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.
Purchasing and Inventory
The optional Purchasing and Inventory module includes the following key functions
May be submitted via WrkPlan’s online web portal for fast-track response.
Purchase requests (requisitions) may be submitted by designated individuals via WrkPlan’s online web portal. Purchase requisitions are approved by the immediate supervisor in the same manner as timesheets. This means that neither the requestor nor approver needs to be present in the office to submit and approve a requisition, fast-tracking the acquisition timeline. Requestors and approvers can always view status for each of their requisitions through the web portal.
Request for Quotes (RFQs)
Multiple vendor RFQs can quickly be created from within the WrkPlan software
If appropriate, the purchasing operator who receives the electronic requisition can generate one or more vendor RFQs for each requested item. The RFQ page allows the purchasing operator to send e-mail RFQs to selected vendors. Vendor responses may then be stored directly within WrkPlan to demonstrate due diligence in future audits.
Purchase Order Generation
POs may be generated and emailed directly from within the software, so the entire process from requisition generation to PO submittal can be accomplished in minutes.
For requisitions that do not require formal RFQs (for example, office supplies) the purchasing operator can immediately turn the approved requisition directly into a vendor PO. Otherwise, the purchasing operator selects the most suitable vendor/bid and issues the PO. Vendor and item details for the PO may be imported directly from the vendor’s RFQ response, or from the initial requisition. A PO may be emailed directly from within the software. In all cases, manual actions are minimized or eliminated, and all participants are automatically notified when their action is required. The entire process from requisition generation to PO submittal can be accomplished in minutes.
The software tracks all inventory items, quantities and costs in real time.
Upon entry, any new item designated as an Inventory Item will be tracked by WrkPlan. 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.