While 2020 saw a slough of retail closures, whether temporary (in response to regional COVID outbreaks) or permanently for this and a myriad of other reasons, 2021 saw only slight improvements throughout what many insiders had high hopes would be a year of return to more traditional numbers – at least partially. But not to... Read more »
There are many electronic data interchange (EDI) transaction codes that relate to business documents, such as invoices and purchase orders. These can be exchanged with your trading partners or other third parties using EDI. Most EDI partners support the EDI transaction codes you need, including codes that are defined by the ANSI ASC X12 standard… Read more »
One of the most basic tools retail brands use to understand their position in the market is point-of-sale data. From the very first time a shopper put your product in their cart to the national sales you may have right now, POS data gives you a clear picture of when and where your products are… Read more »
Supply chain sustainability (SCS) is a holistic view of supply chain processes, logistics and technologies that addresses the environmental, social, economic and legal aspects of every supply chain’s components. There’s a number of different factors that could affect SCS, this could include but is not limited too; Emissions Waste Carbon Footprint Labor Violations Air Pollution… 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 »