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Inventory Management Best Practices

Inventory

How Well Do You Know Your Inventory Numbers?

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 […]

Cost of goods

Inventory Costs—What’s COGS, What’s Not?

Inventory is essential for every ecommerce business, serving as its lifeblood. From market research to product development, sourcing, manufacturing, and warehousing, each step incurs costs that need proper accounting. Understanding these inventory-related expenses is vital for your business’s long-term success. Let’s explore and organize the typical costs to ensure accurate accounting. Freight and Shipping – […]

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Understanding the Ecommerce Inventory Process

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. 

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How to Keep Track of Cash Flow for Inventory

Do you have a clear understanding of your business expenses, inventory, and profits? If not, it’s time to implement the Profit First system. This system helps you manage cash and track spending effectively, so you know exactly how much to allocate for inventory orders, when to pay suppliers, and when to settle credit card bills. […]

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Create an Inventory Bank Account to Manage Cash Flow

Are you having cash flow issues? Do you come up short of cash when you reorder inventory?   It’s human nature to look at our bank balance and make a judgement about our financial health. When you use a single checking account for all your business expenses, the funds you are counting on to replenish your inventory are mingled with all […]

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ASD Market Week in Vegas!

Join bookskeep at the Internet Merchants Association (IMA) Classes on Monday, March 12 at 2pm, where our expert Cyndi Thomason will be speaking about Profit First for e-commerce businesses. Additionally, she will be part of the A2X meetup on Monday evening at 6pm. If you’ll be at ASD, let us know, as we’d love to […]