Last week during the QuickBooks Connect conference NumberCruncher announcedd the release of its new cloud-based reorder point alert system called ReorderPoint.com.
One of the biggest pain points facing product-based businesses in retail, wholesale distribution and manufacturing is how best to forecast inventory needs. Having too much inventory drains cash flow, while having too little results in lost sales or production delays.
"Small business financial and e-commerce systems do not adequately address the problem," says Ian Benoliel, Founder and CEO of NumberCruncher. "Business owners and purchasing managers spend hours combining reports and running formulas using Excel. There has to be a better way and that's why we developed ReorderPoint.com."
ReorderPoint.com offers a systematic approach to purchasing, which, when applied consistently, will result in optimized inventory levels.The theory behind the reorder point is that the optimal inventory level should be aligned with how much inventory will be used during the lead time. The purchase order date and quantity ordered should result in the replenishment of inventory just as the last of the on-hand quantity is used, with a margin for error called safety stock.
ReorderPoint.com lets the business owner and purchasing manager quickly determine when to order inventory and how much to order. QuickBooks users can leverage their historical data to make better purchasing decisions. By integrating with QuickBooks, ReorderPoint.com will read historical usage like invoices and sales receipts, as well as current inventory levels. QuickBooks users can access ReorderPoint.com from the Intuit App Center.
ReorderPoint.com then uses statistical methods to identify trends, seasonality and special orders. NumberCruncher calls this process multiple 'model fit.' They use the models to forecast demand and the reorder point; then they compare the reorder point to the inventory levels and determine the reorder status. An email is sent to alert our users that it's time to reorder. This process is automatic and runs continuously on a schedule defined by the user.
With ReorderPoint.com, business owners and purchasing managers no longer have to spend hours to get the information necessary to make informed purchasing decisions. Ordering late can be costly but our alert system will be a reminder that it's time to act.
NumberCruncher also announced they plan to add integrations with other accounting, e-commerce, inventory and point of sales systems in the near future.
Editor's note: This article is essentially a reprint of a vendor press release; we are publishing this information as a service because we feel it is news worthy for the scope of our readers. We have not performed any independent analysis or research regarding the products herein, and this article should in no way be considered an endorsement by either Intuitive Accountant or the Editor.
Source: Press release issued by PR Newswire on behalf of NumberCruncher.