Inventory Shrinkage & How To Account For It?

Inventory shrinkage is one of the most common problems in accounting, which can severely impact both the profits and reputation of the business. What is inventory shrinkage? Inventory shrinkage is the loss of inventory items from a warehouse or store. You can detect the inventory shrinkage when the on-hand inventory records of a retailer report do not match the physical …

How Amazon’s Innovative Supply Chain Management Works

The efficiency and growth of the Amazon supply chain has made it an example to follow in the retail industry. Looking back now, it’s hard to believe that this giant e-commerce trendsetter started off as a small online bookstore. Amazon inventory management processes are impressive because the company is practicing a consumer-centric approach, while being able to get the most …

The 15 Essential Facts About 2D Barcodes

If you take a closer look at any modern barcode, you may notice that it contains not only stripes, but also rectangles, dots and hexagons. Most of the barcodes that we see in our everyday life are actually 2D barcodes. If you’re wondering what a 2D barcode is and how it differs from a 1D barcode, you’re in the right …

Warehouse Management: How to Conduct an Inventory Audit

Every year the inventory and warehouse of every company should undergo inventory audit. Such regular inventory audits help to identify and prevent any potential issues in the inventory area, and can be done by either internal or external auditors. In this blog post, we are going to highlight the main warehouse audit procedures and see how to manage a warehouse …

Ways to Use QR Codes

It is hard to imagine today’s everyday life without QR codes. They have become so integrated into our routines that we barely notice them, even though they are everywhere – on websites, in printed media, on billboards, on flight tickets and booking confirmations. People even tattoo qr codes on their bodies. So what is a QR code? Unlike traditional barcodes, …

Optimize Business for High Demand Products

High demand products are those that are currently trending. This means a growing number of consumers want to buy those products. The most obvious examples of high demand products are seasonal products such as holiday gifts, clothes or school items. The most burning issue that is related to products in high demand is low supply. Surprisingly, the low supply and …

Holiday Inventory Management Tips for Small Businesses

The holiday season is here, and that means all companies are extremely busy with holiday sales, discounts, giveaways, inventory management and other activities related to holiday hustle. Due to active movement of stock and a large number of gift returns, small businesses place a large percentage of their capital in flux. That’s why if you own a small business, it …

4 Benefits of Selling On Consignment

The return of consignment sales has attracted many entrepreneurs, and now it seems to be a profitable niche. In this article, we will explain consignment and take a look at benefits of selling on consignment. What Is A Consignment? In the most basic terms, consignment is an arrangement where one person or entity of gives another custody over materials or …

Limitations of Excel Inventory Management

Small businesses that are just starting off prefer tracking inventory in Excel. For beginners, Excel can be a quick, convenient, and cost-effective way to manage inventory. But there are very real growing pains associated with it, and it’s probably better just to start out on the right foot with professional inventory management software. Here, we’ll show you how to track …

Standard Inventory Valuation & Costing Methods

Inventory management can be intimidating, but valuation and costing is actually much simpler than it appears. Of course, there’s a lot that goes into it and it’s easy to lose direction. Instead of wondering why you’re leaking money or your valuation has been off, you should be actively seeking solutions, and this requires a little legwork. To help, this post …