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A Glossary of Shipping Terms

A Glossary of Shipping Terms

If you’re new to shipping, you may use context to understand shipping terms. However, that could cost you dearly. Many charges such as LCL use acronyms and if you don’t know what they mean, you can’t minimize your operating costs. And in the worst case scenario, you could find yourself in legal trouble because you don’t […]
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What Is an Inventory Audit

What Is an Inventory Audit? Benefits & Procedures

The lawyer and inspector general Robert Cobb said, “If you can’t show through an audit trail how you arrived at the numbers in your balance sheet, that is a significant internal control failure.” Your goods for sale are a central part of your business. Keeping track of them regularly lets you maintain a flow in your […]
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Logistics Management

What Is Operations and Logistics Management? Learn at Once!

In the eCommerce landscape, your inventory is the heart of your business. To get the most out of it, you need to handle your logistics operations with very care and vigilance. Otherwise, you risk shortages, wasteful costs, obsolete inventory, and delivery times that disappoint your customers. However, the question is – how should you organize your […]
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Average Cost Inventory Method

The Weighted Average Cost Method of Inventory Valuation

If you have a large inventory, calculating its cost is a pain, but it’s essential to understand how much capital is invested in it for making informed financial decisions. However, listing down the cost of each item by hand is short of impossible. That’s where the weighted average inventory method comes in. With this formula, you can […]
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Difference Between supplies and inventory

What Is the Difference Between Supplies & Inventory?

Understanding the difference between inventory and supplies is vital for your business’s success. They are key to your budget, daily operations, and sales. Many people use these terms interchangeably, but they have distinct meanings in business. Knowing these differences will help you manage them better. In this blog post, you’ll learn about stock, supplies, and […]
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Excess Inventory

Excess Inventory: How to Avoid Surplus Inventory Items

Have you experienced a spike in storage costs? If so, your business might be suffering from excess inventory. This issue affects your business in different ways, such as increased labor costs or insufficient storage space. Even if you’re not facing the worst of these signs, excess stock burdens your business by tying up your capital […]
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Types of Inventory Report You Need to Know About

Types of Inventory Report You Need to Know About 

Accurate inventory tracking can lead a business to success. It provides data about your inventory that helps you streamline your inventory management process. To get the most out of it, you can use this data and condense it into a report form. However, there are many types of inventory reports. Here, the question is – […]
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