Agriculture is a very important sector in India. It not only fulfils the demand for crops in India, but also acts as a major job-creating sector. About 70% of India’s population is directly or indirectly dependent on agriculture for their livelihood. With the introduction of agritech solutions, agriculture has seen rapid growth. Today this sector is enthusiastically opening up to technologies that help farmers increase their productivity.
Similarly, the Indian food industry is also witnessing huge growth. As agritech companies help with increasing productivity, India’s contribution to the world food trade is also increasing. India’s food and grocery market is the world’s sixth-largest market. The Indian food processing industry is one of the largest industries in India and is ranked 5th in terms of production, consumption, export and expected growth.
In a nutshell, we can say that India is a global agricultural powerhouse. India is the world’s largest producer of milk, pulses, spices. It has the largest area of cultivation under wheat, rice and cotton. It is the second-largest producer of rice, wheat, cotton, sugarcane, farmed fish, sheep and goat meat, fruits, vegetables and tea.
While the production of crops is increasing, managing them becomes a challenging task. To manage the huge production, a proper inventory management system is required. Inventory management is a crucial part of every business model, especially in mandi business. A close check on inventory can make or break your business. Hence inventory management is significant. The commission agents in mandis deal in various commodities and if they don’t track the inflow and outflow, they will end up selling less or over order.
Let’s understand the benefits of inventory management.
1. Business intelligence: Inventory management and planning solutions accordingly help commission agents to gain insights into the fast-selling products. This allows them to adjust their stocks in stores and make quick and smart business decisions.
2. Reduce labour costs: Improved inventory planning helps in reducing labour costs incurred in unloading, counting of stock as well as transportation. An intelligent inventory management tool such as mandi accounting software can significantly reduce all these labour-intensive activities.
3. Limits employee mishandling: Inventory planning limits employees from using company items for personal use. With inventory control, commission agents can reduce the chances of any theft or pilferage, thereby increasing the profitability of the business by reducing potential ‘hidden’ costs.
4. Manage cash flow: A proper inventory management system helps commission agents to manage their cash flow. Due to limited capital, commission agents don’t purchase large amounts of inventory. By having a system in place, they will know the exact amount needed to be invested in inventory and when they need it. This will help in getting ahead in business and also reduce their expenses.
5. Maximize profits: As commission agents track their inventory and update it in a timely manner, they will increase their profits. Commission agents can estimate the right commodities to buy based on previous sales figures. They can avoid investing in commodities that don’t have a demand or are obsolete. This makes the general business practices more efficient.
With an effective inventory management system, commission agents can easily track the stock in their stores. They don’t need to overstock or face shortages. They can become one of the key players in the market space with proper mandi accounting software. Also, commission agents need to keep track of payments, do a lot of paperwork and do inventory management. Understanding the concerns of commission agents in mandi accounting and turning them into opportunities, Bijak which is India’s Number 1 Agritrading App, came up with a solution for mandi accounting called ChargeERP.
ChargeERP is the solution
ChargeERP accounting software has been designed keeping in mind the daily interactions of commission agents in agricultural mandis. It is a cloud-based accounting software introduced with the core aim of reducing the agent’s workload. ChargeERP is the easiest, fastest and most secure mandi accounting software available in India. One of the many benefits of this platform is that it can be accessed from anywhere and from multiple devices. It provides data security with end-to-end encryption. Plus, it doesn’t require any kind of technical or accounting expertise.
If you are looking to explore more about this next-level accounting software, feel free to dial +91 8588998844 or visit www.chargeerp.com, and request your free demo today. We also suggest that you follow us on Facebook for regular updates. You can also view the latest instructional videos on the ChargeERP YouTube channel.