SIBS FI (Financial accounting and Inventory management) Suite integrates the Financial Accounting processes with the inventory management system to effectively optimize your inventory and to ensure that the inventory asset value on your financial reports matches what is physically in stock, without manual intervention and reconciliation.This integration provides a competitive edge by enabling the client to plan effectively, execute predictably with customers and minimize labour costs and errors associated with manual reconciliation.

Why Integrate Inventory Management with Your Financial Accounting?

The three key benefits to integrating your inventory management software with your accounting processes are:

  • Optimizing inventory to meet product availability and ROI goals
  • Stating inventory accurately in financial reports
  • Streamlining supply chain processes
  • Inventory optimization:

    Having the right mix and the right amount of inventory on hand is paramount to both customer and investor satisfaction. Customers want "fresh" product on demand and investors would prefer no working capital tied up in inventory. Balancing these conflicting objectives is tricky and carrying extra inventory wastes money beyond the initial material and labour investment. Activities such as storing, counting and reworking inventory tie up additional working capital, and potentially reduce the availability of products your customers want. Planning the right level and amount of inventory requires your sales order, purchase order and planning systems to have real-time visibility of inventory.

    Accurate financial reports:

    Ensuring your annual reports and tax returns are accurate is crucial for your investors and the government. Inventory value can be a significant portion of your stated assets and the recorded value in your books must match the physical value in your warehouse. The only effective way to ensure financial integrity in your company reporting is to integrate the transactions in your inventory system with your financial chart of accounts.

    Efficient Supply Chain:

    With the integration of inventory and financial data of inventory, monetary planning for stock flow gets easier thereby helping smoothen the supply chain processes. Streamlining the inventory flow from various supply chain partners by sharing real-time data withthem can then be facilitated for increased efficiency of managing the same.

    SIBS Financial Accounting & Inventory Management Suite ensures that the integrated solution is real-time, flexible, transparent to users, reconcilable and scalable.

    Features of the product:

    • Interactive chart of accounts: With interactive reporting features, the user can Plan, Design, Edit and Generate financial reports.

    • Data exporting features: Financial data can be exported to Excel, Word, PDF, RTF, TXT etc. with ease.

    • Bar code integration: The software allows effortless integration with all Bar code accessories like scanner, Reader for reading details, real-time updating and label printing.

    • Other Integrations: It allows integration with PDA’s (Portable Data Applications), PDT’s (Portable Data Terminals) or other hand-held terminals for stock verification, price verification, data checking, data porting and more.

    • Comprehensive reports: SIBS FI Suite enables generation of comprehensive, all-inclusive and exhaustive reports like Gross Profit (GP) report, Receivables report, Payables report, Stock reports, Interactive profit and loss statements and Interactive balance sheet.

    • Highly automated system: Automated emailing system is made available for reporting stock movement, variance in stock position from schedule, progression in the supply chain process and automatic report generation in schedule time-periods.