As I sit here in the middle of February looking back, it’s obvious that we, of course, spent most of January completing financial statements for our clients. Year-end isn’t much different for us than month-end because we expect to deliver accuracy year-round. However, this time it’s crucial that we have inventory right because of tax […]
I know I’ve said it before, but I’m going to say it again. I talk to tons of ecommerce entrepreneurs a year and inventory is always one of the top questions. That’s because inventory for ecommerce can be a little trickier than it is for brick-and-mortar stores. So, let’s go over how to avoid getting […]
We’re now officially in the back half of the year! Do you know how profitable you are? If you have not done an inventory true up yet this year, I challenge you to take that step now before you get into Q4 crazy days. If you have been booking COGS all year, without looking at […]
For the past four weeks now, I’ve been discussing inventory—how to plan for it, how to count it, and how to manage it once you have it. Important basics that all ecommerce sellers must know in order to run their business successfully and profitability. Based on conversations and feedback I’ve received over the years about […]
I recently invited our friend, Taylor Howe at Fiddle.io to share a little about Fiddle, the online platform for managing inventory, sales, sourcing, and manufacturing. Here’s what he had to say about this dynamic program! Why Fiddle? Physical product brands, at their core, need to be excellent at producing incredible products that their customers love. […]
Inventory is EVERYTHING! It is what will generate the cash to make your business hum. Keeping up with it may not be sexy or fun like marketing can be, but it is crucial in order to have a successful ecommerce business. As we work on “renovating” the accounting system for clients, we are often asked to explain the difference between the […]
Inventory. It’s the lifeblood of every ecommerce business. If you have no product coming in, you have no product going out, and your business isn’t likely to survive. But it’s not just about selling your product. Starting at square one, it’s about ensuring there is a market for your product, that the consumer will pay […]
What do you do when something doesn’t go as planned and you end up with Inventory that has to be destroyed or it is lost? Or perhaps you have returns that are sellable and you will list them on ebay or resend them to Amazon? Or even donate them if they have slight damage but […]
Inventory is the life-blood of ecommerce sellers. You must have it on hand and be able to replenish it when needed in order to keep your business running. Tracking inventory, on the other hand, can be quite the tricky deal. To do this properly, it’s important to understand how to record inventory on your books, an area that many ecommerce sellers struggle with.
The other day, an ecommerce seller reached out to me with a question about the implementation of the Profit First method they learned from my book. They wanted to know my thoughts on borrowing funds from their Sales Tax or Profit Account to purchase inventory in preparation for Q4. They noticed that this would be […]