7 Inventory Control Practices That Save You Money
Not only will effective inventory control save you money, but it can also improve cash flow in other ways. It’s important to factor inventory stock into your cashflow management because it represents money spent that won’t generate cash until your inventory has been sold. The longer inventory sits on your shelves, the more it costs, […] ... Read More
February 12, 2019 inventory control, inventory management, inventory stockHow Can I Make Sure My Business is Ready for Action in the New Year?
You’ve had your Christmas party, you’ve shipped your final orders for the holiday season and you’re enjoying your time off. But it’s never too early to start thinking about the following year – and there’s plenty to think about when it comes to making the year easier on yourself and your employees. One of the […] ... Read More
February 8, 2019 inventory control, inventory management, inventory management software, stock control, stock takeIs Using Excel for Inventory Management Really That Bad for My Business?
If you run a small business – or if you used to run one and your business has gotten bigger – you’re probably familiar with Excel. This versatile little piece of software is great for budgeting, accounting, scheduling, project management, customer relationship management and more. In particular, Excel can be a really handy tool for […] ... Read More
February 7, 2019 cloud-based software, inventory control, inventory management, inventory management software, spreadsheetsInventory Accounting: When Should You Use the Weighted Average Cost?
Accounting cost methods are used to control how a businesses inventory expenses appear on the company books. The weighted average is an accounting cost method used to value a company’s inventory by applying the average cost of on-hand inventory to each item of inventory stock. This means that both the cost of goods sold (COGS) […] ... Read More
February 6, 2019 cost of goods sold, inventory accounting, inventory cost, inventory managementUse These Inventory Management Tips to Save You Money
Inventory stock can earn you money or cost you money depending on how you manage it. If your inventory stock is managed properly, it will allow you to move products quickly and efficiently, earning you money faster. However, if you have shelves of dead inventory stock taking up space throughout your warehouse and other obstacles […] ... Read More
February 4, 2019 inventory, inventory forecasting, inventory management, inventory management software, stock take, supplier relationshipSuccess Stories of Just-in-Time Inventory
Just-in-time (JIT) manufacturing has been revolutionary for manufacturing and inventory management companies around the globe. JIT strives to maximise efficiency and minimise costs. The concept that underpins the JIT approach is simple, it aims to eliminate waste. Essentially, when inventory is required, it is delivered. The JIT approach differs fr ... Read More
February 2, 2019 inventory management, inventory management software, just in time inventory, just-in-timeOverhauling Your Inventory Management System as the New Year Rolls In
With the first quarter of the new year in full swing, it is vital that you establish and follow resolutions for your business. Perhaps one of the most important areas of your business to overhaul and revitalise is inventory management. However, for this to be a success we must visualise what the end goal is […] ... Read More
February 1, 2019 excess inventory, inventory control, inventory management, inventory management softwareTips For Your Small Business to Ensure Profitability During the Holidays
The holiday season is a pressing time not only for families but also for small businesses who are trying to figure out a fool-proof way to brave the rush of shoppers in one month to the anticlimactic downturn in the next. It does not, however, have to be doom and gloom. In this article, we […] ... Read More
January 31, 2019 inventory management, inventory management software, SMEHow to Prepare Your Business for the Peak Season
The peak season can be an exciting and rewarding time for business owners, with the promise of a drastic increase in sales. However, it can also be a stressful time that requires a lot of planning ahead, and possibly even some new hires to help manage the influx of customers. In this article, we outline […] ... Read More
January 29, 2019 demand forecasting, inventory management, inventory management software, seasonal demandHow To Improve Your Business’ Financial Health with Inventory Management
Since inventory is one of the biggest assets for a company, it’s no wonder that it can impact on a company’s financial health. If inventory is poorly managed, there can be a domino effect on the company’s financial statements. For instance, if you have old stock sitting on the shelves, taking up space and not […] ... Read More
January 26, 2019 inventory control, inventory management, inventory management software, inventory tracking, online inventory management4 Inventory Management Best Practices You Can Implement in Your Warehouse
Keeping on top of inventory, shipments and logistics for a warehouse can be challenging. Now think about doing that for multiple warehouses. Whether you’re managing one warehouse or several, you know it can be a demanding job. There are internal pressures to keep logistics moving swiftly inside the warehouse, to keep staff trained and to [&hellip ... Read More
January 25, 2019 inventory management, inventory management software, warehouse managementShould Your Business Take the Plunge and Upgrade to Cloud-based Inventory?
