Best Pharmaceutical Inventory Management Software of AccFlex ERP System

The pharmaceutical industry is one of the major strategic industries on which the national economy depends in many countries, as the pharmaceutical industry is defined as a specialized chemical process that aims to produce compounds of chemical and natural elements that help in treating many diseases and epidemics, and the role of medication has been demonstrated in the treatment of many diseases such as (blood pressure- diabetes- heart disease- cholera treatment- meningitis- ....) and many other diseases, and the pharmaceutical industry is one of the most important components of the national product as it is a source of foreign exchange for the exporting countries of the drugs and medicine, and what this industry represents of  a huge customer base, almost there is no person in the world except needs one or more medicines, the pharmaceutical revenues reached $75 billion in 2013 and are still growing, given that the pharmaceutical industry is considered an innovative industry, all pharmaceutical manufacturing companies are working to establish a research center that develops the drugs and chemical compounds that treat the epidemics and emerging diseases, and the cost of such researches, as the manufacturer monopolizes a specific medication on its production, it is not permissible for another pharmaceutical company to produce this medication except after obtaining approval from it, and the pharmaceutical industry is considered one of the industries with (economies of scale) as it is involved in the pharmaceutical manufacturing that reaches to the ultimate consumer, more than one company starting from the manufacturing company and then the pharmaceutical distribution company going through with the sales reps and ending with the pharmacies that sell them to the ultimate consumer, so the accounting for the pharmaceutical industry with such a large number of products and customers is difficult to perform by relying on the traditional methods of managing GL accounts and the warehouse management, therefore, the pharmaceutical companies had to use General Ledger Software and Inventory Management Software that could manage the pharmaceutical companies perfectly, and we will discuss one of the best General Ledger Software and Inventory Management Software in Egypt and the Middle East, which is AccFlex ERP General Ledger Software and AccFlex ERP Inventory Management Software.

AccFlex ERP Inventory Management Software for Pharmaceutical Companies 

The inventory represents one of the most important current assets for the pharmaceutical companies, whether the  pharmaceutical manufacturing companies or pharmaceutical distribution companies, because the production system of the pharmaceutical companies follows the continuous-flow manufacturing because the pharmaceutical companies produce thousands of the packaging of a specific medicine daily without regard to the quantity demanded for this medicine on the market, which means that it may produce more or less than the actual order quantity, and this is where the role of the inventory control, as an important element in the distribution and sales operations and as a major role in organizing the production process, and therefore the warehouse management by the traditional paper-based systems to perform the required role of the warehouses which may lead to the pharmaceutical company producing large quantities of the stagnant products in the market or producing quantities few products are required, and thus it becomes difficult for the pharmaceutical companies to market research for the products to know the stagnant items and best-selling items, in addition to, the pharmaceutical companies are unable to  the inventory control, with more branches and a large number of sales representatives and warehouses, and thousands of the transactions of goods issue, goods receipt, and returns for different items, it becomes difficult to monitor these transactions by relying on the traditional methods of the inventory management, in addition to, the difficulty of the stocktaking and creating the inventory adjustments, as well as the difficulty of monitoring the sales cycle, procurement cycle, accounts receivable and accounts payable, all this made it impossible to rely on the traditional methods of the inventory management, so the pharmaceutical manufacturing companies and pharmaceutical distribution companies should have had an inventory management software, and the following we will cover the advantages of one of the best inventory management software for the pharmaceutical companies: AccFlex ERP Inventory Management Software, which is as follows

1- Through the software, an infinite number of items can be created and the possibility of adding more than 14 different code for the single item as well as the ability to set more than one unit of measurement the item, it is possible to add by the carton, for example, and withdrawing by the packet and vice versa, and the software automatically converts between the units of measurement, also, the item can be added to more than one warehouse and determining the price of the item in each warehouse, it is also possible through the software to add the item expiration date, the software displays a warning message before the item expiration date, in addition to, it is possible to link the item to a group of alternative items, selecting the components of the item of raw materials, and link the item to a group of side items if the item has side items, it is also possible to print the item barcode and label it on each item to facilitate the inventory work in terms of receipt and issuing the items and the stocktaking process.

