Inventory Control
Posted by Steven in Inventory Control
Business use the term inventory in various ways, basically, its what you sell, in some form or another. A retail business would have a merchandise inventory – the stock
of goods on hand to be sold. A manufacturing company would have several inventories finished goods, materials, and work in process (everything in between materials and finished goods).
As an asset, inventory means more to your company’s financial profile than just the stuff the workers tote around the warehouse on two-wheel carts. Like other assets, inventory has to be managed correctly if the business is to continue to operate profitably.
That means a company requires good inventory control, from both physical and fiscal standpoints. The result will be minimizing loss and maximizing resources, which translate into greater company profitability.
of goods on hand to be sold. A manufacturing company would have several inventories finished goods, materials, and work in process (everything in between materials and finished goods).As an asset, inventory means more to your company’s financial profile than just the stuff the workers tote around the warehouse on two-wheel carts. Like other assets, inventory has to be managed correctly if the business is to continue to operate profitably.
That means a company requires good inventory control, from both physical and fiscal standpoints. The result will be minimizing loss and maximizing resources, which translate into greater company profitability.
