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Topic: inventory management

The Importance of Accurate Stock Taking for Measuring Inventory Turnover

Inventory control is not just about what products you have on hand at any given time. Good inventory control should also consider how quickly that inventory stock moves into and out of your business. Sales revenue alone is not enough to measure the success of a business if expenses exceed your revenue, then the business […] ... Read More

  June 7, 2019     

How Sales Quoting Impacts Inventory Management

When you work in a retail environment, you’ll recognise that there’s a lot of little steps to take before you get to the final transaction. There can be quoting, sales orders and invoicing. This can also be coupled with invoice-waybill, receipts, and customs declarations. These terms are used to make it easier for companies to […] ... Read More

  June 3, 2019     

Why Inventory Control Doesn’t Have to be Difficult

If you have ever caught yourself asking why inventory management is so difficult, you are certainly not alone. Inventory management can give businesses a real headache and be viewed as overwhelmingly hard if not taken control of early on. Major reasons why inventory management can be challenging is because it’s never-ending, complex and it takes ... Read More

  June 1, 2019     

The Probabilistic Model of Inventory Control Explained

Regardless of the industry, it is necessary for manufacturers and retailers to maintain the right quantities of inventory stock to ensure the smooth running of production operations and sales activities. Holding certain levels of inventory stock helps companies to avoid lost sales, will reduce ordering costs, help to maintain efficient production r ... Read More

  May 30, 2019     

The Ins and Outs of Stock Control: The reactive and proactive approach

Managing stock can be a complicated task, especially as your business grows. Many inventory managers and business owners fall into the habit of reactive stock control, where stock issues are dealt with as they arise. However, this type of stock control is largely ineffective and, sometimes, may be counter-productive. Business owners should be worki ... Read More

  May 29, 2019     

Inventory Control: Deterministic vs. Probabilistic Models

Different business owners and inventory managers will have varied approaches to inventory control. A business owners’ approach to inventory management will determine the company’s inventory levels, which can be make-or-break for any business selling goods. Getting inventory to an optimum level so that demand is consistently met by supply – ... Read More

  May 27, 2019     

4 Inventory Management Techniques to Simplify the Life of an Online Retailer

The world of eCommerce is expanding at a rapid rate with more and more opportunities opening up for online retailers. It really is an exciting time, providing larger audiences with greater geographical diversity equating to better selling opportunities and higher profits. However, all this promise can be undone very quickly without the appropriate ... Read More

  May 23, 2019     

Understanding Inventory Reconciliation

Keeping tabs on everything that’s happening in your warehouse takes time. It can be a pretty big task, but inventory management is necessary to keep a company afloat. One piece of the inventory management puzzle is inventory reconciliation. It’s an integral part of checks and balances in the warehouse. Let’s delve into the ins and […] ... Read More

  May 22, 2019     

How Stocktaking Can Shed Light on Inventory Turnover

An accurate stock take ensures that the inventory turnover ratio is going to be a reliable tool. If the numbers are right, business owners can plan for the future. It is a powerful part of inventory management and allows the business to make smarter decisions on what parts of the inventory stock they should invest […] ... Read More

  May 21, 2019     

Are You Proactively or Reactively Controlling Your Inventory Stock?

As a business owner, it’s easy to feel like you’re being pulled in all different directions across your business. It’s an around-the-clock job and there are always decisions that need to be made. Inventory stock is one of those fundamental components that a business owner needs to ensure is getting looked after. However, the phrase […] ... Read More

  May 20, 2019     

What is a Deterministic Model of Inventory?

It is so important to maintain the optimum level of inventory, but sometimes it is easier said than done. The good news is that there are proven models and methods that have been developed for determining the optimum level of inventory stock for your business. Models can only help with predictions and forecasts, and they […] ... Read More

  May 18, 2019     

These 4 Key Elements of a Multichannel Strategy Can Impact Your Supply Chain

Going online does not just mean using desktops and laptops anymore — it is anytime, anywhere connectivity afforded by tablets, smartphones and smartwatches. Our more connected world has unsurprisingly changed the way we shop. As a direct result of exponential growth in online spaces and with numerous ways to purchase nowadays, retailers are takin ... Read More

  May 17, 2019     

How You Can Optimise Your Inventory to Save Money

The phrase ‘flushing money down the drain’ can feel like a reality if your inventory isn’t managed properly. Managing inventory can be daunting, but the feeling of losing money because of inventory can be even worse. Mistakes from a stock take can be costly: dead stock lying around the warehouse can take up storage costs […] ... Read More

  May 13, 2019     

Best Practice Inventory Control Techniques for Online Retailers

Successful inventory control enables retailers to meet customer demand by avoiding stockouts and reducing the risk of overstocking to free-up cashflow. It is crucial in the world of eCommerce, for even the smallest online retailer to have effective inventory control. Following are best practice inventory control techniques to help online retailers ... Read More

  May 9, 2019     

Better Merchandising Decisions with Better Inventory Management

Inventory management is vital for many businesses; it can make or break your bottom line. So why are 43% of small businesses still using manual methods or worse not tracking inventory at all? Without an effective inventory management system in place, you risk your business being more susceptible to many problems such as inventory stockouts [&hellip ... Read More

  May 8, 2019     

Centralised Inventory in a Nutshell

Effectively managing inventory is key to the success of any business, especially those with large and complex inventories. When a business is reasonably small, managing inventory may be a simple task of recording stock movements on paper. However, as a business grows and its inventory diversifies, inventory management can become more complex. This ... Read More

  May 6, 2019     

Understanding Inventory Par Levels in Business

As any business owner or inventory manager knows, balancing inventory and managing inventory levels effectively can be the backbone of any business. While a company is smaller, managing inventory may be a relatively simple task, but it can quickly become more and more difficult as the business growth along with the customer base. In this […] ... Read More

  May 4, 2019     

5 Inventory Control Tips to Help You Stop Leaving Money on the Table

No business wants to leave money on the table. Whether you’re a one-room startup or a large enterprise, keeping a tight eye on both your margins and your cashflow is vital to your long-term business health. Losing money to inefficiency or missed opportunities is particularly painful; it’s one thing deciding not to pursue a source [&hell ... Read More

  May 2, 2019     

Making it as a Multichannel Merchant: 4 Steps to Implement for Tangible Results

Being successful in today’s retail market is no easy feat and, in fact, can be quite daunting. However it is certainly not impossible, and with some careful thought and consideration, embarking on the right steps at the right time and committing to some hard work can get your brand off the ground. In this article, […] ... Read More

  May 1, 2019     

The Teetering Relationship Between Inventory Control and Profit

The control of inventory and the effect it has on a company’s profit is inextricable and should be duly noticed by anyone attempting to manage sales and inventory. What many companies fail to fully appreciate is that inventory and cash can often be thought of as one and the same. If too much cash is […] ... Read More

  April 30, 2019     

The Implication of Stock-outs on Your Customers

eCommerce poses a variety of issues with order fulfilment and inventory control. It turns out that a quarter of online shoppers ditch their cart due to out-of-stock issues. This means eCommerce sites could be losing 25% of sales because of inventory control problems from stock-outs. However, this is only taking into account customers who have [&hel ... Read More

  April 27, 2019     

Learn How You Can Support Your Clients at Accountex London

Accountex London is a free 2-day conference and expo designed to help accountants and bookkeepers keep up to date with the latest happenings in the industry and empower them in their careers. No other UK even brings together the biggest brands, industry leaders and cutting-edge technology. Meet big businesses like Xero and Sage, and discover [&hell ... Read More

  April 24, 2019