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Showing posts from February, 2023

Should a Business Perform Regular Stocktaking?

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  Stocktaking is physically counting a company's inventory to determine the exact quantity and value of items. This information is typically used for accounting and financial reporting purposes, as well as to help manage inventory levels and identify any discrepancies between the physical stock and the company's records. Stocktaking can be done periodically, such as monthly or annually, or as needed. As doing it manually tends to be time and money-consuming, many businesses have started using technology to streamline the process. The growing role of technology in the business sector, particularly in the stocktaking area, influences the birth of  stock and inventory apps . Advstock Inventories supplies this need with cutting-edge retail inventory software available for iOS and Android devices. We offer stocktaking apps for convenience stores to give business owners insights into their inventory flow, making it easier to identify any deadstock. Our stocktaking apps for food and ...

Inventory Management Best Practices for Small Businesses

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  Inventory management is an essential aspect of any business that sells physical goods. It involves ordering, storing, and tracking a company's inventory, ensuring that raw materials, components, and finished goods are used effectively and efficiently. Proper inventory management is crucial for a business's cash flow, particularly those dealing with perishable goods. It allows business owners to keep track of expiration dates to avoid spoilage costs and protect consumers' well-being. For non-perishable items, inventory management enables business owners to make informed decisions about storage, restocking, and stock control.  In addition, inventory management plays a vital role in customer satisfaction and business growth. By delivering orders and fulfilling demands on time, businesses can build strong relationships with their customers, increasing the likelihood of repeat business. With steady revenue growth, it also becomes easier for a business to expand its operations....