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
Today we’ll be talking about ERP systems (Enterprise Resource Planning), sometimes referred to as ERP software. They’re similar to inventory management software, but there are some important distinctions. It’s generally accepted that an ERP system is...
