Job Description:
1. Monitor Inventory Levels
Objective : Track current inventory levels and ensure materials are available for production or sale. Steps :
Regularly review inventory reports and real-time data.
Set reorder points and minimum stock thresholds for key items.
Leverage NetSuite's inventory management features to automate alerts when stock levels drop below defined thresholds.
2. Create Purchase Orders (POs) to Maintain Desired Material Inventory Levels
Objective : Generate POs to replenish inventory as needed. Steps :
Use automated reorder functionality to trigger POs when stock falls below threshold.
Create POs manually or through automated processes based on stock levels and vendor lead times.
Use NetSuite's supplier and inventory management modules to create and send POs directly to vendors.
Track PO status and expected delivery dates within the system.
3. Receive Materials into the System
Objective : Ensure received materials are properly logged and matched to the corresponding PO. Steps :
Upon receiving materials, match the physical receipt to the PO in NetSuite.
Use barcode scanning or manual entry to update inventory levels in the system.
Ensure the system reflects accurate quantities and conditions for received goods (e.g., damaged goods or discrepancies).
4. Process Invoices Against Purchase Orders
Objective : Ensure that invoices match the agreed-upon terms and quantities in the PO. Steps :
Match vendor invoices to the related POs in NetSuite.
Check for discrepancies (e.g., pricing, quantity) between the PO and the invoice.
Approve invoices for payment in the system, ensuring that the accounts payable module reflects accurate amounts.
Track payment statuses and maintain proper documentation for financial auditing.
5. Process Non-PO Accounts Payable (AP) Transactions
Objective : Manage and process invoices for expenses or purchases that don't involve a PO. Steps :
Record non-PO AP transactions in NetSuite, such as utility bills or miscellaneous expenses.
Review and approve non-PO invoices according to business rules.
Ensure proper accounting and financial reporting for non-PO transactions.
Route for payment as per internal processes, ensuring accurate AP reporting.
Desirable Features in Oracle NetSuite:
Inventory Management : Real-time tracking, automated reordering, inventory reporting.
Procurement : Automated purchase order generation, vendor management, and order tracking.
Receiving and Receiving Transaction Matching : Efficient receipt and tracking of goods to inventory.
Accounts Payable : PO-based and non-PO-based invoice processing with approval workflows.
Reporting & Analytics : Financial, inventory, and procurement reporting for informed decision-making.
Automation : Auto-generation of POs and alerts based on inventory levels and other criteria.
This outline defines the end-to-end process of managing inventory and procurement within an enterprise resource planning (ERP) system like Oracle NetSuite.
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