Inventory management plays a crucial role in the overall success of various businesses, including marine businesses like marinas and boatyards. The goal of inventory management is to keep track and maintain records of all the inventory and its existing condition, in order to ensure resource safety and efficiency.
In current times, marine businesses make use of leading marine inventory management software to undertake an annual inventory check at the end of their fiscal year. Doing so, enables them to move current year sales and purchase data to the previous year and reset the year-to-date sold, purchased, and received totals. This is done for two main reasons –