There are two methods for tracking and accounting for your products: the periodic and perpetual inventory systems. The periodic system is easier to start out with because it is less complex, but we’d suggest the perpetual inventory system for all but the smallest of businesses. It’s a more accurate system for your business to grow […]Continue reading
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Inventory management methodologies, definitions, and best practices to manage and control your stock.
Tracking inventory accurately can require more than just stock counts. Many products can have lot, batch, or serial numbers attached to them — and properly managing these is just as important as monitoring your inventory levels. Lot and serial numbers are tracked through the manufacturing process, delivery to retail stores, and right through to the […]Continue reading
Your safety stock and reorder point help you determine how low your stock can get before you need to order more. If you don’t reorder when you reach your reorder point, you’re likely to run out of stock. Safety stock contributes to your reorder point by accounting for things like: delays in shipping, sudden increases […]Continue reading
When you’re managing your own small business, a lot of your time and energy is used up on day to day operations. So when you pick the tools to keep your inventory accurate, it can be easy to rely on the ones you are already familiar with. In fact, many of our current customers tell […]Continue reading
Our first article on inventory management covers product types that your business may deal with. It also shows you how to name items today, while still keeping an eye on the product lineup of tomorrow. In this post you’ll learn more about pricing schemes, units of measure, and how to indicate whether you are selling […]Continue reading