Inventory Basics—Quarterly Inventory True Up
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 […]
Inventory Basics—What Every Ecommerce Seller Needs to Know
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 […]
Fiddle.io – Inventory Management and More!
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. […]
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 […]
Inventory Costs—What’s COGS, What’s Not?
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 […]
Accounting for Inventory: Your Questions Answered!
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 […]
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.
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 preparation for Q4. They noticed that this would be […]
Managing Inventory and Cash Flow with Profit First
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 […]
How to Keep Track of Cash Flow for Inventory
Off the top of your head, would you know the answers to questions about your business expenses, inventory and profit? Questions like, “What amount from my Amazon profit will I have to put back for the next time I make an inventory order? When am I supposed to pay off my supplier? Don’t I need […]