If you step out in the market often and interact with businesses or any transactions, you’d have encountered the terms‘ invoice‘ and ‘bill’. Businesses, accountants, and customers often use these two terms interchangeably. Though they do have some commonalities, they surely aren’t identical. If you are a business owner and wish to have some assistance…
A common challenge for both small and large companies is how to handle inventory problems and solutions. The many processes involved in inventory management mean you need to keep a careful eye on your items. Knowing this is crucial for understanding inventory inefficiency. Otherwise, your products can easily get lost or damaged. This task…
A retail business’s inventory is among its most precious assets. As it has been proven to be the case, in the global ever-growing economy, for inventory-intensive industries such as retail, hospitality, and manufacturing, an entity’s finished products, raw materials, and other components are at the heart of its business. Therefore, a shortage of inventory at…
Inventory is the collection of goods a company has in its stock. This includes raw materials, unfinished goods, and goods that are ready to be sold. Generally, inventory refers to the finished goods. This can also include the raw materials required for the production of finished goods called work in progress. Inventory turnover is…
Are you tired of the chaos that comes with managing your inventory manually? As an entrepreneur, you know the struggle of trying to keep track of your stock, orders, and sales without the proper tools. The good news is that there’s a solution that can save you time, money, and countless headaches: inventory management software.…
Stock damage or inventory damage is one of the biggest challenges faced by several managers and business owners in today’s highly competitive market. If you’re running an enterprise, along with the stock, you have to handle a lot many things. Read our article on 7 mistakes that entrepreneurs should avoid. for some tips on running…
Inventory valuation generally refers to stock or stock in trade. In trading, it refers to perpetual inventory meant for resale or unsold goods. A manufacturing concern includes items such as raw materials, semi-finished goods, and finished goods. An inventory valuation allows your company to provide a monetary value for items that make up its inventory.…
What Is A Bill Of Materials? In a nutshell, a Bill of Materials (BOM) is the complete list of all the items that are required to build a product. But, it is more than a mere shopping list. A list of material, or the Bill of Materials is a list of all the production…
The world of online retail is still showing considerable signs of growth on a global scale and, despite trends predicting a slight decrease in percentage growth for 2019 in comparison to previous years, theres still scope for eCommerce businesses to upscale and take their share of the market. In this post, Jon Leighton from…
What Is Order Management? Some businesses manage their orders manually and keep their records in ledgers. That being said, this is only good for small companies who process very few orders on a daily basis. For big companies with larger order inflows, the task of order management and processing can be challenging to carry…