2- Through the software, an infinite number of warehouses can be created and the items in each warehouse can be selected, and the warehouse can be linked to a specific branch or all branches, in addition to the ability to add the item opening balances grouped in a split second through an Excel file, so what is unique in the software is that it supports the feature of importing from the Excel file, and the reorder point for each item can be set, which is the number of units that the item balance should not be less than until the purchase/production of a new order of the item so that the workflow is not interrupted.

3- Stocktaking is characterized by the flexibility and ease in AccFlex ERP Inventory Management Software, through the software, the stocktaking can be performed for a warehouse or all warehouses, once the warehouse items are selected required to stock take, the items book balance is exported to an Excel file, the inventory committee adds the actual balance of the items to the same Excel file, the software imports the Excel file again so it matches the actual balance and the book balance and shows the differences, whether (by a decrease or by an increase) in a different color and then through the software, the inventory adjustments are performed by receipt or issuing automatically.

4- The software automatically converts all transactions on items or warehouses into journal entries and directly affects the chart of accounts, and therefore affects the inventory account, accounts payable, purchases account, etc. and also affects the item balances.

5-Through the software, you can display all reports on the items and their balances within each warehouse, stagnant items, fast-moving items, the sales volume of each item, the volume purchases of raw materials, the prices of items in each warehouse, the Stocktaking report and the inventory adjustments, as well as the Reorder Point report, the Item Sales Analysis report, and other reports.

Procurement Cycle & Sales Cycle for Pharmaceutical Companies | AccFlex ERP Inventory Management Software 

The purchasing, sales, customers, and suppliers are the basis of the pharmaceutical companies business, the nature of the work of the pharmaceutical companies depends on the presence of the pharmaceutical manufacturing company that does not deal directly with the pharmacies but that depends on the sale of its products to the pharmaceutical distribution company, which is a mediator between the pharmaceutical manufacturing companies and pharmacies, and the pharmaceutical distribution companies  are delivered these medicines to the pharmacies by the sales reps, which makes there thousands of customers and makes the sales cycle and procurement cycle go through more than one stage, and therefore, by relying on the traditional methods for the sales and purchases management, for example, once recording the sales invoice data for the sales reps of distribution companies daily is very difficult, also it is difficult to calculate the customer balances (pharmacies) accurately, as well as monitor the transaction of the items and warehouses, which will inevitably lead to more losses for the pharmaceutical distribution companies and then bankruptcy, as well as concerning the pharmacies, the difficulty of accurately recording the purchases invoices daily and reviewing the items balances as a result of relying on the traditional paper-based systems will inevitably lead to many of the problems and losses, and the pharmaceutical companies should have had a sales, purchase, accounts receivable, and accounts payable management software, AccFlex ERP Inventory Management Software is characterized by the comprehensiveness, the software contains the modules for the sales, purchase, accounts receivable, and accounts payable management, which distinguishes it from many software as a valuable service for a knockdown price, which is characterized by the following:

1- A typical sales cycle starting from sending a quotation to the customer and then creating a sale order followed by a stock issuance voucher and when the goods are receipt, a sale invoice is issued and a return request can be created and then a return voucher, and the software is characterized by the customization, so an employee can be customized to each screen and an employee can be customized to approve the quotations, the issuance vouchers, or the sales return orders, etc., as the sales invoice also has the flexibility in AccFlex ERP Inventory Management Software, so a sales invoice can be created with reference to the quotation or the sales order, and a sales invoice can be created directly by entering its data from the Sales Invoice screen, and a discount can be added at the entire invoice level or adding a discount at the level of each item, and each customer can be linked to a tax group, and the items codes can also be added through the barcode reader or the software directly.

2- Through AccFlex ERP Inventory Management Software, the accounts receivable can be managed easily, so an infinite number of customers can be created and select the type of customer (cash-credit) and set the customer's credit limit allowed for the customer, as well as adding the customer tax and credit data (Tax ID Number- Taxation Department Name- Customer Bank Name- Account Number- ....) and assigning each customer to a quotation/item, as well as a screen through which the customer status can be tracked in terms of the payment and exceeding the customer credit limit, and the customer invoices can be linked to their payments.

