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For a layperson, a barcode may be just a set of black lines on a white surface. But in reality, entire inventory systems run on the barcode system. It is one of the oldest and most popular labelling systems. Though they are not standardised universally, every barcode has to follow a specific set of rules. […]
Building a Barcode Inventory System for Your Business Read More »
Inventory management is a complete task in its own right. From keeping track of the stock to ordering and purchasing new items, it is necessary to follow a routine to maintain the supply chain. It might seem difficult but when done with the right ratios and formulas, inventory management can be a cakewalk. Proper inventory
Inventory Management Formulas for a Successful Business Read More »
What is Inventory Turnover? It is the rate at which a company orders and replaces its stock depleted by sales. It includes all the items in a company’s stock that will be sold. It is calculated to help a business make informed decisions regarding pricing, marketing, manufacturing, and purchasing. It also allows you to have
Inventory Turnover Ratio Read More »
Inventory management techniques: Only by adopting effective methods of inventory management as per the standard the inventory management techniques will be successful. Depending on the size, kind, and product offerings of a business, several different techniques of inventory management can be implemented. To understand which inventory management techniques will work best for your firm, you
Different Types of Inventory Management Techniques Read More »
Inventory management is one of the biggest roles of a business. It is very important for businesses to understand the nature of their business and their stocks of goods and accounting. Once a business has understood the nature of their goods and how fast the stocks are rolled in and rolled out they need to
FIFO – First In First Out Read More »
Keeping a check on your inventory and the prices at which the raw materials were bought and the prices at which they need to be sold is a very important job. Three different inventory accounting practices are followed worldwide, and today in this article, we will cover the information about LIFO. Last In First Out,
LIFO – Last In First Out Read More »
What is Order Management System? An order management system is nothing but an electronic method to handle the lifecycle of an order. Moreover, it offers a one-stop store to see and manage the orders of all customers in one place. Besides, it records all the processes and information such as inventory management, order entry, after-sales service, and
Order Management System – OMS Read More »
Inventory is one of the important aspects of any business. Any miss with your inventory movement can disrupt your business turnover. Therefore, it is important to keep track of inventory through effective inventory management. While a few business owners understand the importance of inventory management, they do not use efficient methods. As a result, they
5 Benefits of Inventory Management for Small Businesses Read More »
Very often in businesses, words like stock and inventory are used interchangeably. They are both used in the context of the products that the business holds at one particular time, that can be sold to the customers. However, these two words can mean very different things from the perspective of accounting and bookkeeping. Let us
Difference Between Inventory And Stock Read More »
What is Inventory Control? – All You Need To Know About Stock Control Inventory control incorporates many functions such as purchasing, shipping and receiving, trucking and warehousing, storage and other functions. In other words, inventory control is responsible for the flow of materials between multiple points. There are five distinct functions of inventory control: purchasing,
Guide to Inventory Control Read More »
