FIFO vs LIFO: Differences, Advantages and Disadvantages, Applications, and More

First In, First Out and Last In, First Out are two common inventory management methodologies. The two models are based on opposite methods, each with a few distinct advantages in certain industries and verticals. A Definition of First In, First Out (FIFO) and Last In, First Out (LIFO) First in, first out (FIFO) is an …

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What is Inventory Accounting? How It Works, Types of Inventory Accounting, and More

Every business that manages inventory must use an inventory accounting process to determine the value of the company’s inventory assets. There are several common inventory accounting methods that companies rely on to assign value to their inventory and maintain appropriate record-keeping. Inventory valuation is a critical business process that directly impacts profit and taxation. A …

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Item Traceability Has Evolved

This article originally appeared in Pan European Networks Government, Issue 22, in July 2017; pp. 152-153.  Camcode Global discusses the growing need for improved international identification standards for imported/exported goods. Image courtesty Rob Leibrandt In today’s high-stake, just-in-time world it is no longer ‘good enough’ to make business decisions using part, stock or even serial numbers. …

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26 Inventory Management Pros Reveal the Most Important Feature to Look For in an Inventory Management Software System

Whether you’re considering your first inventory management software system or thinking about making a change from your current software, the options can be overwhelming. While many inventory management software systems share a similar set of core features and functionality, there are a multitude of variations between software programs, from compatibility with barcoding to real-time data, …

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29 Experts Reveal How Small Businesses Can Improve Their Inventory Management Processes

Small businesses, particularly those that are growing, often struggle with inventory management. Many end up utilizing outdated or manual processes that are anything but efficient. As a company grows, however, inefficient inventory management becomes a major headache rather than a minor annoyance, and the need to improve inventory management processes becomes both real and urgent. …

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