3-  A typical procurement cycle through which the purchasing can be managed typically, starting from the determination of requirements, a request for quotation from suppliers, comparing the quotations through the software, creating a purchase order, issuing a delivery note, the goods receipt, and then issuing the purchase invoice, and the software has the flexibility, the purchase invoice can be created directly by entering its data from the Purchase Invoice screen or creating the purchase invoice with reference to the delivery note or the purchase order, and the purchased items can be added by entering the item code using the barcode reader or by adding the item code from the software directly, and a discount can also be added at the invoice level or a discount at the item level, as well as linking all suppliers to a tax group, and the purchase invoice is characterized by that the invoice can be printed by items only or by all invoice data.

4- Accounts payable management in AccFlex ERP Software is characterized by the accuracy and comprehensiveness, and an infinite number of suppliers can be added and the purchased items from each supplier and the price can be determined, as well as determining whether this supplier is cash or credit, and the credit limit allowed for purchase, as well as adding all the supplier's tax data and linking them to invoices, and add the quotations for items and link them to suppliers, and can also monitor the supplier’s status on the Supplier Card screen.

5- AccFlex ERP Inventory Management Software is characterized by creating all journal entries related to the sales, purchases, accounts payable, accounts receivable automatically without the need to enter them manually, once a purchase invoice or sales invoice is created, the software creates the journal entry and generates a number automatically from the software and the accounts payable and accounts receivable are affected as well as the expenses, revenues, tax account, inventory balances, and other accounts.

6- Through AccFlex ERP Inventory Management Software, can display the reports of the sales and purchases, accounts receivable, and accounts payable such as (Sales by Item Report, Sales Return Report, Sales Quotation Report, Customer Payment Status Report, Customer Statement, Accounts Receivable Reconciliation, Inactive Customers Report …) as well as for the purchases (Purchases Reports, Purchase Return Report, Supplier Status Report, Accounts Payable-Statement of Account, Payables Reconciliation, Supplier Purchases..).

AccFlex ERP General Ledger Software for Pharmaceutical Companies 

The pharmaceutical companies are classified as the economies of scale, as the working capital of the pharmaceutical manufacturing companies is billions of dollars, as well as the pharmaceutical distribution companies, therefore, so managing the accounts of these large economic entities cannot be in any way by relying on the traditional manual accounting system (paper-based), and there must be an accounting software for the pharmaceutical companies through which it can manage the accounts receivable, accounts payable, treasury, banks, and enter all expenses, revenues, inventory accounting, and others, it provides the department with the necessary financial reports monitor the company’s accounts and decision-making, AccFlex ERP General Ledger Software is the best accounting software for the pharmaceutical companies, whether the pharmaceutical manufacturing companies or pharmaceutical distribution companies,  because it is characterized by a typical design for managing the financial accounting operations and its flexibility to adapt to the business system, in addition to there is the "Fixed Assets Management" module through which the asset performance can be monitored and the following is an explanation of the most important advantages of AccFlex ERP General Ledger Software for the pharmaceutical companies 

1- Flexibility in dividing the accounting periods, the software allows the finance department to review and fully control the accounting period and tax period, through AccFlex ERP General Ledger Software, the company’s fiscal year can be divided into one accounting period, four accounting periods, or twelve-month accounting period with the possibility of closing the periods, posting their balances, depreciation of their assets, and calculating the period revenues and expenses.

2- An integrated tax system through which, can create the tax notifications of Withholding Tax for the suppliers and customer, and setting the tax credit rates, as well as creating the notification of VAT, the tax returns can also be created through the software whether for the Withholding Tax every 3 months Form no (41 Withholding and Collection), as well as creating the notification of VAT (Value Added Tax - Form-10) every month.

3- The ability to create an infinite number of branches for the pharmaceutical company, and the revenues and expenses of each branch can be displayed separately, and the branches can be linked to cost centers.

4- The ability to enter the Opening Balances for general ledger accounts in a split second through an Excel file, because the software supports the feature of importing from Excel.

5- A more flexible chart of accounts through which you can create an infinite number of parent accounts and child accounts with the possibility of editing the errors in the chart of accounts, you can change the side of the wrong account in the chart of accounts to the correct side, as well as edit the properties of the child accounts and the software automatically changes the properties of the child accounts, also, the ability to transfer the journal entries created on an account by mistake to the correct account with the possibility of saving the incorrect account or delete it without the need to cancel all journal entries on the wrong account and re-enter them, and through the chart of accounts, it is possible to assign the accounts to the cost centers and branches, as well as to add the Opening Balance for each account.

