Prepare for Physical Inventory

Are you preparing for your physical inventory counts? This is more than a compliance chore. Companies that are proactive use inventory as an opportunity to improve efficiency. The Basics Under U.S. Generally Accepted Accounting Principles (GAAP), inventory is recorded at the lower of cost or market value. These are the three types: Raw materials, Work-in-progress,…

How to Trim the Fat from Your Inventory

To Much Inventory? Keeping your inventory as lean as possible, you can save money. But it will take some effort.  Here are some smart ways to cut back  without compromising revenue and customer service. Objective inventory counts Effective inventory management starts with a physical count. Accuracy is essential to knowing your cost of goods sold —…