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The inventory turnover ratio is a KPI that indicates how many times a business replaces (or sells) its average inventory in a given period. On the other hand, inventory days...

Stocktaking is the process of physically counting the inventory and comparing it with the books. It aids businesses in recognising overstocking, shortages, damage, expiry and theft, and recording mistakes. An...

Under the periodic inventory system, purchases are recorded throughout the accounting period, but inventory records are updated only after a physical stock count. The business then values closing stock and...

When businesses have more inventory on hand to sell or use, it is considered to be excess. Obsolete Inventory is Stock that is no longer saleable or usable. Both inventories...

Every growing business relies on a smooth transaction process. Understanding sales order vs. purchase order is vital. Mistakes with procurement documents cause costly inventory nightmares quickly. A smooth supply chain...

Every business that holds physical goods faces one unavoidable question at the end of each financial year: what is the stock actually worth? Inventory valuation is the process that answers...