We recently emailed you about some big changes that are coming to AroFlo Inventory Management. If you missed our original email you can read all about our soon-to-be-released inventory updates here.
With our go-live date just around the corner, we’ve created some handy guides on how you can make the most of our Inventory Management changes and apply them to your business.
- Simple Pricing
- Detailed Pricing
- Line Item Markup
- Multiple Markups
- Task Materials from Purchase Orders
Simple Pricing offers an easy and convenient way to configure pricing for individual items in your inventory. It allows you to apply the same cost and sell settings to your inventory item when you add it to any future quotes, tasks or invoices.
More information: Simple and Detailed Pricing Examples
Detailed Pricing gives you greater flexibility to sell inventory items at different amounts for quotes, tasks and invoices.
For example, with higher value items you may wish to apply different price settings based upon your business scenario:
- Quote: Use Cost + Markup on a Quote when you get special pricing for larger quoted work
- Task: Use Average Cost + Markup for standard do-and-charge work
- Invoice: Use Fixed Sell to sell items across the counter at a set RRP amount.
More info: Detailed Pricing Example
Line Item Markup
When you add an inventory item to a quote, AroFlo will apply your pre-configured price settings to the item. After the item has been added to the quote, you still have the flexibility to independently change or edit the item’s Value, Markup and Sell settings.
In this example, the Value has been changed to $35, so the system then calculates the new Sell price as $43.75:
In this example, the Markup has been changed to 20%, and the system has calculated the new Sell price as $48.00:
In this example, the Sell price has been changed to $55.00 so the system then back-calculates the new Markup percentage:
More info: Quoted Materials Example: Line Item Markup
When creating your quotes, your material price and markup can be configured using any combination of markups including:
- The individual line item markup
- An overall material markup
- An overall quote markup.
In the example below the line item has been marked up by 25%, a 15% markup has then been added to the materials and lastly, the entire quote has been marked up by another 10%.
Task Materials from Purchase Order
Inventory cost pricing can be set to either a Fixed or Calculated Cost, however when you order materials, the item’s Cost price will be the actual cost of the material on the purchase order.
In the example below the Task Pricing is set based on the Average Cost of the items plus a 30% markup.
After ordering the item for a task, the Supplier Invoice shows the cost has increased to $320, which the system updates on the Purchase Order.
The Task cost for that item is then the actual cost from the Purchase Order. The 30% markup from the inventory settings will also be applied to calculate the Sell price.
In your Inventory, the item’s Average Cost will be recalculated and updated based on the increased material cost from the Purchase Order.
More info: Task Materials from Purchase Order Example
Not currently using AroFlo’s Inventory management?
If you’re not currently making the most of AroFlo’s inventory features now is the time to get started. Call your Account Manager today to set up a training session or you can read more in our Inventory help pages.
Would you like to know more?
Want to know more about these new enhancements? Call and book in a session with one of our Customer Service Team Members or Email Support via the AroFlo Help menu.