The IO Blog

According to Investopedia, “inventory costs run generally between 20 percent and 30 percent of the cost to purchase inventory,” If you do the math, this means that a company might spend approximately $20,000 to $30,000 to store $100,000 of inventory items. What exactly does these “inventory costs” cover? According to the article, it might include: “taxes, employee costs, depreciation, insurance, the cost to keep items in storage, opportunity cost, the cost of insuring and rep

Manual Inventory Method Excel spreadsheet. Manual inventory entails regularly updating inventory counts through physical counting on a daily basis, along with determining the transactions are affected by inventory movement. Here are a few advantages of the manual inventory method: Low cost/No cost No time invested to learn an inventory control system Simple Sense of control Here are a few disadvantages of a manual inventory control system: Time consuming Labor intensive since

Cycle Counting small business inventory management, it is essential to conduct a manual, physical inventory control process, in addition to implementing a robust inventory management system like TRXio. Cycle counting is a good option for many small, product-based businesses. What is cycle counting? Cycle counting can be explained as counting a small amount of inventory on a regular, scheduled basis throughout the year in order to focus on one subset of inventory at a time. If

Do You Need an Inventory Management System? You may be trying to decide if you need an inventory management system. Business owners and operators are keenly aware that for every problem, there’s probably a software solution that claims to cure it. Of course there are plenty of tools most businesses accept as standard, like email or accounting software like Quickbooks, but as businesses digitize their workflows, the drawbacks of using email and accounting software beyond their

Inventory Management System: What to Expect We are often asked what you should expect from an inventory management system? Ask anyone who’s waited longer than they should to get prescription glasses, and they’ll probably describe the experience in terms of what their life was like before, and what it was like after. A theme will emerge, they didn’t realize how much they weren’t seeing. Similarly, if you’ve never incorporated an inventory management system into your business (

Inventory Management Systems So, what’s the best inventory management system? Ask Google that question and it’ll tell you there are at least 30. Ask your friends and you’ll get 20 more. Pretty frustrating when such a simple question ought to have an equally simple answer, right? The answer is woefully inadequate because you’re asking the wrong question. You should be asking, “What’s the best inventory management system for me?” For all the same reasons your parents told you n