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The Difference Between FIFO and LIFO Inventory Management

19

February
2021
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Inventory is an essential part of any business, and there are various ways to manage it. Some industries might benefit by using FIFO while others might be better off with LIFO. Any business would be well advised to understand the difference between FIFO and LIFO inventory management and determine which method works best for them. FIFO The first kind of inventory method is known as FIFO, which means first in, first out. This method’s primary benefits are that it’s incredibly easy to implement and allows for fewer errors. While many businesses might try to get rid of older products first,...

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FIFO Inventory Management Method, Explained

29

January
2021
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Recording Inventory on Shelf

When it comes to deciding how to manage the inventory of your warehouse or small business, the most intuitive approach is the best. This, of course, is “first-in-first-out,” or “FIFO” inventory management, where the oldest inventory you have acquired is sold prior to inventory you have acquired more recently. In this guide to the FIFO inventory-management method, we’ll explain how this method benefits not only your warehousing, but also the quality of your merchandise, as well as making life easier for your accountants and the IRS. Last vs. First First, let’s define what FIFO is by understanding what it is...

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Top Tips for Improving Your Inventory Management

31

December
2020
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One of the biggest benefits of e-commerce is that it takes much of physical retail and makes it virtual—no longer do you have to worry about arranging an aesthetically pleasing store layout, paying rent on such space, and relying on in-person customer service that can often go awry. But one thing that can’t become virtual in e-commerce is your inventory. Time and space in the real world still matter in the e-commerce industry, and with traditional brick-and-mortar retail costs out of the equation, the margins in inventory management matter more than ever. You don’t want to find yourself paying for...

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Common Store Layout Mistakes To Avoid

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November
2020
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As a retailer in the 21st century, you’ve most likely felt a certain pervasive sense of dread. Whether you compete with e-commerce or split your business between the real and the virtual, it can feel like there’s no future in the real-world side of selling. But to paraphrase Mark Twain, the rumors of brick-and-mortar retail’s death have been greatly exaggerated. Sometimes, customers can’t buy everything they want online. Other times, they simply prefer not to buy online and truly want to step into your store. Either way, your small business still has one foot in all three dimensions of the real...

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