Workforce management is a set of organizational processes that help maximize employees’ competency and performance levels by placing them in roles where they can fully utilize their skills and talents. It involves effectively forecasting labor requirements as well as creating and managing staff schedules to accomplish specific tasks on a daily basis. It also integrates…
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What Is Circular Fashion? A Retailer’s Guide
Circular fashion involves designing, manufacturing, and using clothing and fashion products with the goal of extending their life cycles and minimizing waste. On the producer’s end, this can mean sourcing sustainable materials or reusing or recycling materials back into the production phase, rather than being discarded as waste and removed from the process entirely. A…
Retailer’s Guide to RFID Inventory Management
Radio-frequency identification (RFID) is technology that uses electromagnetic fields to identify, track, and transmit data—such as the specific item number, batch number, or item production date—via a tag that is attached to an item. The reader device displays all of this information, which is useful for inventory management tasks such as tracking stock quantities and…
What Is Business Interruption Insurance? How It Works & Coverage
Business interruption coverage, sometimes referred to as loss of business income insurance, is small business insurance that provides your business with monetary compensation when—because of a covered loss—your business cannot operate. The coverage is normally part of a business owner’s policy (BOP) and is very rarely available as a standalone policy. No matter how hard…
What is 3-way Matching in Accounts Payable & Why Use It?
A 3-way matching in accounts payable (A/P) management is the process of matching three documents—purchase order (PO), receiving report (RR), and supplier invoice—to ensure that a purchase is correct and legitimate before making a payment. Businesses use it to detect and prevent fraud, trigger the vendor payment process, save time and money, maintain positive relationships…
Livestream Shopping: Popularity & Profitability
Livestream shopping, also called live commerce or simply live shopping, is a marketing strategy that retail businesses can use to promote and sell products via live online video, usually through a social media platform. We guide you through what it is, how it works, the types of live shopping events you can do, and tips…
What Is a Convertible Note? How It Works & Where to Get One
A convertible note is a short-term financial document that allows a business to receive cash in exchange for equity in a company. This agreement is utilized by startups to receive support from angel investors, venture capitalists, or other types of private investors. Investors provide funding with the assumption that those funds will be repaid or…
What Are Current Liabilities? How to Calculate Them [+ Calculator]
A current liability is any financial obligation that has an amount due within the next 12 months. It can be found on your company’s balance sheet and can include loan payments, payroll expenses, and accounts payable (A/P). It’s an important figure to know because it will help ensure that you have enough assets to satisfy…