features.
  • To use the reporting to assist with knowing what stock to order via Min/Max/Sales Stats.
  • Discussions on how the system can assist the organisation of the Warehouse and making picking/packing efficient and how to use barcodes with Triumph processing.
  • Explain the way the Sales Orders work and the entries that the system generates when processing transactions, including links to Triumph the Point of Sale module and Web ordering.
  • Explain the way the Purchase Requisitions and Purchase Orders work and the entries that the system generates when processing transactions. Optimise your use of the purchase requisitions and purchase order modules to take advantage of reorder facilities while processing sales.
  • Gain efficiency by quickly processing price updates and maintaining selling prices.
  • Review of Multi Location and Multi Division features for managing inventory.
  • Acquire an appreciation of why people need a system like Triumph when they outgrow systems like MYOB or QuickBooks or Xero.

Advanced Purchase Ordering / Creditors Course Outline

Purpose

The Advanced Purchasing training course upgrades purchase ordering functionality for users with a variety of options to increase efficiency and internal control. It also demonstrates where significant time savings can be introduced into inventory management, job costing and sales back-ordering processes.

 Target Audience

Members of purchasing departments and decision-makers within your organization who wish to improve all areas of the organisation’s purchasing processes.

Prerequisites

Experience in purchasing including centralizing of purchasing functions. As a guide, you will get the most from this course if you have an understanding and some hands-on experience with using Triumph. ERP/bookkeeping knowledge is not a requirement for this course.

This course will cover the following objectives:

  • A review of the Purchasing Module in Triumph including main features and purpose, and its integration with other modules in the Triumph Suite of programs.
  • Introduction to more advanced purchasing options – Purchase Requisitions Module and the Advanced Purchasing Module.
  • Explain the way the Purchase Requisitions and Purchase Orders work and the entries that the system generates when processing transactions. Optimise your use of the purchase requisitions and purchase order modules to take advantage of reorder facilities while processing sales.
  • Explain the way that Purchase Requisitions can improve control and save time in managing Sales Order back-orders.
  • Introduce Advanced Purchase Ordering features including the concepts of Work Orders (used in Costing environment), Internal Requisitions and Unapproved Orders.
  • Demonstrate the use of Landed Costs, an upgrade on the existing Disbursements feature in basic Purchasing Module, which allows addition of Landed Costs by individual stock item without operator intervention.
  • Examine additional features of Advanced Purchasing Module including the use of Incoterms, scanning of goods receipts, allocating multiple invoices against Purchase Orders and handling of exceptions to individual orders.
  • Acquire an appreciation of why people need a system like Triumph when they outgrow systems like MYOB or QuickBooks or Xero.

Point of Sale Course Outline

This training course runs through how to record a ‘shop’ sale using Triumph’s Point of Sale module. It outlines the range of transactions available, and how to process and report. This course is hands-on with plenty of exercises to keep the new user engaged with the process.

Purpose

Aims to provide participants with the skills needed to make sales using Triumph’s Point of Sale module.

Audience

Aimed at a Triumph user that wants to process transactions through the Point of Sale module.

Prerequisites

Completed Triumph Introduction & General Knowledge course, or has prior experience with the program.

Contents of written notes:

  • Enter a POS sale – Lookup a Stock code; Filtering stock code lookup; Transaction – Customer pays ‘On Account’ (without picking or backorders)
  • Enter a POS sale and pay by method Account – Transaction – Receipt funds ‘on Account’ from the customer
  • Receipt money from the customer onto their Account
  • Reverse a receipt – POS End of Day Procedures; Cash/EFT Rule-off; Banking
  • Complete an end of day – Held Transactions; Transaction – Park a sale
  • ‘Park’ a sale- Counter Sale (On order – with customer’s deposit)
  • Pick slips, Quotes, Laybys, Deposits, Gift vouchers.
  • Reports and functions for ruling off and end of day balancing of transactions.
  • Integration with Other Triumph Modules
    • Sales order
    • Batch Invoice
    • Inventory and Pricing
    • Back-ordered Stock
    • Stock Transfers (Multi-Locational/Multi-Divisional)
    • Purchasing
    • Job Requisitions
    • Sales Analysis Reports
    • Special Pricing and Debtor Discount Structures

Sales Order Entry / Standing Order Course Outline

This training course runs through the ‘basics’ of the Sales Order module, then looks into the more advanced features and interfaces with other modules. It is suitable for beginners to the Sales Order module as well as those who have been using it for a while. The attendee will be given an insight on the possibilities of sales ordering.