6- The ability to create an infinite number of custom screens for specific transactions such as (Receipts Screen, Payments Screens, Treasury Screen, Notes Receivable Screen, etc.) and the accounts that appear on each screen are set, as well as the authorizations of users who are allowed to handle with the screen.

7- Dealing with all currencies in the software with the possibility to set the currency exchange rate, and the software automatically impacts on the accounts, as well as the possibility of selecting the accounts that deal with the currencies only. 

8- The Journal Entries screen is characterized by the input flexibility and ease, through which the journal entry can be entered in more than one way by entering (GL account name/ GL account number/ select chart of accounts/ entering the parent account and selecting the child account ...), and there is more than one journal entry reference number helps in searching for and retrieving it, in addition to the ability to create the journal entries that can be used as a template due to their recurring, and setting the authorizations, a user can enter the journal entry and another user who reviews the journal entry, and a document attached to the journal entry can be added to increase the reference.

9- A screen for reverse a journal entry through which reversing the journal entries easily, once selecting the journal entry and click Save from the Reversing Journal Entries screen, the journal entry is canceled.

10- A screen to review the journal entries and display their details through the Reviewing Journal Entries screen, you can search for a journal entry by (document number, journal entry number, date, type, user name, value, etc.) can also display the reviewed, non-reviewed, or the canceled journal entries only and the role of the Reviewing Journal Entries screen does not depend on the journal entry view but can reach the journal entry sides for the accuracy of the review.

11- AccFlex ERP General Ledger Software provides a unique set of reports that provide the financial information to all users, the reports can be displayed for (General Ledger- Subsidiary Ledger- Subsidiary Ledger for Cost Centers- Subsidiary Ledger for Accounts/Cost Centers- Trial Balance Reports- American General Journal Reports- Budget Reports- Income Statement- Balance Sheet- Financial Position- Cash Flow- Changes in Equity) the report can also be displayed in more than one format such as  Excel-Word-PDF and others, and the report template can be changed as desired.

AccFlex ERP Fixed Asset Management Software for Pharmaceutical Companies

The pharmaceutical companies often invest a large portion of their capital in the fixed assets because these assets represent an important element in achieving profits for the pharmaceutical companies, and the  pharmaceutical manufacturing companies have equipment and production lines worth millions of dollars, and the pharmaceutical distribution companies have the warehouse equipment and vehicle fleet of all sizes to play their role in distributing the medicines to pharmacies, and then focus on  these assets to preserve a large portion of the invested capital of the pharmaceutical companies, and following the traditional methods of the assets monitoring and calculating the costs of each cost center and the methods of their depreciation to reach the actual cost of these assets and the incurring that they represent on the company consequently, calculating a wrong value for the total costs, considering that the costs of the assets are part of the total costs of the products, and certainly this will lead to wrong pricing of the products, leading to losses, in addition to, the poor asset control and hence damage and negligence are exposed, thus, relying on fixed Assets management software such as AccFlex ERP Fixed Asset Management Software, all of these problems can be avoided, AccFlex ERP Fixed Asset Management Software is an integral part of General Ledger Software, saving the pharmaceutical companies more costs in investing in the purchase of fixed Assets management software, and the software is distinguished by the following

1- The ability to add an infinite number of fixed assets in a split second by importing the asset data from an Excel file.

2-Adding the asset data, determining its value, the acquisition date, the method of depreciation, and the employee responsible for the asset, and selecting whether the asset is new or used, as well as determining the cost center of the asset (location), and the cost center can be changed if the asset transfers to a new location and the software calculates the cost of assets in each cost center very accurately, as can be determined the supplier from which the asset was purchased.

3- Through the Assets screen, can create various transactions on the assets such as (appreciation, write-off, depreciation, scrapping, disposal, selling) and the software creates journal entries for all transactions on the assets of (acquisition- retirement- selling- scrapping ....) automatically without having to manually enter them and affecting the chart of accounts.

4- Through the fixed assets reports, you can display all the information about the assets such as (Fixed Assets Data- Net Asset Value- Depreciation of Assets- Book Value of Assets- Sold Assets- Retired Assets- Scrap Assets- Employee Custody- Types of Assets-  Location- Asset Movement- Fixed Asset Chart....).