No matter what your industry might be, you work with suppliers. It could be raw materials, partially finished products, or even fully finished products that you then resell to your own customers. The challenge today is that the supply chain is becoming more and more complex.
 Forecasting: What is Forecasting and Why is it Important for Businesses Today’s business world requires an agile strategy interpretation and an effective operational management system in order to evolve beside the rapidly changing business climate. At this stage, forecasting comes into play and enables companies to plan ahead for unexpected events. Here you can find […]
Sourcing: What Does It Mean? In the business world, many parts are working together. Manufacturers, suppliers, wholesalers, retailers, third parties, etc… Manufacturers take the raw materials and make the product. Wholesalers buy those products and sell them to retailers. Retailers sell those products to customers. This network includes different activities, people, information, and resources. Managing […]
In this article, you’ll delve into the fundamental aspects of the Total Cost Formula, an essential tool for any business to evaluate its profitability. You’ll learn what this formula is, how to calculate it, and its application in business, along with its advantages and potential limitations. Additionally, real-world examples will illustrate how this formula works, […]
A perpetual inventory system is an inventory management accounting method designed to update all the relevant information regarding the company’s accounting process. Perpetual inventory records real-time transactions that have been received or transactions related to sold stock. While this method is usually considered more efficient and handy than a periodic inventory system, it also involves updating and tracking inventory […]
Deadstock: What Deadstock Is, What Causes Deadstock, and How You Can Avoid & Manage It What is deadstock, you wonder? Simply put, deadstock is inventory that doesn’t sell. Unfortunately, Deadstock is a common issue with businesses that don’t use any inventory management software. As a result, the products that don’t sell can remain on warehouse shelves for ages, useless […]
