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 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 – […]
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.
Resist Temptation: Don’t Borrow from Accounts to Cover Inventory 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 […]
How many payouts should you be saving to buy your next round of inventory? When is your next payment to your wholesale supplier? That credit card payment is due soon, isn’t it? If you are having trouble finding the answers to these questions, and if you find yourself waking up nightly, wondering whether you […]
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. […]
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 […]
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 […]
When you are trying to determine your product costs, it is often confusing about what to include and where it goes in your financial records. Let’s break this down.
