Inventory Management Features: Invoices

In this blog series, we take a look at different features of an Inventory Management System. The last time we talked about- Kitting. In this post, we will discuss Invoices as a feature, their purpose and use in an IMS.

Invoice
Investopedia explains Invoice as a commercial document that records a transaction between two parties. An invoice usually contains the company information, date, and invoice number. In addition, it displays information related to the goods and services such as the individual items, quantity, price, and terms of payment etc.

Here’s what an invoice may look like:

capture

Purpose
Invoices are meant to keep track of products for inventory control, accounting and even tax purposes. You create an invoice and send it to your client after you sell them a product or ship it out. It indicates that a transaction was made and there is a payment pending. They can use it to verify the received quantity, items, and update their own inventory.

Invoicing in an IMS
It is important that your Inventory System offers you an invoicing feature. You should be able to create an invoice for any action where it’s relevant. Better yet, the system should do it for you automatically. Moreover, it should let you:

  • View:  You should be able to generate and view the invoice as soon as the order processes.
  • Search: The flexibility to look up an invoice based on parameters such as time period, order number and location is vital. Going through current and past invoices to seek information should not seem like a tough chore.
  • Edit: Your system should also let you edit an invoice after it has been created to fix errors. Or perhaps, you’d like to re-calculate the costs based on a different pricing.
  • Print: Another important thing to note is the ability to print the invoices. It may sound like a given, but the IMS should let you print them in batches or individually based on any parameters you choose.

With the Clear Spider system, creating and managing invoices is easy. However, the main benefit comes from customization. You can decide the overall layout of the invoice including details you’d like to display and their format. You also have the ability customize the user access to change invoices and limit who can do what.

In conclusion, we can say that invoices are an important part of any business. In fact, streamline your operations and save resources if your Inventory Management System can generate these invoices for you as you go.

Looking to learn more about invoices in an IMS? Click here to see how Clear Spider can help.