Are you looking for ways to save time and money in processing and analyzing your inventory? At bookskeep, many of our clients are utilizing a third-party listing service called InventoryLab. This online software allows you to scan the item into the software, print and attach the individual label, and sort the item into the correct fulfillment center’s box – all in one step!
The inventory management features streamlines the process of listing inventory, along with several other useful functions that bookskeep uses on a regular basis. It saves a ton of time and gives you access to useful reports.
You can use a barcode scanner to scan an item into the system and InventoryLab pulls the item with all the information that they need to price it. It shows the FBA, Merchant Fulfilled, new, and used prices, as well as whether Amazon is selling the item and who owns the buy box. It gives quick links to sites for the ASIN of the item, so you can check out sales rank and price history as they price the item. Say good-bye to those tedious spreadsheets!
InventoryLab can generate reports about profitability of your inventory for each item sold! As your products sell, you can see exactly what you made on each one. You can also get a breakdown of your profitability yearly, monthly and weekly. It is very important to know that the items you are selling are actually making you money! While this sounds fundamental, many times when we really dig deep into a client’s numbers, they are selling items at little to no profit. This won’t happen when you use the functions available in InventoryLab, or if it does, you can see it and make changes.
We also use the Cost of Goods Sold reporting to record and adjust inventory volumes in the financial accounting system. It is an integral component to understanding profitability of each Amazon payout.
If you’re interested in learning more about InventoryLab and integrating it into your e-commerce bookkeeping, we recommend doing a 30-day free trial. You can play around with the features, send in some shipments, generate some reports, and see how InventoryLab can save you time and money.
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