The Retail Inventory Method (RIM) of accounting offers the unique opportunity to devalue inventory by recognizing the cost of markdowns to provide more accurate forecasting, accountability, and lower taxes. However, since it applies a cost to markdowns and sales based on a Cumulative Markup of all inventory in the same class and store, it has […]
Discounts and Markdowns: The Good, the Bad, and the Ugly
This article is reprinted with permission from Linda Carter with The Retail Management Advisors, and a long time friend and consultant to Smyth Retail and many of our clients. This is a great explanation of the difference between markdowns and discounts. Generally, customers choose to shop a particular store based on the store’s reputation (brand), […]
Why the Retail Inventory Method Isn’t Obsolete
There have been several posts claiming that modern technology has made the Retail Inventory Method (Retail Method) obsolete for valuing inventory. While all these articles have valid claims regarding the retail method’s limitations, it doesn’t mean the valuation method is obsolete. The difference is to know when the Retail Method should be used, and when […]
Special Guest Speaker: Steve Pruitt
We are honored this year to have such a well respected industry consultant join us for our Client Conference, scheduled for October of this year. I am really excited about Steve’s session topic as it sets the stage for a conference where we can all learn how to better utilize the system, and will get […]
Save re-marking time with these attention getting sale tags.
When marking down merchandise, these colorful tags will save the store time and help customers easily identify sale merchandise. This capability has been in Merchant Plus! for years, but we have finally found a reasonably priced supplier for readable color tags – we’ve also called “addendum” tags because they are designed to be added to […]
