An Introduction to Stock Software
Modelled on Sotheby’s consignment-based procedures, this is a full stock control system for auction houses. It keeps track of each item from the time it was brought into the saleroom to the time it is removed by the buyer or returned to the owner. At any point, Stock can report on the status and location of each item.
Stock is usually supplied to auction businesses who have a number of specialist valuers or cataloguers and departments. It allows each department to work independently of all others whilst automatically collating data on each individual vendor and their items regardless of the department/sale in which those items are entered. Stock can of course be used by smaller firms who want the very best reporting and control.
Comprises four main components:
Stock module which handles vendor pre and post sale procedures within the master client database
Admin module which handles vendor pre and post sale procedures within individual sales
Commission Bids which records and manages commission and telephone bids received
Saleday module which handles all procedures for purchasers
Stock System Key Features
Master Stock database. Allows vendors registration details to be entered initially, ready for future re-use. Each item record is updated automatically as it goes through the various delivery, report, cataloguing, sale allocation, saleday and collection procedures. So vendor consignment history is in-built and an inherent feature showing, at any instant, the status of each item.
Item reporting and cataloguing. Records the location of each item in the saleroom. Implements a sophisticated reporting and cataloguing regime for use directly be specialists or their assistants. Implements a comprehensive scheme for reporting to owners both pre and post sale and for formally recording the collection, return or disposal of each item from saleroom premises.
Automatically scans the stock database for items of a given sale allocation – then assembles those items into a sale ready for manual or auto-lotting. Alternatively allows sales to be constructed on an item-by-item basis or a combination of both methods,
Purchaser payment analysis. Analyses amounts remaining unpaid by purchasers over any time period. Analyses amounts paid in at specified computer workstations over any time period (hours to months).
Settlement Report. Provides a comprehensive report for solicitors, executors, trustees and others showing precisely how the final vendor settlement was achieved encompassing all sales.
Introductory Commission. Provides statements for agents to whom you wish to pay an introductory commission. Payments can be calculated over any time period. Agents are paid a % of hammer price.
Admin + Saleday modules provide the following standard features
- Provides a wide variety of ways of handling stock and methods of building sales. Manual and auto-lotting with or without the use of categories.
- Allows descriptions to be spell-checked as entered and gives a choice of font, size, bold (etc.) and text colour. Item descriptions and condition reports can be up to 40 lines of A4 text in length. Lot numbers can include A-Z. Identifies items via item number, lot number and category with up to 36,000 available categories. Changeable VAT status on each item.
- Has support for up to ten images and one video clip per item. Images are available to specialists as they catalogue items for sale. Permits images to be labelled using either a stock code or a lot number. Images labelled with stock code can be automatically renamed with lot number once the lotting up process has been completed.
- Allows emailing of images (including any sub-images), descriptions, condition reports, VAT and Artist’s Resale Right status directly from the auction management package to potential buyers.
- Prepares (internet) auction catalogues, including estimates, VAT status, condition reports, multiple images, video clip, flipbook pdf and comprehensive search facilities.
- Prepares vendor account including full and part payment procedures. Permits vendor payments via cash, cheque or BACS Direct Credit. Alternative vendor cheque address with the ability to send copies of vendor reports to executors, trustees and others.
- Integrates with mailing contact management system.
- Handles up to 50,000 purchaser registrations and prints A4 registration paddle cards on demand.
- Operates day-of-sale and post-sale procedures including purchaser registration, point of sale invoicing and payments. Allows buyers to pay multiple times and by mixed payment methods, automatically calculating credit card surcharges and live internet bidding webcast surcharges as appropriate.
- Produces a TV display with lot number, image, description and estimate for purchasers within the saleroom. The display can free-run during viewing times.
- Prepares vendor and purchaser financial summaries to include full compliance with the Auctioneers’ VAT Margin Scheme.
- Provides an integrated sales ledger and payment audit trail – obviates the need to transfer each transaction into management accounting software.
- Provides an audit trail for buyer transaction with the ability to track transaction from individual point of sale terminals.
- Provides a wide range of in-built statistics about individual sales including total low and high estimate, average selling price and price band analysis.
- Originates and collates all client forms from plain paper in full colour, including printing of logos, colour coding under copies.
- Email all client paperwork in pdf format.
- Creates a wide range of printer and file-based reports in a range of formats including CSV.
- Plus much much more ….
Please contact us for a no obligation demonstration.