Inventory can be classified into three major categories: raw materials, work in process and finished goods. Work in process (WIP) inventory consists of goods that have begun but not yet completed ...

If you are making your own financial statements for a small business, it can be hard to determine where you need to report accounts. Inventory is a balance sheet account and it is an asset. It is an ...

Inventory turnover ratio can help companies better handle product inventory management. Companies like to keep tabs on inventory, and with good reason. Accurate, up-to-date inventory management is a ...

Opinions expressed by Entrepreneur contributors are their own. In their book Start Your Own Business, the staff of Entrepreneur Media Inc. guides you through the critical steps to starting your ...

Sean Henry is founder and CEO of Stord, the cloud supply chain company enabling companies to compete and grow with world-class logistics. Today’s retailers are struggling to run efficient supply chain ...

Inventory management is the process of tracking where your products are at all times and when to order more. These techniques can improve your inventory management process, independent of software.