British Journal of Economics‚ Finance and Management Sciences October 2011‚ Vol. 2 (1) 49 Inventory Management in Small Business Finance: Empirical Evidence From Kwara State‚ Nigeria Abdulrasheed ABDULRAHEEM‚ Ph.D Department of Accounting and Finance‚ University of Ilorin Khadijat Adenola YAHAYA‚ Ph.D Department of Accounting and Finance‚ University of Ilorin Sulu Babaita ISIAKA‚ Ph.D Department of Business Administration‚ University of Ilorin Olanrewaju Atanda ALIU‚ Ph.D Department
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RATIONALE The inventory system applied in the past is done manually and the process takes a lot of time. A disadvantage of manual inventory systems is that they can be highly labor-intensive to operate. They require continuous monitoring to ensure that each transaction is accounted for and that products are maintained at the proper stocking levels. It is also more difficult to share inventory information throughout the business‚ because the lack of computerization makes accessing inventory records a
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Running Head: INVENTORY SYSTEMS Inventory Systems Summary University of Phoenix QRB/501 Quantitative Reasoning for Business Instructor Joe Krupka September 21‚ 2010 Inventory Systems Summary In today’s economic recession‚ business owners are constantly looking for opportunities that would enable them to remain competitive through lowering their overhead cost. Kehrer (2010‚ ¶ 1) explained‚ “Bloated overhead is one of the major threats to small business competitiveness”. For this reason
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washer system and in the sale of repair parts for these systems. In recent years Harvey Industries has been in financial difficulty. The company has lost money for three of the last four years‚ with the last year’s loss being $17‚ 174 on sales of $1‚238‚674. Inventory levels have been steadily increasing to their present levels of $124‚324. Inventory Control System “When planning an approach to inventory management‚ it is important to bring the internal players in the inventory supply
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overemphasize the importance of keeping inventory levels under control‚" Ronald Pachura wrote in an article for IIE Solutions. "Whether the problems incurred are caused by carrying too little or too much inventory‚ manufacturers need to become aware that inventory control is not just a materials management or warehouse department issue. The purchasing‚ receiving‚ engineering‚ manufacturing‚ and accounting departments all contribute to the accuracy of the inventory methods and records."
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enhance the computerized inventory process for the supplies of _________________ Specifically‚ it aimed to: 1. To secure the record of supplies inventory 2. Provide detailed information on detailed status of the supplies 3. Help generate inventory reports 4. Update and quickly generate inventory records 5. Supports business easy billing process Significance of the study: Inventory system is a software that would help the administrator organize the inventory of thesupplies with
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Methods of Increasing Productivity Utilizing Inventory Control Systems Master of Science in Operations Management Your Name Date Instructor Term University of I. Introduction The scope of this research paper is to discuss inventory control systems as they relate to the overall production for a company. I will first discuss production factors for companies and costs associated with high inventories. Then‚ switch the focus to describe‚ discuss‚ and compare Just-in-time (JIT) Production and
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RUNNING HEAD: INVENTORY SYSTEMS Inventory Systems Summary University of Phoenix QRB/501 Mike Jay January 19‚ 2011 Abstract To be successful in today’s business environment‚ an organization must be able to perform certain fundamentals accurately and efficiently. One of these elements is having an effective and efficient Inventory System Management (ISM). ISM enables one to have the knowledge of where his or her inventory is at every step of the way. This allows one to better interact
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business using manual system. (Presentation of the problem (what the problem is all about). This will indicate what will be covered by the study. The existence of an unsatisfactory condition‚ a felt problem that needs a solution.) Specifically what problems do they experience in the areas mentioned below: using in flow you can save time in paper works‚ fulfill customers needs more accurately. It can also transfer s orders between location‚customers and vendors balances. Inventory systems maintain information
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and the executive team have requested changes to the current information system used to maintain inventory and manufacturing processes. Evaluation of current Sales‚ Inventory‚ and Manufacturing processes will be required as well as the evaluation of current hardware and software. The present networking system requires improvements and‚ thanks to today’s technology can easily be upgraded. The outdated information system and methods could potentially place Riordan Enterprises at a competitive disadvantage
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