Warehousing And Its Functions

Warehousing

A warehouse is a place used for storing goods. It is nothing but an assumption of a responsibility for storing goods or raw materials. The importance of warehousing is well known when the city hits a drought or flood or any other severe adverse climatic condition prevails. Warehouses allow the timely dispatch of goods, thereby making the situation better.

Functions of warehousing

There are certain functions that a warehouse provides. Boundless provides warehousing services and it is implied that these functions are provided by our warehousing facilities too.

The varied functions include:

1. Storage facilities- Quantities of goods and raw materials which are not required immediately are stored in the warehouse. They are supplied as and when they are needed. Thus, the primary function of a warehouse is to provide storage facilities.

2. Financing- Warehousing acts as a finance source. Many banks and financial institutions provide loans against warehouses. These institutions see goods stored in warehouses by business owners as a security. Banks also provide loans against warehouse receipts.

3. Price stability- Warehousing plays an effective role in stabilising prices of commodities. It is achieved by time utility. When supply is more, a decline in goods prices and when demand is more, the rise in prices are avoided by warehousing.

4. Packing and grading- Additional services provided by warehouses include packing, processing and grading. The goods are packed as per demanded by the owner who sees the market demand and is then distributed.

5. Risk Bearing- Warehouse materials are exposed to many risks such as theft, robbery, fire, exploration, deterioration, etc. Warehouses minimise such risks by entering the contract of bailment. According to the contract, the warehouse keeper is a bailee while the person keeping the goods in the warehouse acts as a bailor. Warehouse keeper is responsible for keeping goods risk-free in warehouses. In the case of damage to goods in the warehouse, the warehouse keeper, the bailee is liable to the owner of the goods, the bailor.

For more on warehousing, call us at +91-11-66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

Ledger And Its Kinds

Ledger comprises information from journals. Every month all information from journals are posted into ledgers.  Ledger's objective is to arrange individual transactions present in all the journals.

Ledger can also be termed as a book in which all accounts are kept.

There are five kinds of general ledgers which we create for management for our customers. The kinds include:

1. General Ledger- The book in which all other accounts are kept.

2. Purchases Ledger- The book has personal accounts of credit suppliers who are also known as creditors. The supplier's account balance signifies the amount which the business owes to its suppliers. Hence, the total amount of balances in the purchases ledger is the sum the business owes by its credit  suppliers. This sum is also called account payables or formerly known as trade payables which are displayed as a current liability on the balance sheet.

3. Sales Ledger- The book has personal account information of business' credit customers who are also known as debtors. What the customer owes to the business is the balance in his/her account. So, the total of balances shown in a sales ledger is the sum owed by the business by its credit customers. The sum amount over here is known as accounts receivables or formerly called trade receivables which are displayed as current assets in the balance sheet.

4. Debtors Ledger- This kind includes information from the sales journal. The objective of this kind of ledger is to give information on customers who owe money to the organisation and also information on how much money they owe.

5. Creditors Ledger- This kind of ledger has information from the purchases journal. The prime objective of this kind of journal is to provide knowledge about all suppliers the business owes money and how much money they owe.

For more on general ledgers, call us at +91-11-66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

Some Effective Ways To Manage Inventory

Management of inventory is nothing but flow of goods in and out of the organisation. Any organisation may have one essential management method or have array of procedures. There are some methods that we propose to you for effective inventory management which when executed have proved useful both in time and in money.

These methods are :

1.    A method to manage inventory is to seek the supplier's help. Supplier-managed inventory provides the vendor access to the inventory data of distributors. Based on the distributor's requirements, the supplier generates purchase orders. In an effort to eliminate data-entry errors and to manage the inventory order's timing, distribution-intensive firms use inventory controls managed by vendors.

2.    One needs to cut back on inventory that doesn't sell because high inventory levels is an expense and increases overhead costs. Another important measure is to identify your business' inventory demands.

3.    Keep an inventory control expert dedicatedly for your business. Such experts

manage all items which are in hand and also in transit. The expert's key responsibilities include executing adjustments, managing returns, executing inventory reporting strategies and validating received merchandise.

4.    Another effective way is to track how much time it takes to refill inventory as suppliers deliver products at different times after an order is placed. The tracking is effectively performed by creating reports. The time taken to reorder inventory is called the lead time and thus the reports produced are called lead time reports.

5.    An effective method is to measure the inventory delivery turnaround time and inventory turnover. Both processes include measuring how often inventory sells and how much time it takes to deliver it at the customer's place.

Boundless helps businesses with all methods above which further help them in generating invoices, purchase orders, receipts and even in inventory-related accounting. For more on inventory management, call us at +91-11-66797769 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.

What is supply chain ?

The streamlining of supply-side activities of a business to maximise customer value and for gaining a competitive stand in the market place is called supply chain management (SCM). It is an effort by suppliers to create and implement supply chains which are as efficient and economical as possible. Supply chain involves activities such as production, product development and information systems.

Through supply chain that is one service that Boundless provides, companies can provide products faster and are able to cut down excess fat. This is further executed through tighter control of internal inventories, internal production, distribution, sales and inventories of the company's purchasers of the product. SCM will attempt to centrally control the manufacturing, shipping and distribution of products.

Almost every product that comes in the market is a result of efforts of varied organisations known as supply chain.

What are supply chain management principles?

