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GMROI or gross margin return on investment is a ratio that assesses the profitability of inventory. It fundamentally studies the ability of a company to convert inventory into money for an amount over the inventory cost. It is mainly used by retail businesses; the calculation in itself is a simple one, and the ratio is […]

Before delving into budget variance analysis, let’s understand what business budgeting is all about. For a business, budgeting means the process of creating and managing a financial document that contains the estimated earnings and expenses for a period, usually one year. It is an important activity that helps businesses ensure that departments and employees have […]

For any business dealing in products, whether production or just selling of finished goods, inventory is a critical asset. It is what generates revenue for the business. Inventory management is therefore a very important function for such businesses. What Is Inventory Management? Inventory management can be defined simply as the process of ordering, stocking, using, […]

Every business regardless of how big or small has to maintain proper accounts, without which it is not possible to ascertain the financial status of that organization. In financial accounting, several journals and ledgers are used. Today, let us take a close look at a cash book , why it is important, and what advantages […]

Oil and gas is a critically important industry, and also very expensive and complex. They are highly reliant on accurate management of workflows and market analysis. Managers in the industry struggle to keep up with the rapidly evolving demands of commodities and maintain a balance between changing regulations and resource availability. Workplaces are spread across […]

A ledger is a book of entries that contain detailed information of transactions of one account or type of transaction or a summary of all the financial transactions of a company for a specific period. In other words, the principal account book which contains the balance for each account. All sets of accounts like nominal, […]

It’s a well-known fact that stock or inventory is the most crucial aspect for any business that deals in products. They have to monitor their movement as well as their shelf life so that they don’t end up with excess stock or have stock-outs. Carrying excess inventory results in heavy expenditure in the form of […]

The Accounts department of a company has numerous tasks to perform every single day – recording all transactions in the correct books of account, posting to the ledger. ALSO READ: Important ERP Modules and Features What is Bank Reconciliation? A bank reconciliation statement is a synopsis of the banking and business transactions of an organization, […]

Procurement is a critical activity for any business that deals in products – more so for a manufacturing company.

Inventory management is a critical function of any business and has to be executed efficiently for business success and growth. The larger the business, the more complex it becomes, and the more attention it demands. Uncertain demand predictions and rapidly shifting costs add to the problems. A possible solution to this situation could be vendor […]