We conduct a thorough Needs Assessment of your current solutions and identify unique business requirements and challenges.
We meet with team members from various levels within your organization for a comprehensive view of the process.
We conduct comprehensive process mapping to visualize current workflows, identifying inefficiencies and bottlenecks in your current processes.
We do a custom solution design; tailoring the software solution specifically to your needs.
With your key employees
We use real-life scenarios in training to enhance understanding and applicability for your team.
Training on new software functionalities and best practices.
For your custom-built system
While upfront costs may be higher, LCR systems decrease your total cost of ownership (TCO), potentially saving you money in the long run. How much time are you wasting right now that we can save you?
LCR’s systems reduce waste, improve efficiency, and boost sales – all contributing to a significant improvement in your bottom line.
Inventory is generally considered a current asset, meaning it’s expected to be sold or used within a short period (typically one year or the operating cycle, whichever is longer). However, there are situations where inventory might be classified as a non-current asset.
For example, if you have obsolete or damaged inventory that cannot be sold or used readily, it might be considered a non-current asset (specifically, a “property, plant, and equipment” asset with zero or minimal value).
2. How can managing inventory effectively impact its classification as an asset?
Proper inventory management practices can positively impact its classification as an asset. By maintaining optimal stock levels, minimizing waste and obsolescence, and ensuring accurate inventory records, you reduce the risk of having to write down inventory value or classify it as non-current. This ultimately strengthens your company’s financial position.
Contact LCR today! Schedule a free consultation with our inventory management experts to discuss your needs and discover how LCR can unlock the full potential of your business.