WrkPlan Purchasing and Inventory module efficiently manages the procurement and charging of direct materials for a project, processing and recording of inventory items, and indirect purchases such as office supplies. These activities are supported by a web portal that allows requests to be submitted and approved from almost any location.
The optional Purchasing and Inventory module includes the following key functions:
The entire process from requisition generation to PO submittal can be accomplished in minutes.
- Requisitions may be submitted by designated individuals via WrkPlan’s online web portal.
- Purchase requisitions are approved by supervisors in the same manner as timesheets.
- Neither requester nor approver needs to in the office to submit and approve a requisition, fast-tracking the acquisition timeline.
- Always view the status of each requisitions through the portal.
Request for Quotes (RFQs)
- Generate one or more vendor RFQs for each requested item.
- The purchasing operator can directly e-mail RFQs to select vendors from within the system.
- Vendor responses may be stored directly within WrkPlan to demonstrate due diligence for future audits.
- Select the best vendor/ bid and item details for the PO are populated from the RFQ response
- POs may be generated and emailed directly from within the system, so the entire process from requisition generation to PO submittal can be accomplished and tracked easily.
- Create Purchase Orders directly from an approved requisition or vendor response
- In all cases, manual actions are minimized or eliminated
- All participants are automatically notified when their action is required.
The software tracks all inventory items, quantities and costs in real time, using First In, First Out (FIFO), Last In, First Out (LIFO) or average cost. Multiple logical or physical warehouse locations may be specified. Users can also set minimum quantity on hand quantities to trigger timely reorders and can designate standard reorder quantities to take advantage of quantity pricing.