The EDI 870 Order Status Report transaction set is commonly used by vendors to report on the current status of a customer’s order. Each status report transaction refers to a customer’s single order but it can involve multiple previously-sent purchase orders. The 870 is replacing what is known as a Paper Status Report, which provides... Read more »
2020 is here and one of the industries that have seen unparalleled levels of change is supply chains. While the foundational measures still apply, such as quality, productivity, and service , we’re seeing supply chain trends that are focused on digital transformation. Is it a sign of things to come? You already know how important… Read more »
We feel it’s fair to say, the supply chain industry is going through an important transformational period. Most companies already know that supply chain efficiency is key for long-term success. Over the last few years, this sector has seen massive growth. If you’re not staying current, you’re risking being left behind or worse, getting passed… Read more »
A realized gain results from selling an asset at a price higher than the original purchase price. It occurs when an asset is sold at a level that would exceed its book value cost. While an asset may be carried on a balance sheet at a level above cost, any gains while the asset is… Read more »
Purchase price can be referred to a number of different things depending on the “context” of the conversation. With that in mind, here’s how we’re categorizing it. The purchase price is the price someone pays for something, which could be a service, product or investment. The specific purchase price is important because that’s the base… Read more »
Operating expenses refers to expenditures that a business incurs due to activities that aren’t directly related with the production of goods or services. Often abbreviated as OPEX, operating expenses include rent, equipment, inventory costs, marketing, payroll, insurance, step costs, and funds allocated for research and development. Understanding Operating Expense Operating expenses are necessary for many… Read more »
Buying, making and storing inventory all cost your business money. The good news, the majority of your inventory-related expenses are deductible when it’s time to file your taxes. If you have the scenario where you can’t sell all of your inventory, you may be able to generate some additional deductions out of it by selling… Read more »
Closing inventory, also referred to as ending inventory, refers to the amount of inventory a business has left on the shelves and in stock at the end of the accounting year. Closing inventory is counted in 2 different ways: To reflect the physical amount of products left in stock To reflect the monetary value of… Read more »
Distribution Cost, also called distribution expenses, are costs that are incurred to deliver your product from the production unit to the end user (your customer). Examples Of Distribution Cost Distribution costs can refer to a number of different expenses, such as; Costs of handling Costs of shipping Costs of packing Costs of distribution employees Costs… Read more »
Choosing a POS is never an easy decision. With so many POS solutions on the market, it can be a challenge to just pick one. The only thing you can do is evaluate those point of sales systems and choose the one that you feel would be best for your business. Once you have your… Read more »
Beginning inventory is known as the recorded cost of inventory in a company’s accounting records at the start of any particular accounting period. The beginning inventory is the recorded cost of inventory at the end of the preceding accounting period, which would then carry forward to the start of the next accounting period. Beginning inventory… Read more »