Andersen Consulting has provided what it calls are the seven supply chain management principles. These principles provide much-needed guidance. When consistently followed, the principles provide an array of benefits. The principles are:

• ·         Segregate customers based on the requirements of the service. SCM groups customers by distinct service requirements and then tailor services to those particular segments.
• ·         Customise the supply chain management network. This can be done through companies by focussing on service requirements and profitability of the identified customer segments.
• ·         Listen to market demand signals and plan accordingly. Sales and operational planning must run across the entire supply chain to identify early warning signals of changing demands in order patterns, consumer promotions etc. The demand approach leads to more consistent anticipation and optimal allocation of resources.
• ·         Product should be differentiated closer to the consumer. Companies should not store inventory to compensate for possible forecasting errors. They should postpone differentiation of products in the production process closer to the actual demand of consumers.
• ·         Supply sources should be strategically managed.Supply chain management organisations increase margins for themselves and their suppliers by closely working with suppliers to reduce the overall costs of owning materials and services.
• ·         Information technology needs to support multiple levels of decision making in SCM and should be able to provide a clear view of the product, service and information flow.
• ·         Implement performance measures in channels. Supply chain measurement systems track internal functions, include service and financial metrics such as every account's true profit.

For more on inventory management, call us at +91-11-66797769 or e-mail at info@boundlessindia.comor visit us at http://www.boundlessindia.com.

Our Key Services

They say that one who is not in touch with technology is not part of the changing world. Thus, e-commerce aids in bridging that gap and provides the consumer shopping experience sitting at home. E-commerce is said to be a set of commercial transactions executed over the internet. Many online portals aid consumers to do shopping at a single click of a mouse sitting at home. Boundless helps those consumers who like to sit back and relax and do shopping from home by identifying fraudulent products on these online portals. We also help to continuously upgrade content on such websites bringing the latest online. We help consumers in the following areas:

•Mystery Shopping- Boundless has killer eyes when it comes to identifying fake products online. We also help tell our customer whether the product or its owner is adhering to the regulations. From a business point of view, we help in providing insight as to  how sales can be driven and from a consumer point of view, we help consumers prevent from executing transactions for fake products. 

•Process Audits- This is another area where Boundless is an expert. We help you by determining that your processes, operations, projects and products are in line with market standards and regulations. We use certain tools to execute process audits so that you get a world-class process that saves both your time and money. 

•Preparation of Standard operating procedures- Boundless also aids in preparing you a standard operating process that is a benchmark. This procedure acts as a measure against which when any process measured, a deviation can be noted. When followed, the standard procedure helps you attain a quality product or service. The process also helps in making timely and accurate decisions. We also help in implementing them in your business. 

•Seller verification- We help you verify your sellers from which you buy products or services. sYou may further use these products in delivering your business service or in delivering your final product. By providing verification services, we help you from any fraud and thereby protect your reputation in the market in the long run. This may also prevent you from landing in a loss. 

•AR reconciliations- Boundless helps in reconciling your entries in the system of accounts receivable (AR). The reconciliations help in keeping track and is pretty important especially when the transaction is in lakhs of rupees.

•Data Analysis- We assist you in data modelling, thereby revealing important information in the process. This information, when unearthed, helps you make further, important decisions and also recommend conclusions. 

•Seller registration- When you have to list your product online on a portal, then VAT / CST registration is very important for sellers. Thus, we help manufacturers in providing registration, irrespective of their area. 

•Warehouse audit- If you have warehousing facilities for your customer then you need a friend who helps in effective tracking of your existing warehouse process. We study your current warehouse process and identify gaps in it so that you get a better-improved procedure which is beneficial both in time as well as in cost. 

•Stock verification- We help in comparing the book stock with your actual material stock and list down all gaps, thereby reporting any loss of inventory. 

•Content Update- We help all sellers update content on online portals so that they stay ahead in the competition. 

•Customer Satisfaction- Boundless helps in identifying what clicks a customer and what turns him or her off. We help gather customer feedback through conducting surveys and prepare a report for the business so that the business can act upon it immediately. This way we help the business' customer in attaining the service and provide him with utmost satisfaction. 

To know more about our Key Services, call us at +91 8459136607; +91-9717771415 or e-mail at info@boundlessindia.comor visit us at http://www.boundlessindia.com.

Mystery Shopping

The concept of Mystery shopping is quite simple. It includes the acitivity of gathering information specific to some products or services. It also helps to measure the product's complaince with regulations or measure the quality of the service or the product. The mystery shopper who does mystery shopping does not disclose his identity to the entity who is being measured.

Mystery shopping is done offline and online too. If the retail chain has an online website then the retail store's online services are measured by the mystery shopper.

These shoppers pose as real world consumers and use the same steps to purchase the product as that used by a normal consumer. The mystery shopper registers on the online portal, purchases the product or service, gives feedback on the purchase or complaints about the inaccuracy of the delivery. 

There are some specific companies in market who offer such services to other businesses such as Boundless.

Usually a mystery shopping provider, hires consumers who register themselves with the mystery shopping provider. These consumers are assigned a specific task which they perform.

There are some details that is measured by mystery shoppers.These include the following :

1.       The number of employees in the store while a person enters the retail shop

2.       The time taken by the retail shop to greet the mystery shopper

3.       Meauring whether or not the greeting by the shop employee was friendly

4.       Shop's employee name

5.       The kinds of products shown to the shopper or the kinds on the display

6.       The questions about the product that a shopper asks- whether they are answered or not and if they are, are they accurately answered

7.       Whether the shop employee attempted to close the sale or not

8.       The sales argument used by the employee

9.       Check if the shop employee offered any additional product for selling

10.   Check if the employee invited the customer back to the shop or not

11.   Check the cleanliess of the store

12.   Check the service's speed

13.   Check the product and the shop's appearance compliance with the regulations.

Boundless helps in providing such services and serve as  a mystery shopper for you.To know more about mystery shopping or to avail those services, call us at +91 8459136607 ; +91-9717771415 or e-mail at info@boundlessindia.com or visit us at http://www.boundlessindia.com.