Inventory Best Practices »

STEVEN M. BRAGG, CPA, CMA, CIA, CPIM, has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young. He is the author of nineteen books, including Accounting Best Practices and Essentials of Payroll: Management and Accounting, both from Wiley.

By implementing best practices, a company can greatly improve its efficiency of information reporting. However, every company requires a specialized implementation of best practices to help its environment best succeed. Inventory Best Practices is a powerful tool for selecting best practices that will result in measured improvements in a full range of industry-specific issues and inventory flow concepts.

Inventory Best Practices provides nearly 200 best practices that address every phase of a company’s inventory activities–purchasing, receiving, storing, picking, and shipping. The best practices for special functions related to inventory are presented in quickly accessible sections on production, transaction processing, planning, warehouse layout, cost accounting, and even bills of material.

Inventory Best Practices has all the know-how to help companies spend far less time recording inventory transactions, reduce investment in inventory, reduce scrap and obsolete inventory expense, improve the efficiency of the warehouse, and shorten order cycle time. It offers a step-by-step itemization of the work plans to implement each best practice–along with common pitfalls to avoid.

Inventory Best Practices features successful plans to:

• Improve the accuracy of all ongoing inventories
• Configure a warehouse for optimum counting efficiencies
• Establish a minimum of 95% inventory record accuracy
• Maximize the efficiency of inventory tracking systems by shifting selected inventory items into floor stock
• And more!

Inventory Best Practices completes its thorough guidance with a comprehensive list of inventory-related measurements to monitor a company’s progress toward achieving best-practices goals.

For controllers, inventory managers, and CFOs, Inventory Best Practices is an essential reference for succeeding in business today.