by Olivia Barnes-Brett | Sep 16, 2022 | Accounting
Knowing how quickly stock sells gives businesses a good insight into their inventory management. No matter the size of your business or the industry you’re in, it’s important to know how long you hold onto stock so you can optimize processes. This is where...
by Olivia Barnes-Brett | Sep 6, 2022 | Inventory
Feeling a little nervous about your business’s future? You’re not alone. Data suggests that overall confidence amongst small business owners is at its lowest since at least 2017, when the survey began. But it’s not all bad news. Even with talks of a...
by Olivia Barnes-Brett | Aug 30, 2022 | Inventory
Just-in-time (JIT) is a form of management commonly used in retail and manufacturing. The idea is to hold (or make) only the stock that you’ll need immediately. Items arrive as you need them — just in time — rather than as bulk orders that must be held until they sell...
by Olivia Barnes-Brett | Aug 5, 2022 | Accounting
Key takeaways Economic order quantity (EOQ), also known as optimum lot size, helps determine how much inventory to order each time to minimize total ordering and carrying costs. While reorder points focus on when to order the EOQ focuses on how much to order. The...
by Olivia Barnes-Brett | Aug 4, 2022 | Accounting
Key takeaways The cost of goods sold (COGS) formula is: COGS = (Beginning Inventory + Purchases) – Ending Inventory = Cost of Goods Sold. COGS is essential for understanding the true cost of producing or purchasing goods and is a key metric to determine a...
