Stock Module Overview

If your workflow requires you keep stock in your warehouse or workshop to be used on projects, production or jus sell, implementing effective stock control in your workflow is essential. Stock control, also known as inventory management, might seem like a complex task, but the WorkGuru Stock Module provides a suite of simple tools to keep your inventory, stock value and profitability accurate both in WorkGuru and your accounting integration.

WorkGuru uses the First-in, First-out (FIFO) perpetual inventory method which provides the most accurate stock control method available. The perpetual inventory method tracks inventory changes in real time, and always knows the landed value of the stock, from which transaction created it, and which transaction used it.

When enabled, the WorkGuru Stock Module provides your workflow the following functionality:

• Three Types of Stock Control - WorkGuru supports FIFO, Batch tracked, and Serial tracked stock control, allowing you to choose the best method for your needs.
• Stock Control Tools- Standard suite of inventory management tools
  • Stock Movements 
  • Stock Takes 
  • Stock Adjustments 
  • Stock Transfers 
• Units of Measure - It ensures that products are tracked consistently with the correct units of measure.
• Min-Max Levels and Locations - You can set minimum and maximum levels for products, track stock locations, and monitor product levels across different sites.
• Barcode Compatibility - WorkGuru’s compatibility with barcode systems simplifies the stock control process, reducing the chances of data entry errors and product misidentification.
• WorkGuru Kiosk - The kiosk is the simplest way to accurately add stock usage to a project or production job. It supports other inventory functions such as warehouses and barcoding.
• Purchasing Automation - You can automate purchasing based on forecasted needs or current stock levels, ensuring you never run out of essential materials.
• Multi-Currency and Landed Costs - WorkGuru's purchasing supports multi-currency transactions and landed costs so all stock values and consequently ,the FIFO cost of goods sold (COGS), is being tracked at the true landed unit cost of the products.
• Multiple Stock Locations - Manage stock across multiple warehouses in real-time, ensuring a clear view of inventory levels no matter where your stock is stored.
• Production Jobs - For items such as sub-assemblies that are made and not purchased, you can produce products for either available stock on hand or for specific projects or production jobs.
• Stock Sales - Allows you to quickly sell and dispatch products over the counter without the complexity of a project.

When introducing stock control into your organisation with WorkGuru, it’s important to remember that correct stock control has no shortcuts - it is simply stuff in, stuff out. If you skip a step, like not properly receiving a purchase order or not recording a product used on a project, your stock levels will be off.  Change management considerations related to stock control workflows via training and defined roles and responsibilities within your organisation is extremely important.

Once all staff are aware of the changes stock control brings to your workflows, setting up the WorkGuru stock module is straightforward:

1. Ensure your inventory is physically controlled -  If your inventory is available to anyone at any time without any controls, such as if the stock is behind a stock cage, stock room, etc., everything else you do won’t matter. 
2. Setup Stock Controlled Products - Edit or bulk export and update your products to assign the required Tracking Type for the products you want to stock control. Only FIFO, Serial or Batch are stock controlled. 
3. Apply a Full Stock take - The first stock take is handled differently than subsequent full or partial stock takes. This is extremely important that this is completed correctly to balance WorkGuru and your accounting integration.

If you are an existing user with a WorkGuru tenant without the stock module active, you can also enable the stock module when you need stock control.

Once you have enabled your inventory, ensure that your stock process remains effective over time by adhering to these recommended stock control best practices:

• Physical Control of Stock - Ensure your stock is physically controlled and organised in the workshop. Use a stock cage or a stock room etc.
• Measurable Stock Usage - It is essential you can ‘easily’ measure how much stock is used on each project. If you can’t track usage easily, you can’t control the stock correctly.
• Regular Stock takes - Count your inventory regularly to stay on top of any variations early.
• Consistent Units of Measure: Ensure products are consistently tracked using correct units, which is critical for accurate stock records.
• Timely Stock Movements: Record stock usage as soon as possible to when it is happening to avoid discrepancies between actual stock levels and recorded data.

One common pitfall to avoid is starting with incorrect stock-on-hand balances. Ensure your initial stocktake is accurate to prevent future complications. Managing change effectively is crucial so your team is fully on board with the new stock control processes.