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Steps to reduce high cash burn rate for starting business : 1- launching inventory management system, to avoid idle inventory. 2- be more proactive in collecting outstanding receivables. 3- reducing overhead expenses. 4- increasing profit margin. 5- streach out the time it take to pay suppliers. #business #businessboost

?? Enhance Your Inventory Efficiency with an Invoice Policy Based on Picked Quantity! ??? An invoice policy that aligns with picked quantities can significantly streamline your inventory management process. This approach ensures accuracy in invoicing based on what is physically picked and ready for shipment, rather than just ordered or reserved. ?? https://lnkd.in/g8y_zVJw ?? Book Your Demo with Our Expert. ?? [email protected] #Uncannycs #inventorymanagement #invoicepolicy #supplychain #logistics #businessoptimization #efficiency #accuracy #processimprovement #supplychainmanagement #warehousing

Mastering Purchasing Payment Terms: A Key to Effective Supply Chain Management ?? In the intricate world of supply chain management, purchasing payment terms play a crucial role. These terms not only impact cash flow ?? but also define the financial relationship between buyers and suppliers. Understanding and negotiating favorable payment terms can lead to significant benefits for your organization. What Are Purchasing Payment Terms? Purchasing payment terms refer to the agreed-upon conditions under which a buyer will pay a supplier for goods or services. Common payment terms include: Net 30: Payment is due 30 days after the invoice date 2/10 Net 30: A 2% discount is offered if payment is made within 10 days; otherwise, the full amount is due in 30 days. COD (Cash on Delivery): Payment is made at the time of delivery. EOM (End of Month): Payment is due at the end of the month following the invoice date. Net 60 / Net 90: Payment is due 60 or 90 days after the invoice date, providing the buyer with extended time to pay. Partial Payment: A portion of the payment is made upfront, with the remainder due upon delivery or after a specified period. Advance Payment: Payment is made before goods are delivered or services are rendered. Letter of Credit (LC): A financial institution guarantees the buyer's payment to the supplier, providing security for both parties. There are other payments terms as well. Why Do Payment Terms Matter? ?????? Cash Flow Management ?? Supplier Relationships ?? Cost Savings ???? Negotiating the Best Terms Understand Your Needs ??: Assess your cash flow and operational needs before entering negotiations. Know what terms will best support your business. Research Industry Standards ??: Be aware of common payment terms within your industry to benchmark your negotiations. Leverage Volume ??: If your company makes large or frequent purchases, use this as leverage to negotiate more favorable terms. Build Relationships ???: Strong relationships with suppliers can lead to more flexible and favorable payment terms. Implementing Effective Payment Terms Clear Communication ??: Ensure that all terms are clearly stated in purchase orders and contracts to avoid misunderstandings. Automate Payments ??: Use technology to automate payments and track due dates. Monitor and Review ??: Regularly review your payment terms and renegotiate. What are your experiences with purchasing payment terms? Share your thoughts in the comments below! #SupplyChainManagement #Purchasing #PaymentTerms #CashFlow #SupplierRelationships #BusinessStrategy #FinancialManagement #Procurement #Efficiency #CostSavings #Automation

Do you struggle with inaccurate cost rollups? Trouble tracking purchasing cost changes and promptly reflecting them in the cost of final products? Is keeping up with the multiple new part numbers that need cost assignment a challenge? Overcome challenges and optimize your cost rollup processes! https://lnkd.in/eYK7YxYV?#32soft?

Shipment process in procurement Scenario 1: Additional freight charges to material cost There's an additional cost associated with freight, which is being added to the material cost. Prerequisite: Material price after V moving average: There's a calculation involving the price of materials and a moving average. Process: 1.PO (Purchase Order): This is the starting point a purchase order is created, Select conf control as confirmation The PO is sent to a vendor. 2.VL31N Inbound Delivery w.r.t PO 3.Inbound shipment VT01N?Purpose of shipment doc is to track various details like freight vendor, route, schedule, shipment timeline, and vehicle details. 4.Shipment Cost Doc: VI01 The shipment cost is calculated &Transfer to the G/L Account during GR. Shipment Status Update: The shipment status is updated, Tender tab has Max Price. 5.Create Freight Invoice: MIRO w.r.t PO 6.Create Freight Invoice: MIRO by Selecting 2 planned delivery cost related to freight charges. Scenario 2: Creating Freight Provision & Settle Freight Vendor: Here the concept is there are two different P.O docs takes place to handle the Material Procurement & Service. 1.PO (Purchase Order): This is the starting point a purchase order is created, Select conf control as confirmation The PO is sent to a vendor. 2.VL31N Inbound Delivery w.r.t PO 3.Inbound shipment VT01N :Choose different shipment type as IBD Shipment Settlement 4.Shipment Cost Doc: VI01 Here while creating Shipment cost doc check transfer box which allows the system to create service P.O Service entry sheet Service G.R in background. go to VI02 and procurement tab will have P.O created automatically. 5.Create Freight Invoice: MIRO w.r.t PO 6.Create Freight Invoice: MIRO w.r.t service entry sheet. Scenario 3: Creating Freight Provision during GR: There seems to be a step involved in creating a provision for freight charges during the Goods Receipt (GR) process. Material price control S standard Price Process same as above scenarios P.O. → IBD → VTOIN → VI01--MIGO entries for freight shown Separately with diffrent G/L Accounts Please check FI Docs in MIGO not added to material cost. MIRO for Procure material &planned delivery cost. #Procurement #SupplyChainManagement #FreightCharges #MaterialCosts #Shipment

