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If you haven't done any accounting work, this might be a weird concept for you, but it's ubiquitous for manufacturing companies and service companies. Applied overhead is used not only for actual billing for products and services but also for estimating costs when looking to bid on projects or service contracts. This applied overhead cost is an ongoing, month-to-month cost that eliminates the fluctuations from heating costs in the winter to cooling costs in the [...]
January 26, 2021
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    Are you trying to decide between a perpetual vs. periodic inventory system, but you’re not sure which one is right for your business? These systems are accounting methods that allow you to keep track of the number of products you have available. Even in well-run companies, around 20 to 30 percent of inventory is obsolete or dead.  The right inventory management system can help you cut down on wasted inventory, making your business more profitable [...]
    January 26, 2021
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      ERP methodology is a type of management software that businesses and organizations use to manage day-to-day business activities. Enterprise resource planning (ERP) handles such activities such as project management, supply chain operations, accounting, risk management, and compliance. This software is useful to both small and large businesses alike.  Implementing an ERP system involves installing software that fits your company, transferring over your own data into the new system, and customizing the process so that your [...]
      January 26, 2021
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        If you work in production, you've heard the term: Master Production Schedule. The Master Production Schedule, or MPS, is a plan for the production of individual final items. The MPS lays out the production plan to illustrate each stage's quantity to produce every final article. In this article, we will break down  MPS and how it is applied in manufacturing. Related: Mastering The Production Schedule Master Production Schedule Basics Here are some basic terms to [...]
        December 21, 2020
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          The world has gone into lockdown, but that hasn't stopped the wheels of business from turning. It's 'do or die,' 'sink or swim,' for small, medium, and large businesses across the globe. The most crucial factor has been to keep in close communication with now, remote-only teams. We're not allowed to meet in groups of more than 5 or 10, which means there can be no in-person meetings. So how do you set tasks? How [...]
          October 1, 2020
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