by inFlow Inventory | May 19, 2023 | Inventory
Key takeaways An inventory audit compares your physical stock with your recorded inventory to ensure accuracy in financial records and inventory tracking. Audits help businesses calculate profits more accurately by providing reliable inventory data and insights into...
by inFlow Inventory | May 18, 2023 | Workflows
The business world is changing rapidly, and companies unable to adapt to changes brought on by challenges and innovations inevitably fall behind. The Harvard Business Review pointed out that the use of automation and analytics accelerated during the COVID-19 pandemic....
by Robert Brandon | Feb 10, 2023 | Workflows
Key takeaways A bill of materials (BOM) is a detailed list of all components, raw materials, and procedures required to manufacture a product. Every BOM should include consistent details such as assembly name, material quantities, costs, part numbers, and the general...
by Robert Brandon | Feb 2, 2023 | Workflows
Key takeaways ABC analysis arranges inventory into A, B, and C categories based on value and revenue contribution, helping businesses focus attention on the products that matter most financially. The method is rooted in the Pareto Principle (80/20 rule), which...
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...
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