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The accounts receivable (A/R) turnover ratio is helpful in managing your A/R and measures how effectively a business collects payment from customers they have extended credit to within a given period―generally one year. Analyzing the A/R turnover should include industry benchmarks to give you a

Employee suspension is a disciplinary action taken against an employee who may have engaged in serious misconduct or policy violations. It serves as a temporary measure to separate an employee from their work environment following wrongdoing. The suspended employee is removed from their position and prohibited

Employee training is essential for developing skills, increasing efficiency, and, ultimately, boosting productivity. Choosing the right employee training method for your small business will depend on the type of training needed and the learning style of each employee. The top training methods for employees include: Apprenticeship

Rehiring former employees who already know the company culture and how things operate can save time and money. Additionally, rehired employees often bring skills and experience gained from working elsewhere, making them even more valuable assets to the company upon their return. Now, let’s take a

Point-of-sale (POS) security protects the computer systems that process debit and credit card transactions. Because point-of-sale systems can contain sensitive data like account numbers, emails, and addresses, hackers target these systems, and a data breach can be costly both financially and reputationally. POS system security

The term customer relationship management (CRM) came about in the 1980s, but the process of managing customer data started long before. The early days of the CRM evolution simply involved filing customer profiles on paper. In this article, we’ll travel through time to learn about

Calculating your employee turnover rate is fairly straightforward. Simply divide the number of employees that leave within a specific period by the average number of employees that work during that period and multiply by 100—or use our free calculator below. Your turnover rate helps you identify

Small business owners can avoid frequent inventory counts and save time by using the gross profit method to estimate inventory. The gross profit method is the easiest inventory estimation technique wherein the company uses historical gross profit rates to determine cost of goods sold (COGS)

Line sheets are industry-standard product sales tools retailers, manufacturers, and wholesalers use to display complete product information to potential buyers and retail partners. Unlike product catalogs and lookbooks, line sheets are simple visual documents often used in business-to-business (B2B) transactions that give potential buyers all the

Days payable outstanding (DPO) measures the average number of days from when a company purchases inventory and materials from the supplier until it’s paid. The DPO calculation is: DPO = Number of Days x = Average Accounts Payable  Cost of Goods Sold The formula can easily be changed for

The retail method of accounting is an inventory estimation technique used to compute the value of ending inventory without having to take a physical count. Businesses with large volumes of inventory, like grocery stores, use the retail method because it's quick and affordable to perform,

Creating a vision statement is fundamental to defining your brand’s identity and provides an aspirational goal for everyone in your company to pursue. But learning how to write a vision statement that is effective and inspirational can be challenging. To make it easier, download our