When it comes to outsourcing your logistics, understanding 3PL pricing structures can make all the difference in managing costs. There are two primary pricing systems to consider: variable and flat-rate. ???????????????? ?????????????? allows you to pay only for what you need, whether it's shipping, storage, or other services. It's great for businesses that experience high and low demand but can sometimes come with unexpected costs. ????????-???????? ??????????????, on the other hand, is all about consistency. You'll know what you're paying upfront, making it easier to plan your finances. This model works best for businesses that want a more predictable cost structure. Choosing the right pricing structure depends on your specific needs and business goals. If you need further guidance, feel free to email us at: [email protected]

Implement strategic inventory management practices. Optimize inventory levels, reduce carrying costs, and implement just-in-time inventory systems to enhance efficiency and improve profit margins. #Business #Finance #InventoryManagement #MarginImprovement

Unveiling the True Cost of Purchasing: Beyond the Invoice Part of the short papers series THE SCM BLUEPRINT 1st Edition Buy through PayPal now! (credit/debit cards; PayPal) by visiting: https://lnkd.in/eX8U5SUG ? This paper offers invaluable insights for anyone involved in the procurement and purchasing process, from procurement managers and financial analysts to business owners and supply chain professionals. ? By exploring the concept of the true cost of purchasing beyond just the invoice price, readers will gain a comprehensive understanding of all the factors contributing to the total cost of acquiring goods and services. Armed with this knowledge, they will be better equipped to make informed purchasing decisions, optimize supplier relationships, reduce costs, and enhance overall supply chain efficiency #advertisingandmarketing?#analytics?#automotiveindustry?#aviation?#bankingindustry?#bestadvice?#bigdata?#biotechnology?#branding?#business?#businessintelligence?#careers?#cloudcomputing? #computing?#construction?#consultants??#creativity?#culture?#customerrelations?#data? #datamining?#design?#digitalmarketing?#ecommerce?#economics?#economy?#education? #emotionalintelligence?#engineering?#entrepreneurship?#euro??#executivesandmanagement? #fashion?#finance??#finances?#fundraising?#future?#futurism?#gender?#gettingthingsdone #greentech?#health??#healthcare?#hiring?#hiringandpromotion?#hr??#humanresources? #informationsecurity?#innovation?#inspiration??#investing?#job?#jobinterviews?#jobsearch? #jobseekers?#leadership?#linkedin?#machinelearning?#macroeconomics?#management? #managementconsulting?#marketing?#markets?#mentalhealth?#mindfulness?#money?#motivation? #networking?#operationsmanagement?#personalbranding?#personaldevelopment?#philanthropy? #productivity?#productmanagement?#programming?#projectmanagement?#publicrelations? #realestate?#recruitment?#riskmanagement?#sales?#socialentrepreneurship?#socialmedia? #socialnetworking?#softwaredesign?#softwareengineering?#startup?#startups?#strategy? #sustainability?#technology?#travel?#venturecapital?#whatinspiresme #onlineshopping #SCMExcellence?#ContentCreation?#Ghostwriting?#CipherInSCM?#PathwayConsulting

Are late purchase orders costing your company more than you realize? The hidden costs can add up quickly, impacting your bottom line in more ways than one. From expediting fees to inventory management, these expenses can take a toll on your finances. But fear not! Collaboration is key to saving money and avoiding these costly pitfalls. Don't let hidden costs sneak up on you - take control of your purchase orders and watch your savings grow. https://hubs.ly/Q02wrvGs0 #procurement #costsavings #collaboration #purchaseorders #transparency #partnership #efficiency #businessgrowth.