by Olivia Barnes-Brett | Sep 30, 2022 | Inventory, Popular Now
Key takeaways There are 5 fundamental types of inventory: raw materials, work-in-progress (WIP), finished goods, maintenance, repair, and operations (MRO), and packing materials. Raw materials are the basic components used to create finished goods. If the components...
by Olivia Barnes-Brett | Sep 16, 2022 | Accounting
Key takeaways DSI measures how many days it takes a business to sell its inventory on average. The DSI formula is: (Average inventory / Cost of goods sold) x 365. Average inventory is usually calculated by adding beginning and ending inventory values, then dividing by...
by Olivia Barnes-Brett | Sep 6, 2022 | Inventory
Key takeaways A recession doesn’t automatically mean you should slash inventory or spending. The best approach is to identify which products, services, and tools truly add value and cut only the things your business can live without. Research on companies that...
by Olivia Barnes-Brett | Aug 30, 2022 | Inventory
Key takeaways Just-in-time (JIT) inventory management focuses on receiving or producing inventory only when it’s needed, minimizing the amount of stock held on hand. Successful JIT systems depend on accurate forecasting, careful production planning, reliable...
by Jared Plumb | Aug 8, 2022 | Barcoding, Featured
Key takeaways Barcoding boosts accuracy, efficiency, and scalability, and small businesses can start for just a few hundred dollars. A barcode is a visual code (1D or 2D) that represents numbers or text, but it only becomes useful when linked to product data in a...
