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by Administrator 11.26.2023
End-of-year audits serve several important purposes for businesses and organizations. The primary objectives of these audits include: Financial Accuracy and Compliance: Accuracy of Financial Statements: Audits verify the accuracy of the financial statements, ensuring that...
End-of-year audits serve several important purposes for businesses...
End-of-year audits...
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by Administrator 09.25.2023
In 2023, businesses continue to grapple with the persistent challenge of inventory shrinkage. This phenomenon, also known as "shrink," represents the loss of inventory due to various factors such as theft, damage, spoilage, and administrative errors. As the global economy evolves and technology...
In 2023, businesses continue to grapple with the persistent challenge of inventory...
In 2023, businesses continue...
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by Administrator 05.22.2023
You might be wondering what the relationship is between gross profit margin and inventory turnover. It's important to understand how they affect each other so we can make informed decisions regarding our business strategy. Gross profit margins measure a company's profitability when it sells its products...
You might be wondering what the relationship is between gross profit margin and inventory turnover....
You might be wondering what the relationship...
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by Administrator 03.13.2023
Inventory turnover measures how quickly a company sells its products or services and replenishes the inventory. It's an important metric in gauging efficiency holistically, as it affects key financial metrics such as the gross margin of the business. When running a business, keeping track of inventory...
Inventory turnover measures how quickly a company sells its products or services and replenishes...
Inventory turnover measures how quickly a...
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by Administrator 05.22.2022
Organizations across the globe need to maintain order, accuracy, and speedy service. There are plenty of management systems to combine data and processes, but one area that they end up failing at is inventory. Performing intensive counts (monthly or cycle counting) must be done with complete accuracy....
Organizations across the globe need to maintain order, accuracy, and speedy service. There...
Organizations across the globe need to maintain...
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by Administrator 04.05.2022
Loss prevention is the action a business takes to reduce theft and fraud. These avoidable losses, caused by human error or deliberate efforts, are known as shrinkage. Shoplifting and employee theft make up a $61 billion annual loss in the retail industry. These incidents are encouraging retailers to...
Loss prevention is the action a business takes to reduce theft and fraud. These avoidable losses,...
Loss prevention is the action a business...
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by Administrator 03.16.2022
An audit is important since it provides an objective and impartial view of an organization’s financial performance. A statutory audit is also a legal requirement. A year-end audit is critical to decision-making. Audit results provide questions about whether your internal controls and processes...
An audit is important since it provides an objective and impartial view of an organization’s...
An audit is important since it provides an...
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by Administrator 10.11.2021
  A company that prepares for upcoming risks and plans possible actions to solve these risks can turn adversities into opportunities. Companies can analyze how they have performed during the crisis by collecting data and learn from these things. This information collected can help the leaders determine...
  A company that prepares for upcoming risks and plans possible actions to solve these...
  A company that prepares for upcoming...
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by Administrator 08.10.2021
Maintaining inventory is still one of the challenging things that you will encounter in the retail industry. You will face various obstacles throughout the supply chain, but there are several ways to prevent these. The holiday season is a special time for so many people, and it can also be a challenging...
Maintaining inventory is still one of the challenging things that you will encounter in the...
Maintaining inventory is still one of the...
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by  06.20.2021
Inadequate pricing verification can lead to many problems such as legal action, damaged business reputation, and many other complications. We do not want that to happen.  At one point, you probably have encountered being overcharged or undercharged at a retail store. Sometimes, you catch it at...
Inadequate pricing verification can lead to many problems such as legal action, damaged business...
Inadequate pricing verification can lead...
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by Administrator 03.11.2021
As COVID-19 hit a huge percentage of the world, life drastically changed. Social distancing became a necessity, and taking extra precautions with personal hygiene, such as regular hand-washing and wearing masks, became a norm. With business owners, more changes took place as they had to adjust to having...
As COVID-19 hit a huge percentage of the world, life drastically changed. Social distancing...
As COVID-19 hit a huge percentage of the...
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by Administrator 02.20.2021
In a perfect and ideal setting, there is no reason to worry about inventory theft. However, the reality is that many businesses lose a lot due to inventory theft. This shrinkage can be traced based on the difference between the accounting records such as receipts, purchase orders, and physical count....
In a perfect and ideal setting, there is no reason to worry about inventory theft. However,...
In a perfect and ideal setting, there is...
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by Administrator 01.17.2021
The beginning of the year is a crucial time for business owners. A new year spells out another chance to improve the business and increase profits. This is the time for businesses to drum up new strategies for marketing, set new goals for the organization, and even redesign the interiors. The new year...
The beginning of the year is a crucial time for business owners. A new year spells out another...
The beginning of the year is a crucial time...
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by Administrator 12.14.2020
2020 is drawing to a close and brings with it the end of an eventful and difficult year. With all its complications and uncertainties, business owners have to face realities, and those whose businesses have survived also have to face the daunting task of counting inventory for the end of the year.  With...
2020 is drawing to a close and brings with it the end of an eventful and difficult year. With...
2020 is drawing to a close and brings with...
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by Administrator 04.30.2020
Warehouse management is optimizing and managing the operations of warehouses starting from the entry of the inventory until these are sold or consumed. In warehouse management, the operations include receiving the inventory, storing, and shipping the inventory out to the customers.   Benefits...
Warehouse management is optimizing and managing the operations of warehouses starting from...
Warehouse management is optimizing and managing...
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