Mastering Inventory Accounting: Essential Concepts and Valuation Methods
Inventory accounting, or valuation, is the foundation of good financial management control in business. It involves recording and valuing all company-owned assets at the end of each period to ensure accurate financial statements and robust inventory control. This process consists of recording the purchase of inventories, their use, and what is left, and putting a […]
How to Identify Inventory Discrepancy and 5 Tips to Fix It?
Inventory discrepancy refers to the situation when there is a mismatch between the recorded inventory records and the number of items in your inventory. It usually occurs due to data entry, theft, misplacement, or damage. Even though such discrepancies are common, they can negatively affect profit. That’s why it’s important to have a system that […]
Calculating WIP Inventory: Formula and Step-By-Step Guide for Manufacturers
Manufacturing involves combining various raw materials to make the final product. WIP inventory allows businesses to track manufacturing assets and liabilities during a specific accounting period. It monitors production costs to gather performance insights. The cost of manufacturing is essential to streamlining inventory accounting. This article, will delve into the formula for calculating inventory and […]
Mastering Seasonal Demand in Retail: 7 Strategies for Success
The trends of customers’ buying habits changing depending on the time of year is known as seasonal demand. This may be related to the changes in season (e.g., there is a higher demand for wool clothes during winter versus a higher demand for sunglasses during summer) or to holidays like Christmas or Diwali. Fortunately, these […]
The Ultimate Guide to Commercial Shipping
The growing demand for goods in global markets has driven retail and wholesale organizations to embrace eCommerce channels. This shift has spurred a significant need for distribution centers and streamlined supply chain operations. Commercial shipping plays a pivotal role in this ecosystem. According to Statista, the Indian logistics market was valued at USD 250 billion […]
15 Best Practices to Elevate Your Warehouse Receiving Process
The warehouse receiving process replenishes the stocked inventory in the warehouse. It is the first step to delivering the ordered item to a customer. This process includes delivery, unloading, and storing ecommerce inventory in a warehouse or fulfilment centre. A proper receiving process can make inventory management and fulfilment smoother, more efficient, and cheaper. Today, […]
A 2025 Guide to Mastering Dead Inventory Liquidation for Maximizing Profits
Having obsolete and unsold inventory or slow-moving products is quite a hassle for your warehouses. While hoarding them is not an option- you can liquidate them. That’s what dead inventory liquidation is all about. Holding onto dead inventory can drain resources, tie up valuable storage space, and hurt cash flow. So, implement effective strategies that […]
What is (On Time In Full) OTIF in the Supply Chain? How to Measure it and More.
On-time-in-full (OTIF) is a supply chain metric that tracks the delivery of goods in a specific period. It indicates the supplier’s ability to enhance customer satisfaction. OTIF improves store operations by calculating the inventory that needs monitoring, storage, and shipping in real-time. Let’s explore OTIF, including ways to measure it and its benefits in the […]
WIP Inventory Management: Best Practices, and Techniques
In 2024, ignoring WIP inventory management can be your biggest mistake. Optimal stock quantity ensures your supply chain operations match customer expectations. A higher WIP shows production inefficiency and cash flow leaks, which hurts your business goals. Ensuring smoother workflow and greater liquidity will help you avoid logistic bottlenecks. Let’s understand the best practices for […]
Warehouse Inventory Management System (IMS)
Warehouses store goods, but locating a specific item can be time-consuming and inefficient without an organized system, often requiring a manual search through multiple stockrooms. This is where a Warehouse Management System (WMS) becomes invaluable. A WMS helps streamline inventory management by maintaining detailed records of all products and their exact locations within the warehouse. […]
A Guide to Improving Order Picking Accuracy
Picking errors are the killers of warehouse productivity. Warehouses may know that these errors are occurring, but not all understand their implications or how to address them. The order picking process supports the order fulfilment process. When the customer order arrives, there should be a person who will “pick” the product from the shelves so […]
Dimensional Weight in E-commerce: Calculation and Key Formulas
Shipping strategy is a major headache for e-commerce retailers looking to boost customer satisfaction. The entire process of storing, recording, and shipping the right package is an uphill task. Fortunately, dimensional weight streamlines e-commerce operations, effectively reducing operational costs. Let’s dive into the dimension weight system, including its strategies and calculation techniques. What is Dimensional […]