Purpose

Aims to provide participants with the skills needed to make sales using Triumph’s Sales order module.

Audience

Aimed at a Triumph user that wants to improve their knowledge of the Sales order module.

Prerequisites

Completed Triumph Introduction & General Knowledge course, or has prior experience with the program.

Basics:

  • Introduction
  • Sales order cycle: Enter a sales order; print picking slips; confirm picked quantities; print delivery dockets; Create invoices
  • Sales order entry and quote entry – converting quotes; different line types

Advanced features and interface with other modules:

  • Paperless picking overview
  • Advanced order entry features
  • Order deposits
  • Direct Debit Payment
  • Backorder cycle
    • back-order release; back-to-back ordering with purchase requisitions
  • Standing orders
    • Sales order setup options
  • Multi-location/division transfers – stock requisitions
  • Debtor maintenance – working with delivery codes
  • Emailing orders and invoices
  • Interaction with other modules:
  • Inventory overview – discounts; warranties; bill of materials; pricing; catalogues
  • Point of sale overview – creating a sales order through point of sale
  • eCommerce overview – having your customers create their own orders through a web interface
  • GL overview – Tax codes and the BAS
  • Sales analysis overview – Viewing sales figures from different perspectives
  • General data entry tips for the latest version of Triumph

How to perform a debtor wide transaction search.

With  the  debtor wide transaction search in Triumph ERP Software, it is now much easier to find a transaction purely on an amount or reference, like what you might get from a bank statement.

The debtor wide transaction search appears in two places. In Debtor Receipt Entry D-T-R simply click the “Transaction” lookup button.

This will bring up the transaction search window, where you can enter an amount or text to search for.

If you enter an alphanumeric search text, any transaction whose Transaction Number, Reference Number, Order Number or Description, contain that text string will be displayed.

If you enter a numeric search text, in addition to the above, the Amount and Unapplied Amount will be checked to see if their values match.

If you enter a whole value, e.g. 65, any amount in the 65 dollar range, positive or negative, will be found, i.e. $65.00 – $65.99. If you enter +65 it will only find positive amounts, and if you enter -65 it will only find negative amounts. If you enter +65.85 it will only find positive amounts for exactly $65.85.

Once you’ve found your transaction, double click on it to bring back the debtor and amount, or click the OK button.

If you save the receipt and then apply it, the system automatically picks up the original invoice to be applied, making this job even easier.

Based around the same lookup, Debtor Transaction Enquiry D-T-W, is a powerful new option to find and enquire on debtor transactions.

The main difference here is that you have all the normal Transaction Enquiry buttons such as Reprint and Reverse etc. You can also export the results to Excel.

In addition to outstanding transactions, you can also find transactions based on a set date period or a date range.

Note: Depending on the selection criteria, it may take some time to return all the results.

How can I easily filter a description lookup in Triumph?

Allowing the user to start filtering a lookup is an easy way to whittle down the entries so you can find a particular result quickly.

In Triumph 6.2, we have improved on this by allowing the user to start filtering from the button bar.

In the below screen shot, in Debtor Invoice Entry, “AS” has been entered into the Debtor form.

By clicking on the “Filter” button, the Debtor Account Lookup will appear along with a filter for Debtor Name containing “AS” already applied. This greatly reduces the time spent having to manually create a filter in the lookup with the correct search terms.

This can also be done by pressing the Shift + F4 keys on the keyboard instead of clicking on the “Filter” button in the button bar.

How can I prevent users from changing the price and amount on a Sales Order line?

The ability to prevent users from changing the price and amount on a Sales Order line is a very handy feature to have.

To set this up just browse to Maintain User Groups S-M-G and select the user group that you want to set this up on. You should see 3 check boxes under “Sales Order Access”.

Unchecking “Edit Price” will prevent all users in that user group from editing the price and amount on Sales Order lines.

Unchecking “Edit Discount” will prevent all users in that user group from editing discounts on Sales Order lines.

Unchecking “Edit Tax” will prevent all users in that user group from editing the tax code and amount on Sales Order lines.

The user will see that the price and amount fields are now not editable.