Inventory stock is one of the most valuable parts of a business. This means that it needs to be looked after properly. When a business grows, your inventory stock will grow. However, not only will your inventory stock be growing, but you’ll need to expand your inventory management system. Otherwise, how will you cope with […] ... Read More
January 22, 2019 cloud-based inventory, inventory management, inventory management software, spreadsheetsAre Sunny Skies Ahead For Your Business? Here’s How to Forecast for Peak Season
The peak season is what makes or breaks many businesses, with many relying on big business during certain months to carry them through the rest of the year. A distributor of winter sports equipment, for example, would make most of its sales in the lead up to and during winter, but if it can’t meet […] ... Read More
January 18, 2019 inventory forecasting, inventory management, seasonal demandLessons from the Festive Season: Key Factors Affecting Inventory Management During Seasonal Peaks
The holiday season is the most lucrative time of the year for consumer spending and with a trend towards online shopping more pressure than ever is being put on fulfilment centres and distribution hubs to meet consumer demands and expectations. Although different businesses will experience peak demand at different times of the year, many businesses ... Read More
January 17, 2019 inventory management, inventory management software, seasonal demandA Useful Guide for Small Businesses to Stress-free Inventory Management During the Holiday Season
With the holiday season representing as much as 20 to 40 percent of annual sales for some retailers, it is vital to minimise the risks of having not enough or having too much inventory stock during the holidays. When items are quickly going in and out of stock and returns are being made in larger […] ... Read More
January 15, 2019 inventory forecasting, inventory management, small business, SMEOnline Inventory Management: When to Move Inventory Control to the Cloud
Spreadsheets have been around for years and admittedly there are still some situations where using spreadsheets can be a good option for an SME’s inventory control. It’s a low-cost choice for businesses with a small number of SKUs and where you have just a couple of people dealing with inventory stock management. If you hold […] ... Read More
January 5, 2019 inventory control, inventory management, inventory management software, online inventory management, spreadsheets3 Tips for Better Inventory Management During the Holiday Season
Oh the holidays; the most wonderful time of the year – family gatherings and work parties fill the calendar as the countdown begins toward the end of the year. It seems like everyone is buzzing with a holiday spring in their step. But wait, what about the mad dash to sort out holiday gifts for […] ... Read More
December 29, 2018 eCommerce, inventory management, online inventory management, order fulfillment, retailHow the Internet of Things is Changing the Way Inventory Management Works
The Internet of Things (IoT) is gaining momentum with businesses and individuals around the globe. It has the potential to be big – it has the power to transform how we interact as a society and the fundamentals of how businesses run. One of the biggest waves of change we are expecting to see is […] ... Read More
December 21, 2018 inventory management, online inventory management, supply chainOptimum Omnichannel Inventory Control
Omnichannel retail is certainly where it is at, however it is not without its own challenges which must be overcome for long-term business success. As with any retail company, inventory represents a large amount of tied up cash, or assets as it were, and if mismanaged, this can be a significant area for loss. Therefore, […] ... Read More
December 20, 2018 inventory control, inventory management, omni-channel, retail, safety stockFSN Analysis – How It Can Be a Useful Tool for Inventory Management
FSN analysis is yet another acronym used in inventory management, however, rather than just being a buzzword, it really does hold a lot of merit to the stock manager. It is one of several useful analyses of inventory that facilitate accurate control and should be considered by anyone wanting to better understand the delicate nature […] ... Read More
December 19, 2018 inventory control, inventory management, inventory management software, inventory valuation