Accounting for Inventory: The Impact of Inventory Discrepancies on Financial Reporting
Proper inventory valuation is important when accounting for inventory through financial reporting. If inventory is not correctly valued inventory discrepancies will impact financial statements such as balance sheets, income statements and statements of retained earnings. When accounting for inventory the recorded amount is the total quantity and va ... Read More
October 25, 2018 accurate stock levels, inventory control, inventory levels4 Signs It’s Time to Invest in Inventory Management Software
Are your staff spending way too much time conducting repetitive manual counts and you have no idea if, or where, shrinkage is occurring? Perhaps you have missed another sale because you ran out of stock. If any of this is sounding familiar, then it could be a sign that you need to invest in inventory […] ... Read More
March 29, 2018 accurate stock levels, inventory management software, stock countCommon Inventory Management Mistakes
Inventory management can be overwhelming. There can be an incredibly large amount of tangible inventory, which can translate to a huge amount of responsibility and pressure to manage this inventory properly. Unfortunately, mistakes are inevitable in any business and especially with inventory control. Luckily, by addressing a variety of factors that ... Read More
August 30, 2017 accurate stock levels, automated inventory control, inventory forecasting, inventory management, inventory softwareInventory control for distributors – success is within reach
To solve inventory control challenges, an inventory management software is imperative in providing an easy and effective solution, especially for manufacturers and distributors. The business of distributing involves matching the incoming product from a supplier to the ordered and shipped volume. In an ideal world, this results in little stored inve ... Read More
August 11, 2017 accurate stock levels, business costs, inventory control, inventory management, overstock, understockFive ways to improve your inventory management today
Many business owners know that ordering the right levels of inventory is crucial as it controls costs in addition to acting as a blueprint for a business’s overall health. Here we look at five ways we can help improve your inventory management today. Break down your inventory into key categories Breaking down your inventory into […] ... Read More
June 20, 2017 accurate stock levels, inventory levels, inventory management, inventory orderingFour Simple Reasons Why Inventory Control Systems are Important
Inventory control systems are a collection of hardware and software-based tools, such as barcode scanners and inventory tracking programmes, which help businesses to keep track of their stock. These systems give companies who sell quantifiable goods an accurate means of overseeing their stock levels, sales, losses and much more. Inventory control s ... Read More
June 15, 2017 accurate stock levels, customer satisfaction, inventory accuracy, inventory control, inventory managementFive Typical Inventory Management Mistakes You Should Avoid
Inventory can pose a challenge for any business, let alone a business without a dedicated inventory management function. While some aspects of inventory management can be challenging to master, the basics are easy to get right. In this article, we discuss some of the most common inventory mistakes for growing businesses to avoid. Carrying too [&hel ... Read More
June 7, 2017 accurate stock levels, cloud-based software, ditch Excel, forecasting, inventory managementInventory Management Software – Creating a Platform for Making Better Business Decisions
For a number of years, advancements in technology have been the driving force behind most of the recent innovations in business and business management. Our systems are continually being optimized, our processes streamlined and our use of automation made more precise and more intuitive. Thanks to technology and its increasing uses and reliability, ... Read More
February 21, 2017 accurate sales data, accurate stock levels, inventory management software, real-time analysisWhy an inventory system supports business growth
In a highly competitive global market place, a good inventory management system is vital for business sustainability and growth. ... Read More
August 29, 2016 accurate stock levels, business growth, business planning, integrated software, real-time inventory control