Struggling with outdated spreadsheets and late payments? Consider switching to free invoicing software! These user-friendly platforms streamline the process of creating and sending professional invoices, track expenses, and accept online payments. Whether you’re a freelancer, a small business owner, or just starting out, there’s a free invoicing software solution to simplify your finances and get…
As a business owner, you must understand that record-keeping of revenues, expenditures, and net profits is crucial for your company’s optimal financial health. In other words, maintaining the books is an important responsibility of an accountant or a business owner. You must close the books periodically, which in simpler terms refers to balancing the income…
We all have heard the terms invoice and bill. However, I’m sure that not many of us are fully aware of the subtle differences between an invoice and a bill. Even I wasn’t, for several years after I started working. After running my business for over a decade, I’ve seen the confusion on people’s faces…
Have you ever been in that awkward situation where a client wants to know exactly what they’ll pay, but you’re not quite ready to send an official invoice? I’ve been there more times than I can count. Proforma invoices saved my business relationships time and again. After running my small manufacturing business for over a…
A common challenge for both small and large companies is how to handle inventory problems and solutions. The many processes involved in inventory management mean you need to keep a careful eye on your items. Knowing this is crucial for understanding inventory inefficiency. Otherwise, your products can easily get lost or damaged. This task…
A retail business’s inventory is among its most precious assets. As it has been proven to be the case, in the global ever-growing economy, for inventory-intensive industries such as retail, hospitality, and manufacturing, an entity’s finished products, raw materials, and other components are at the heart of its business. Therefore, a shortage of inventory at…
Inventory is the collection of goods a company has in its stock. This includes raw materials, unfinished goods, and goods that are ready to be sold. Generally, inventory refers to the finished goods. This can also include the raw materials required for the production of finished goods called work in progress. Inventory turnover is…
Are you tired of the chaos that comes with managing your inventory manually? As an entrepreneur, you know the struggle of trying to keep track of your stock, orders, and sales without the proper tools. The good news is that there’s a solution that can save you time, money, and countless headaches: inventory management software.…
Stock damage or inventory damage is one of the biggest challenges faced by several managers and business owners in today’s highly competitive market. If you’re running an enterprise, along with the stock, you have to handle a lot many things. Read our article on 7 mistakes that entrepreneurs should avoid. for some tips on running…
Inventory valuation generally refers to stock or stock in trade. In trading, it refers to perpetual inventory meant for resale or unsold goods. A manufacturing concern includes items such as raw materials, semi-finished goods, and finished goods. An inventory valuation allows your company to provide a monetary value for items that make up its inventory.…