Insights and Updates: Explore the Latest Trends, Tips.

The accounting field, like most others, has undergone radical transformation today thanks to the advent of technology, and the increasing regulations governing the activity, spurred by spiraling cases of fraud and scams. Hesitating to adopt tech or failing to comply with changing regulations can create a mountain of problems for your business. Risk of fraud, […]

If you are a manufacturer or want to start a manufacturing business, a Bill of Materials is a crucial document that you must know about. What Is a Bill of Materials (BOM)? A bill of materials is a detailed list of raw materials, parts, and directions needed for the construction, production, or repair of goods […]

Have you ever really wanted to buy a product, either from the physical store or online, only to be told that it is sold out? I’m sure most of us have faced this frustration at some time or the other. On the one hand, it signifies high demand and sales for the business, but on […]

In 2022, the business world witnessed several changes in the way accounting was done; these changes, while not being jaw-droppingly exceptional, have set the tone for several more innovations for the coming year. Technological advancements are happening in every field, and we can see the increased adoption of automation. While tech has not yet brought […]

Inventory restocking refers to the way you replenish goods when you need it the most, based on current demand and sales predictions for the near future. When properly instituted, you can make sure that you stock adequately so that you don’t miss a sales opportunity and don’t overstock and end up with dead stock and […]

While online shopping is nothing new, during the global lockdowns during the Covid-19 pandemic, this trend grew exponentially. It was safer and more convenient to buy online. This transformation in retail buying has also transformed how businesses operate. Companies today have to fulfil customer demands, ensure prompt delivery, and generally deliver excellent service – or […]

Materials are needed for every business, whether they are manufacturers, retailers, construction companies, or consultants. Basic office supplies, raw materials, equipment, machinery, and services – are the materials needed by most businesses. The question is how to manage these purchases properly; by allowing department heads to directly place orders with vendors, it could lead to […]

Every business needs finances to operate – buying raw materials or products, paying wages, rent, insurance, utilities, repairs, and so on. The cash required for these activities is called working capital. A small business that is on a growth trajectory will especially be in need of funds quickly for their expansion. Wholesale business is usually […]

No, we’re not talking about the age of your customers and suppliers in years. Supplier aging is also known as accounts payable aging, and customer aging is also called accounts receivable aging. Let’s clear the air and understand what both these terms mean and what their importance is in accounting. ALSO READ: Tips to Improve […]

Inventory is one of the most critical assets for any business that manufactures or sells products. But managing inventory effectively can be extremely complex. Today we look at SKUs and their role in inventory management. Do we have too many SKUs? Many retailers ask this question to themselves, as they struggle to manage their inventory […]