Background of the Study Inventory is basically the total amount of goods and materials held in stock by a factory, store and other business. An inventory system is a process whereby a business keeps track of the goods and material it has available.
In its simplest sense it can be done manually by a count at the end of each day. In this way it is possible to keep a record of the goods coming in to the business and goods being sold. Since manual inventory consumes a lot of time and is susceptible to errors, it would be helpful to build a system that will automate the transactions from acquisition of the product description to updating the inventory database. The automated inventory system will improve employees’ work efficiency by automating routinely and time consuming tasks such as the time spent in taking down product information.
As a result, the time can be used in activities that are more productive. 2 1. 3 Statement of the Problem The inefficient rate of manually mandating a system or accessing manual inventory system is widely known due to the time consumed of manually recording of the transactions being done, security of data is at risk, and there might be inaccuracy of data. Time consuming the inventory of materials is done manually in such a way that employee writes down the details of different materials every time a transaction is being done.
These results, taking too much time. In case of power failures there might be loss of data. This might also cause wrong data inputs that might cause inaccuracy in data. Statement of the problem must have general problem and specific problems. 1. 4 Objectives of the Study Objective of the study must have the general objectives and the specific objectives (specific objectives is the answer to the specific problems) The objectives of developing an Inventory System are: To help manage the company’s inventory more systematic and accurate. To avoid data redunduncies in the inventory * To facilitate in producing reports relating to the stock in inventory * To develop a system that has user friendly interface 3 1. 5 Significance of the Study Combat Military Store Inventory System will be used in business by Combat Military Store. With this system, it is easier to organize data in the stock inventory. From this system data will be systematic and well organized. The system helps find records easily and avoid data redundancies in the stock inventory.
It is important to value inventories accurately in order to meet shareholder needs and demands for financial information. It affects companies’ profits. It is essential in which way assets are valued, however, it will be a waste of time if the record accuracy level is poor. 1. 6 Scope and Limitations * Combat Military Store Inventory System is a Windows based system that will be used by the company to manage the stock inventory. * The system will focus on the data on stock inventory of Combat Military Store. * The sytem could be either supported by a desktop or a laptop. 4