Basic Inventory Online is a Web-based implementation of an Inventory Control and Stock Management System
Basic Inventory Control Online keeps an accurate count of products in stock
and generates list of products that need to be reordered.
Why Basic Inventory Control Online?
- Simple to use - just as easy to use as our popular Desktop version
- Web-based - Internet accessible from anywhere
- Multi-user access - supports multiple users with customizable permissions for each user
- Automatic backups - your data is securely stored on BIC Online Servers
- Solid infrastructure - secure, reliable, highly available, and scalable hosting infrastructure
- Affordable - no setup fees, no long term contract, cancel anytime, only $5 for the first month
see tutorials and overview videos to learn more.
How do I get started?
- Signup for Basic Inventory Control Online.
Special Promotion: only $5
for the first month.
- For tutorials on Basic Inventory Control Online, please visit the Tutorials section
- Basic Inventory Control keeps an accurate count of products and generates list of products that need to be reordered.
- Basic Inventory Control is a perpetual inventory control system. That is, BIC provides up
to date, accurate count of units in stock. Contrast a perpetual inventory control system with a periodic
inventory control system where inventory counts are usually updated periodically at month, at quarter or at year end.
- Basic Inventory Control maintains a physical and available inventory count. Physical units in stock
refer to products physically present on premises. Available units in stock includes physical units
in stock as well as units on order. Further, BIC allows allocation of units for shipment.
Allocated units are excluded from available units in stock but included in physical inventory.
- Basic Inventory Control automatically calculates the average unit cost of units as units enter and
leave inventory. Average Costing method removes peaks and valleys in inventory cost as units acquired
at high and low price levels average out.
- Basic Inventory Control provides customizable inventory and transactions report for cross-checking
physical inventory with inventory recorded by Basic Inventory Control. Each inventory transaction is
recorded providing a complete audit trail.
Why Inventory Control?
Inventory control is a process by which an organization keeps track of its product counts and ensures
physical product counts match what is recorded in its books. From a financial standpoint, inventory is
the most valuable asset of an organization engaged in buying, selling, manufacturing or otherwise
handling of tangible goods. For many organizations, proper management of inventory is pivotal to
customer satisfaction and long-term success. The following are few of the challenges faced by
organizations in the realm of inventory control.
Challenges of Inventory Control
- Companies usually handle a large number of products. Units of products move rapidly as new
orders are received, products are returned, products are drop-shipped, out of stock products are backordered
or products are earmarked for a delayed shipment.
The sheer volume of items makes the task of monitoring inventory complicated.
- In order to minimize cash tied up in inventory and to reduce inventory handling costs, an organization
must know its current inventory count accurately at all times. This information is essential in knowing
when to re-order products that are out of stock or are about to go out of stock. There are significant
costs associated with carrying too much inventory such as cash tied up in slow moving inventory, inventory
storage and handling costs, spoilage and obsolescence. On the other hand, carrying too few units could result
in stock-outs and loss of sales or production stalls. The ultimate goal is not to order too many or too few goods.
The more accurate the inventory count, the better an organization is in a position to order an
Economic Order Quantity (EOQ) that minimizes inventory costs and helps negotiate best price discounts.
- Cost of goods sold is the largest expense for businesses that deal with tangible products.
Inventory control must track the number of units and the monetary value of the inventory.
Companies need an accurate cost of goods sold in order to calculate their profit margins per product or across products.
- Companies need to safeguard their inventory against pilferage, outright theft and loss. A process needs
to be in place that keeps track of inventory and helps ensure the physical count matches product count
recorded in company books. Sound inventory control is an excellent deterrent against pilferage.