December 26, 2019

Deducting Inventory Expenses

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 »

December 13, 2019

Closing Inventory: 3 Methods To Calculate It

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 »

December 10, 2019

Distribution Cost: What You Should Know

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 »

December 7, 2019

Point Of Sale Data Collection

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 »

December 7, 2019

Beginning Inventory: What You Should Know

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 »

November 30, 2019

Retail Analytics: Using Data To Build Customer Trust

When tracked and used correctly, retail analytics can be a game changer for your retail business. You already know how important it is to track your key retail KPIs. You should also know how important it is to have POS data and POS reporting. You should also know how key retail inventory management is. We… Read more »

November 30, 2019

Inventory Management Software: Features And Benefits

Having the right inventory management software is vital to all retailers, both small and large. With so many different inventory management software solutions on the market, it can be tough to figure out exactly what you’ll need. In this guide, we’re going to be discussing what benefits you’ll receive to once your inventory management is… Read more »

November 23, 2019

Cloud Based Inventory Management

Cloud-based inventory management is the monitoring and maintenance of a businesses’ inventory levels using online software. With a cloud-based inventory management solution, it helps businesses avoid many of the errors and issues that plague traditional methods of measuring stock levels. With this type of inventory management software, you get a system that seamlessly tracks inventory… Read more »

November 20, 2019

Inventory Count: 7 Things You Should Know

As a retailer, doing physical counts of inventory is likely one of the most annoying task you have to do. It’s a tedious task, counting store merchandise can take several hours, and for some merchants, it may require closing the store down for a period of time. While it’s likely not a job you’re fond… Read more »

November 16, 2019

Creating An Efficient Stocktaking Process

The stocktaking process refers to the processes and procedures that are being used when new stock arrives to your business. Performing a complete stocktake a few times a year is essential for maintaining optimal inventory levels and minimizing losses in your retail or wholesale business. Yes, it can be time-consuming, frustrating and a pain in the… Read more »