The Best Accounting Software for Engineers
Accounting in the engineering field can be a complex beast to tame. With a multitude of projects, various units of measurement, multiple warehouses, and detailed cost tracking, it’s clear that standard accounting software won’t be enough. Engineers need a robust, flexible solution that can handle all the intricacies of their operations. Enter Vencru – the […]
How to Control Inventory in a Warehouse
Effective warehouse inventory management is crucial for any business that stores and sells products. Efficient inventory control helps maintain stock levels, orders are processed promptly, and the warehouse operates smoothly. This blog will delve into essential strategies for controlling inventory in a warehouse, focusing on key aspects like warehouse management systems, differences between inventory and […]
What Is the Expanded Accounting Equation?
The expanded accounting equation extends the basic accounting equation, offering a detailed view of how business activities impact financial health. Breaking down equity into components like revenues, expenses, and withdrawals, provides a clearer picture of a company’s financial position and ensures accurate record-keeping through double-entry accounting. We’ll be discussing: What is the Expanded Accounting Equation […]
How to Organize Inventory in a Warehouse
Effective warehouse inventory organization is critical to ensuring smooth operations, reducing costs, and meeting customer demands efficiently. For many businesses, especially those dealing with large quantities of products, poorly managed warehouse spaces can lead to costly errors, misplaced items, and delayed orders. Organizing your inventory in a warehouse can not only streamline your processes but […]
What is Takt Time?
In today’s fast-paced manufacturing environment, meeting customer demand without overproducing or underutilizing resources is a challenge that many businesses face. One key concept that helps solve this problem is takt time. Derived from the German word for “beat” or “rhythm,” takt time sets the pace for production, ensuring that goods are produced at the right […]
FIFO vs. LIFO Method
When managing inventory, accounting professionals typically use two primary methods: FIFO (First In, First Out) and LIFO (Last In, First Out). These methods serve as the backbone for determining the cost of inventory and directly impact profitability, taxes, and financial reporting. While FIFO is often preferred due to its adherence to common consumption patterns, LIFO […]
5 Free Inventory Software for Crafters
Crafters, whether you’re a passionate hobbyist or a small business owner, understand that efficient inventory management is crucial for success. From tracking supplies to ensuring adequate stock for future projects, the right stock tracking software can make all the difference. While manual tracking of craft supplies is challenging, inventory tracking tools can simplify the process. […]
7 Best Inventory Software for E-commerce Business
Efficient inventory management is crucial for the success of any e-commerce business. Selling on multiple channels can easily get overwhelming however, with the right software, you can streamline operations, maintain optimal stock levels, and enhance overall efficiency. In this article, we’ll explore the importance of e-commerce inventory management software, key features to consider, and the […]
How to Calculate FIFO Cost of Goods Sold
Accurately calculating the Cost of Goods Sold (COGS) is crucial for any business that deals with inventory. The FIFO (First In, First Out) method is one of the most widely used inventory valuation methods, and it plays a significant role in determining COGS. In this blog, we’ll explore how to calculate FIFO COGS, compare it […]
Outstanding Receivables
Managing cash flow is crucial for maintaining financial stability and promoting growth in every business. A key metric in understanding your business’s financial health is Accounts Receivable Days Outstanding (ARDO). This measurement reveals how long a company takes to collect customer payments, directly impacting its liquidity and cash flow. In this blog, we will dive […]
