How Cash on Hand Affects Your Financials
As all good business owners know, the key to accurate financials is accurate data. What goes into those numbers determines what your financial reports are going to tell you. You want to ensure that you’re getting an accurate picture of your business’ current health. One thing I talk about quite often is cash on hand. […]
What is my Balance Sheet Trying to Tell Me?
What is My Balance Sheet Trying to Tell Me? Your financial statements are like the road maps of your business. They tell you where you’ve been, where you are and where you’re headed. Whether it’s the P&L, Cash Flow Statement, or Balance Sheet, every report you run is speaking to you, telling you something important [...]
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 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 – […]
How InventoryLab Can Help Your Amazon Business Right Now
Inventory Lab has been a great partner with bookskeep since 2016. In fact, we just passed our 5-year anniversary mark! They have generously allowed me to write for their newsletter and blog to ensure their customers are “in the know” about financial matters. They have hosted me several times on webinars. We have several clients […]
Profit First and Q4: Now’s the Time to Prepare!
A couple of weeks ago I had the pleasure of being a guest on InventoryLab’s OpenLab webinar series. It’s always nice to chat with Jeff Campbell and his team about all things Profit First- and inventory-related. There’s a lot to discuss there, and we make good use of our time together! In this webinar, we [...]