Should Your Business Be Using the Weighted Average Cost Method?
The weighted average cost method is an accounting method that businesses use to value inventory. This method of valuing inventory involves proportional treatment of both the cost of goods sold (COGS) and the inventory item in stock at the time of valuation. This means that both are treated the same when it comes to determining […] ... Read More
December 14, 2018 average landed cost, business costs, inventory control, inventory management, inventory valuationHow Can the Internet of Things Help Your Online Inventory Management?
When we talk about how the digital age is reshaping and revolutionising how we do business, we’re often talking about the obvious impact of person-to-person devices like computers and smartphones. But the last few years have seen the rise of the Internet of Things, and it’s a new concept that business owners should be aware […] ... Read More
December 13, 2018 inventory management, inventory management software, online inventory managementUsing ABC Analysis to Make Your Inventory Work For You
Whether you’re a manufacturer, a retailer or a trader, it’s important to keep on top of your inventory. Everything in your inventory has value – you’ve invested time and resources and money into each and every item, and you’ve done that because each and every item is worth something to someone else. If you aren’t […] ... Read More
December 13, 2018 abc categorisation, inventory classification, inventory control, inventory managementInventory Optimisation for Greater Inventory Control
The biggest challenge of inventory control is getting the balance right, to meet the challenge of matching supply volumes to customer demand and with any good enterprise or activity, it usually pays to start with the basics. Inventory optimisation basics There are many different inventory control techniques out there, knowing what to stock and the ... Read More
December 10, 2018 inventory control, inventory management, inventory management software, supply chainWhat Does IoT Mean for Inventory Management?
The dawn of the Internet of Things (IoT) is upon us and it is set to revolutionise many industries including inventory management. However, before we can understand how inventory management will be affected by IoT and how we can optimise this, we must first understand what exactly it is. IoT is essentially a concept where […] ... Read More
December 6, 2018 inventory management, supply chainAs Easy As ABC: Categorising and Managing Inventory
ABC analysis is an inventory management principle which stands for Always Better Control. It is based on the Pareto principle (20% of a commodity accounts for 80% of the net result) and can be very useful for management of a company’s inventory. In this article, we consider what ABC analysis is exactly and how it […] ... Read More
December 6, 2018 abc categorisation, inventory control, inventory managementOptimise Cashflow With Better Inventory Management
It is imperative to understand that cashflow and profit are two different things. While you evaluate your cashflow you may encounter situations where you have made a profit, but you are lacking in working capital. Low working capital means that your current liabilities exceed your current assets in this case the company may have outstanding [&helli ... Read More
December 5, 2018 inventory management, inventory stock, stock levelOptimising Inventory Management for Multichannel Businesses
Managing multichannel inventory requires clear and concise inventory strategies to combat the challenges associated with multi-platform sales. By increasing visibility, working with supply chains, reconciling inventory, connecting systems, and managing safety stock levels, you can improve multichannel inventory management. Offering visibility throu ... Read More
December 4, 2018 inventory control, inventory management, multi-channel, safety stockWhat Are the Best Ways to Optimise Your Inventory?
