Learn what inventory accounting is, how it works, and key methods like FIFO, LIFO, and WAC. Includes real-world examples, tips, and best practices. I like to think of inventory accounting like ...

Learning how to manage inventory efficiently is critical to any business that sells physical goods. From timely ordering of supplies to tracking and storage, any mistakes can directly impact your ...

Several major retailers in the U.S. use a century-old accounting practice known as “the retail inventory method,” which relies on retail prices to estimate inventory, even though it fails to take full ...

Tracking of thousands of products in massive warehouses presents a logistical nightmare for many businesses. To address this, Kennesaw State University assistant professor Jian Zhang has introduced an ...

Are you still tracking your business’ inventory manually? According to research from Gartner Digital Insights, you’re not alone. It found that 41% of businesses still use manual methods to track their ...

Any business that uses assets should hold a regular asset inventory audit in order to track important data like the number, condition, and location of all assets. The audit is a cost-effective method ...

In machine shops, the “parts” — i.e., the raw materials, MRO supplies and equipment, works-in-progress, and the finished goods — are vital role in the success of the business. Without effective ...

Inventory management software provides automation tools for repetitive, but crucial, tasks in running any type of business. If you’re running a small business and tracking inventory by hand or in ...