RSMUS.comUnlocking Efficiency in Healthcare: How Sage Intacct’s Inventory Module Transforms Inventory Management
For healthcare providers, inventory management isn’t just about dollars and cents. Making sure that essential supplies and equipment are on hand may be a matter of life and death. There’s little margin for error, yet for many providers, there’s plenty of room for improvement.
Sage Intacct makes those improvements easy with a suite of inventory management tools that are ideal for complex, dispersed, and highly regulated healthcare settings. Anyone ready to streamline inventory management, enhance productivity, and ensure compliance now has the tools:
Advanced Inventory Tracking and Management
Tracking inventory manually makes it difficult to manage various inventory states such as on-hand, on-order, on-hold, and damaged stock, resulting in issues like stockouts, overstocking, and resource mismanagement. Manual processes are always prone to error and inefficiency—but Sage Intact offers an alternative.
Robust inventory tracking capabilities deliver real-time visibility into inventory status across multiple modules, automatically updating key indicators as inventory gets processed. The inventory module integrates with purchasing and order entry to ensure data is accurate, up-to-date, and comprehensive. By consolidating data from multiple sources, Sage Intacct provides the clarity necessary to reliably avoid ordering too much or too little.
Automated Cost of Goods Sold Calculations
Manual COGS calculations are prone to errors and can be time-consuming, particularly when dealing with complex pricing structures and multiple inventory categories. They can also have negative impacts on costs and budgets if not done correctly, so Sage Intacct takes the human element out of the equation.
The software automatically calculates COGS based on real-time inventory. Errors are less likely since automation, not humans, collects the data and crunches the numbers. And since this feature integrates seamlessly with the financial reporting tools in Sage Intacct, reports are effortless to create and contain better insights into cost management and profitability.
Enhanced Reporting and Analytics
Older inventory management tools have few if any reporting capabilities, making it difficult to extract valuable insights, create customized reports, or make continuous improvements. In the absence of quality reporting tools, the only option was to build reports by hand, until Sage Intacct arrived.
It comes with reporting templates for inventory valuation, stock movement, purchase order analysis, and sales order fulfillment. Users can create tailored dashboards, custom reports, and ad-hoc analysis, all without needing IT assistance, or take advantage of advanced analytics to analyze trends, forecast performance, and visualize metrics.
Improved Compliance and Auditing
Staying compliant with a growing number of healthcare regulations becomes harder and riskier when auditors have to track inventory manually across disconnected systems. Sage Intacct has a purpose-built solution.
The Advanced Audit Trail feature supports HIPAA compliance by tracking access to personal data stored in contact, customer, and vendor records, thereby ensuring compliance without affecting system performance. It logs whenever data gets accessed or changed to automatically create a perfect audit trail.
Efficient Warehouse Management and Inventory Accuracy
Traditionally, under-powered tools have made it difficult to manage inventory in multiple warehouses, leading to issues like ordering stock with long shipping times that causes delays and disruptions in operations. Sage Intacct keeps that from happening.
Real-time updates across warehouses help mitigate long shipping times and maintain accurate inventory levels. Sage Intacct automatically generates purchase orders based on inventory thresholds to prevent stockouts. And it synchronizes workflows between inventory, purchasing, and order entry to ensure accurate receiving and shipping information.
Seamless Workflow Integration Between Order Entry, Purchasing, and Inventory Modules
Inventory managers are used to dealing with disconnected systems where they have to manually move data between silos. Not only is this tedious and time-consuming, it also causes errors that lead to delays, inflated costs, and missing stock. Not so with Sage Intacct.
By synchronizing data from all the modules in Sage Intacct, including inventory, purchasing, and order entry, there’s no need to move data manually and no question that inventory numbers are accurate. Purchase management, order fulfillment, and supplier relationships all benefit from the ability to carefully track stock levels and automatically reorder when necessary.
RSM – Healthcare’s Source for Sage Intacct
RSM specializes in implementing and optimizing Sage Intacct, we work with countless clients in healthcare, and we take inventory management very seriously. For the solutions you seek, contact us.