Inventory optimisation is changing the way businesses are running their warehouses and managing their inventory stock. It’s allowing them to become more competitive in the market and see advantages on a global scale. Focusing on inventory optimisation allows companies to free up working capital without substantially changing the service levels. I ... Read More
December 3, 2018 inventory management, inventory stock, supply chain5 Ways SMEs Can Improve Inventory Turnover
To ensure your small business is operating efficiently, effectively managing inventory and meeting customers’ needs, you should aim to improve inventory turnover. This, in turn, will help optimise business cash flow and maximise profits. Inventory turnover is the number of times a business sells and replaces inventory within a specified timeframe ... Read More
November 30, 2018 inventory levels, inventory management, inventory turnoverThe Difficulties of Managing Multiple Warehouses
Managing a warehouse is a complex and multi-faceted job. There are many factors affecting inventory management that need to be considered when you’re looking after a warehouse: stock levels need to be kept at healthy levels and shipments need to go out on time; staff schedules and training need to be organised; overhead costs need […] ... Read More
November 26, 2018 inventory management, multiple warehouses, warehouse managementHow You Can Overcome These 5 Challenges of Managing Multiple Warehouses
Many benefits can arise from adding extra warehouses such as reduced shipping costs by adding new warehouses closer to customer locations, added storage capacity where extra warehouse space may be needed, warehouses for specific purposes that can simplify warehouse management to contingency plans to alleviate risk, such as if one warehouse is taken ... Read More
November 21, 2018 inventory management, multiple warehouses, stock levels, warehouse managementUsing Online Inventory Management to Give Your SME a Competitive Edge
As a small business competing in a large market, tracking inventory is the first step to grow into a successful company. Online inventory management for businesses of all sizes is becoming the new norm, with customer expectations of delivery times and stock availability becoming tougher for smaller businesses to meet. By updating to an online [&hel ... Read More
November 16, 2018 cloud-based software, inventory management, inventory management software, SMEGetting a Grip on Order Fulfilment
As a retailer, you want to do everything you possibly can to serve your customers and boost your business. An effective way to keep that happening is by making your fulfilment of products you dispatch as easy as possible. With online inventory management software, you can improve your order fulfilment and deliver best-in-class service to […] ... Read More
November 16, 2018 inventory management, inventory management software, order fulfillmentThe Growth of Inventory Management
Inventory management originated even before the Industrial Revolution and has certainly evolved with time and expertise to become what it is today. The need for inventory management has always existed where trading was a livelihood and the stock management was imperative to protect one’s resources. The Industrial Revolution ushered in a boom in t ... Read More
November 13, 2018 inventory management, inventory software4 Benefits of Integrating Inventory Management and Accounting Software
Inventory management software is a must for a business of any size and so is accounting software to improve efficiencies and organise businesses smartly. Accounting software defines the current standing of your company while inventory management software is used to maintain inventory health. Inventory management is about knowing what you have in yo ... Read More
November 8, 2018 inventory management, inventory management software5 Challenges of Fulfiling eCommerce Orders
For any retailer, fulfiling customer orders in a timely and appropriate manner is the primary goal first and foremost in their minds. However, order fulfilment is not a simple concept that involves receiving orders, locating the product in the warehouse and calling it a day. The challenges arise in ensuring the received orders and inventory [&helli ... Read More
November 3, 2018 eCommerce, inventory control, inventory management, order fulfillmentIntegrated Inventory Management Software and Accounting Software for Successful Business Growth
More than ever, competitive businesses are acknowledging the importance of adequate inventory control practices and appropriate management software, but the integration of accounting software with that of inventory management offers many advantages for better holistic business management. Combining forces in this way offers visibility and optimisat ... Read More
November 1, 2018 accounting, integrated software, integration, inventory control, inventory managementOrder Fulfilment Differences in B2B and B2C
Order fulfilment is a critical part of both B2B and B2C environments; both markets play important roles in the global economy. Each model has a slightly different order fulfilment method. Their approaches to logistics, operations and end-customers vary, as well as the regulations they are subject to in the business world. B2B order fulfilment In [& ... Read More
November 1, 2018 B2B, B2C, inventory management, order fulfillment12 Reasons Why You Have Stocktake Discrepancies
Stocktake discrepancies happen when the actual quantity of inventory stock on hand is different from the quantity recorded in an inventory system for any particular item. Unfortunately, this is a real issue every business tasked with maintaining and controlling inventory is faced with. If not avoided or detected, discrepancies will bring about vari ... Read More
October 30, 2018 inventory control, inventory management, stock count, stock levelThe Challenges of Effective Order Fulfilment
Effectively fulfilling customer orders is an art and perfecting the process can be a real challenge for new business owners – as well as seasoned business owners like. In our increasingly digitised world, consumers have become accustomed to convenience at every point of the purchasing process – from browsing the catalogue, to choosing t ... Read More
October 29, 2018 inventory management, order fulfillment, supply chain