itemit Asset Tracking Blog.

The various types of assets employed by the business can be challenging to manage, especially when trying to classify supplies vs inventory. These two play different roles in an enterprise, and their correct differentiation is very relevant in proper management and financial reporting. In this article, we shall look at the critical differences between supplies and inventory, examine in greater detail how they are accounted for, and highlight best practices to apply in their management. By the end, you should have a better idea of how to track and optimize supplies and inventory for the smooth running of business.

Essentially, inventory management is very important in simplifying operations to meet customer needs and enable the business to be competitive. This can be very daunting to choose between different inventory management systems since each has its respective advantages and disadvantages. The article will outline some of the main differences between the periodic vs perpetual inventory systems and will allow you to understand which system best fits your particular business.

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