What is BRS, fifo, how will you reduce operational cost etc.

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Accepted Answer

BRS stands for Bank Reconciliation Statement and FIFO stands for First In First Out. Operational cost can be reduced by optimizing processes and reducing waste.

BRS is a statement that compares the bank balance as per the company's records with the bank statement balance to identify any discrepancies.
FIFO is a method of inventory management where the oldest inventory is sold first.
Operational cost can be reduced by optimizing processes such as reducing manual work and automating tasks, negotiating better prices with suppliers, and reducing waste by implementing lean principles.
For example, implementing a digital invoicing system can reduce manual work and errors, negotiating bulk discounts with suppliers can reduce costs, and implementing a just-in-time inventory system can reduce waste and inventory holding costs.