|
Physical Inventory
Physical inventory is a process where a business physically counts its entire inventory. A physical inventory may be mandated by financial accounting rules or the tax regulations to place an accurate value on the inventory, or the business may need to count inventory so component parts or raw materials can be restocked. Businesses may use several different tactics to minimize the disruption caused by physical inventory. *Inventory services provide labour (economics), labor and automation to quickly count inventory and minimize shutdown time. *Inventory control system software can speed the physical inventory process. *A perpetual inventory system tracks the receipt and use of inventory, and calculates the quantity on hand. *Cycle counting, an alternative to physical inventory, may be less disruptive. The Finance or Business Manager of the unit is responsible for ensuring the annual physical inventory is properly performed, inventory records reflect actual quantities on hand, inve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory
Inventory (American English) or stock (British English) refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials. The concept of inventory, stock or work in process (or work in progress) has been extended from manufacturing systems to service businesses and projects, by generalizing the definition to be "all work within the process of production—all work that is or has occurred prior to the completion of production". In the context of a manufacturing production system, inventory refers to all work that has occurred—raw materials, partially finished products, finished products prior to sale and departure from the manufacturing system. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Accounting
Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. This involves the preparation of financial statements available for public use. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes. Financial accountancy is governed by both local and international accounting standards. Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction. It includes the standards, conventions and rules that accountants follow in recording and summarizing and in the preparation of financial statements. On the other hand, International Financial Reporting Standards (IFRS) is a set of accounting standards stating how particular types of transactions and other events should be re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Raw Materials
A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials that are feedstock for future finished products. As feedstock, the term connotes these materials are bottleneck assets and are required to produce other products. The term ''raw material'' denotes materials in unprocessed or minimally processed states; e.g., raw latex, crude oil, cotton, coal, raw biomass, iron ore, air, logs, water, or "any product of agriculture, forestry, fishing or mineral in its natural form or which has undergone the transformation required to prepare it for international marketing in substantial volumes". The term ''secondary raw material'' denotes waste material which has been recycled and injected back into use as productive material. Ceramic While pottery originated in many different points around the world, it is certain that it was brought to light mostly throu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Automation
Automation describes a wide range of technologies that reduce human intervention in processes, namely by predetermining decision criteria, subprocess relationships, and related actions, as well as embodying those predeterminations in machines. Automation has been achieved by various means including mechanical, hydraulic, pneumatic, electrical, electronic devices, and computers, usually in combination. Complicated systems, such as modern factories, airplanes, and ships typically use combinations of all of these techniques. The benefit of automation includes labor savings, reducing waste, savings in electricity costs, savings in material costs, and improvements to quality, accuracy, and precision. Automation includes the use of various equipment and control systems such as machinery, processes in factories, boilers, and heat-treating ovens, switching on telephone networks, steering, and stabilization of ships, aircraft, and other applications and vehicles with reduced hu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory Control System
Inventory control or stock control can be broadly defined as "the activity of checking a shop's stock". It is the process of ensuring that the right amount of supply is available within a business. However, a more focused definition takes into account the more science-based, methodical practice of not only verifying a business's inventory but also maximising the amount of profit from the least amount of inventory investment without affecting customer satisfaction. Other facets of inventory control include forecasting future demand, supply chain management, production control, financial flexibility, purchasing data, loss prevention and turnover, and customer satisfaction. An extension of inventory control is the inventory control system. This may come in the form of a technological system and its programmed software used for managing various aspects of inventory problems, or it may refer to a methodology (which may include the use of technological barriers) for handling loss preve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Perpetual Inventory
In business and accounting/accountancy, perpetual inventory system or continuous inventory system describes systems of inventory where information on inventory quantity and availability is updated on a continuous/real-time basis as a function of doing business. Generally this is accomplished by connecting the inventory system with order entry and in retail the point of sale system. In this case, book inventory would be exactly the same as, or almost the same, as the real inventory. In earlier periods, non-continuous, or periodic inventory systems were more prevalent. Starting in the 1970s digital computers made possible the ability to implement a perpetual inventory system. This has been facilitated by bar coding and lately radio frequency identification (RFID Radio-frequency identification (RFID) uses electromagnetic fields to automatically identify and track tags attached to objects. An RFID system consists of a tiny radio transponder, a radio receiver and transmitter. When ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cycle Count
A cycle count is a perpetual inventory auditing procedure, where you follow a regularly repeated sequence of checks on a subset of inventory. Cycle counts contrast with traditional physical inventory in that a traditional physical inventory ceases operations at a facility while all items are counted. Cycle counts are less disruptive to daily operations, provide an ongoing measure of inventory accuracy and procedure execution, and can be tailored to focus on items with higher value, higher movement volume, or that are critical to business processes. Although some say that cycle counting should only be performed in facilities with a high degree of inventory accuracy (greater than 95%), cycle counting is a means of achieving and sustaining high degrees of accuracy. Cycle counting can be used to identify root causes of problems in control processes and then monitor the effectiveness of the actions to eliminate the root causes. In contrast, identifying root causes of inventory errors, ag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Logistics
Logistics is generally the detailed organization and implementation of a complex operation. In a general business sense, logistics manages the flow of goods between the point of origin and the point of consumption to meet the requirements of customers or corporations. The resources managed in logistics may include tangible goods such as materials, equipment, and supplies, as well as food and other consumable items. In military science, logistics is concerned with maintaining army supply lines while disrupting those of the enemy, since an armed force without resources and transportation is defenseless. Military logistics was already practiced in the ancient world and as the modern military has a significant need for logistics solutions, advanced implementations have been developed. In military logistics, logistics officers manage how and when to move resources to the places they are needed. Logistics management is the part of supply chain management and supply chain engine ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory Management Software
Inventory management software is a software system for tracking inventory levels, orders, sales and deliveries. It can also be used in the manufacturing industry to create a work order, bill of materials and other production-related documents. Companies use inventory management software to avoid product overstock and outages. It is a tool for organizing inventory data that before was generally stored in hard-copy form or in spreadsheets. Features Inventory management software is made up of several key components working together to create a cohesive inventory of many organization's systems. These features include: Reorder point Should inventory reach a specific threshold, a company's inventory management system can be programmed to tell managers to reorder that product. This helps companies avoid running out of products or tying up too much capital in inventory. Asset tracking When a product is in a warehouse or store, it can be tracked via its barcode and/or other trackin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stock-taking
Stock-taking or "inventory checking" or "wall-to-wall" is the physical verification of the quantities and condition of items held in an inventory or warehouse. This may be done to provide an audit of existing stock. It is also the source of stock discrepancy information. Stock-taking may be performed as an intensive annual, end of fiscal year, procedure or may be done continuously by means of a cycle count. An annual end of fiscal year stock-taking is typically undertaken for use in a company's financial statements. It is often done in the presence of the external auditors who are auditing the financial statements. Periodic counting is usually undertaken for regular, inexpensive items. The term "periodic" may refer to annual stock count. However, "periodic" may also refer to half yearly, seasonal, quarterly, monthly, bi-monthly or daily.Applegate, M.How Often Should You Do Inventory? accessed 2 February 2017 For expensive items a shorter period of stock-taking is preferred. A sto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
