Inventory Management

If you’re one of the many businesses affected by the August 31, 2023 sunsetting of QuickBooks Commerce, which was initially TradeGecko but renamed after it was acquired in 2020, don’t worry – there’s a reliable alternative. Finale Inventory is an intuitive and cost-effective inventory management software that provides advanced inventory management features, robust reporting capabilities,…

Imagine this: You’re a small business owner juggling multiple responsibilities, from managing orders to keeping track of inventory levels. It’s a hectic day at your store, and you’re trying to keep everything organized, but it’s becoming overwhelming. You reach for your trusty clipboard and realize you’ve misplaced it. Panic sets in as you frantically search…

In 2021, U.S. companies had their most profitable year since the 1950s, and much of that is a result of increasing markup averages across and within industries. The average markup percentage that same year was 72% above marginal cost. Rising markups aren’t a new phenomenon. Research shows about a 25% increase overall between 2006 and 2019. Knowing what percentage to mark…

Whether your business deals in raw materials, components and parts or finished products, your inventory is an essential source of potential revenue. It represents a significant investment and is part of your total current assets. Learn more about what current assets are and the best way to calculate and use your current assets. What Is…

When you are trying to run a business efficiently, a lack of helpful tools or outdated tools can make work stressful. While inventory and stock are not the most glamorous areas to manage, they are necessary to your business’s success.  That’s why every business needs an efficient inventory management system, whether upgrading an existing system…

It’s important to keep track of stock to inform customers about which of your products are available and which aren’t. An accurate inventory also lets you plan around future shortages and demands. By keeping track of your production stock and raw materials, you can account for existing products and know when you need to make…

Stock-keeping units, or SKUs, are crucial tools for inventory management. They provide identification for your products and help businesses keep track of available inventory. You can also use them to track sales trends, optimize future items and improve the customer experience at your stores. However, managing the number of SKUs in your inventory is important.…

Businesses use the supply chain to order and distribute goods to consumers. Supply chain layers work together to create and distribute products across the globe. However, disturbances in this chain can disrupt access to goods and other business functions. In the phenomenon known as the bullwhip effect, retailers make larger orders in response to sudden…

Retailers and manufacturers use a variety of identification methods during inventory management. These codes help you organize products and maintain inventory accuracy, which is crucial for business success. One example is a SKU. Inventory professionals use these frequently for various inventory operations. But what does SKU stand for, and how are they used in inventory…

Your inventory is the life of your business. Finding a way to ensure your items are safe and protected, whether they’re in your warehouse or another storage facility, will give you peace of mind and keep your business running smoothly. This guide will take you through factors you should consider to ensure your products’ safety,…

Perpetual inventory systems and physical inventory systems attempt to keep businesses organized and provide them with data that can help them make accurate decisions and know the correct amount of available inventory. However, these different types of inventory systems achieve these goals through different means. What Is Perpetual Inventory? Perpetual inventory systems are methods of inventory…

As the retail industry continues to grow, maintaining a good stock of your products is crucial for success. Having enough supplies on hand keeps both customers and employees happy. And the best way to keep track of your on-hand items is with thorough inventory counts. With the right inventory strategy, you avoid product shortages and ensure…

Order picking has a critical role to play in your warehouse operations. It impacts your efficiency, accuracy and customer satisfaction, and you can amplify your business by finding the right method.

Shipping labels might seem simple, but they have an integral role to play in warehouse shipping processes. Inventory management and shipping labels go hand in hand, with these labels providing valuable information about the package’s origin, destination, handling requirements and much more. They can direct the package through its journey, allowing employees to work more…

Shortages and surpluses are similar in that they disrupt the flow of a business and can cause financial troubles and a loss of customers. However, they differ in numerous ways. The causes and solutions of shortages and surpluses are very different and require businesses to look within to determine what they can do to help…

As businesses look for improvements in their companies, they should consider assessing their inventory management systems. Any kind of inefficiency can negatively affect your business, impacting how your customers view your services and how you compete with similar companies. Prioritize inventory management efficiency today and discover how you can improve it with five essential tips.…