by Robert Brandon | Feb 10, 2023 | Workflows
A bill of materials (BOM) is a reference list that manufacturers use to streamline and track their manufacturing process(es). That sounds complicated — and it can be — so it helps to break things down. It’s important to note that there are a lot of different...
by Robert Brandon | Feb 2, 2023 | Workflows
ABC analysis is a technique used to make more informed decisions on how much inventory to carry. Businesses using this classification of inventory management place their products into three categories: A, B, and C. Items in “Category A” are high-value products and...
by Robert Brandon | Jan 26, 2023 | Accounting
Key takeaways The total manufacturing cost formula is: total manufacturing cost = direct material cost + direct labor cost + manufacturing overhead. The direct materials cost formula is: direct materials = (starting inventory + purchases – ending inventory). The...
by Robert Brandon | Dec 16, 2022 | Inventory
A cycle count is one of many methods for counting your inventory. During this process, a business breaks its inventory into different categories, then regularly counts the amount of available product in each category. For example, the organization might count the...
by Robert Brandon | Dec 2, 2022 | Inventory
Key takeaways ERP systems are all-in-one platforms that integrate multiple areas of a business (finance, HR, manufacturing, supply chain, CRM, etc.). ERP systems can cost $150,000–$750,000 annually, plus added expenses for licensing, customization, training, and...
