Wiise’s Post

🚨New Blog Post!🚨 Fishbowl Inventory Management Software: Types, Features, Pricing and More Inventory management is a critical challenge for many businesses, involving complex tasks such as keeping stock levels, managing costs, and meeting customer demand. Inefficient inventory management can lead to overstocking or stockouts, increased operational costs, and ultimately, unsatisfied customers. Businesses need a robust and reliable inventory management system to address these challenges. Read in detail: https://lnkd.in/gFDcHyJF #tax #taxpayers #accounting #cpa #inventorymanagement #fishbowl #inventory #business #owner #managemennt

Inventory Management Software: Should you implement one? #R365 #CRAFTABLE #MARGINEDGE Inventory management software will enable you to do the following and more: ✅ Improved accounting and bookkeeping - Software can seamlessly integrate with accounting systems to provide accurate, real-time visibility into inventory costs, purchases, and payments. This saves significant time on accounting tasks. ✅ Enhanced procurement and purchasing - Software provides insights into price fluctuations, purchase histories, and other data to inform smarter purchasing decisions and negotiations with suppliers. ✅ Centralized recipe and menu management - Storing recipes centrally allows analysis of food costs and profitability to inform menu engineering. ✅ Better inventory tracking - Features like barcode scanning make physical inventory counts faster and more accurate. Perpetual inventory management reduces shrinkage. ✅ Food and beverage cost control - Software provides real-time tracking of variances to identify waste and opportunities for improvement in ordering, portioning, and more. ✅ Overall efficiency gains - Automation of manual processes saves time for managers and staff. Better data improves decision-making. Potential downsides to weigh: - Cost- Efficiencies gained justify the cost. - Training required for staff - To learn new systems and ensure consistent use. - Data entry can still be tedious - Especially at first, though it gets faster over time. - May still require process changes - Software alone won't fix flawed inventory processes. The benefits likely outweigh the costs for most operations. But training and process changes are critical to leverage the software successfully. How many other industries are there that the business can charge 4 times the cost of the product but retains only 3-5% at the bottomline?

Explore "The Ultimate Guide to Inventory Cost Accounting: Expert Tips and Proven Methods" with ePROMIS. Learn key strategies for accurately tracking inventory costs, from FIFO and LIFO methods to weighted average cost. Discover expert tips to improve cost control, enhance profitability, and streamline operations. Equip your business with the tools needed to optimize inventory management and drive financial success. https://lnkd.in/dmRG5t6A #ePROMIS #InventoryCostAccounting #CostControl #FinancialSuccess #InventoryManagement #AccountingMethods #BusinessGrowth #Profitability #ConstructionTech #ConstructionERP #CloudERP #ConstructionSolutions #SaaSSolution #MobileERP #MobileApp #CloudERPSoftware #EnterpriseSaaSSolution #SaaSERP #SaaSHCM #CloudHCM #SaaSCRM #SaaSHCM #AIBasedBusinessManagement 

Sage, a provider of accounting, financial, HR, retail, and payroll technology for small and mid-sized businesses, has announced the launch of Inventory Planner Essentials, a new tool from Inventory Planner by Sage designed specifically to meet the needs of small merchants. #sage #accounting #accountingfirms #tax #taxpreparation #bookkeeping #cpa #outsourcing #merchants #sndjglobal #inventory #shopify #planningtool

Learn about Inventory & Accounting ➡️ What it means → goods that will be converted into finished products to be sold to consumers ➡️ Where it shows up → on the current assets section of the balance sheet ➡️ Valuation methods → these methods show you how you can value your inventory as it converts to COGS 1️⃣ FIFO - First In First Out Treats the cost of the inventory sold based off of the price of the oldest inventory purchased 2️⃣ LIFO - Last In First Out Treats the cost of inventory sold based off of the price of the most recent inventory purchases 3️⃣ Avg cost Treats the cost of inventory based off of the average price of all inventory purchases 4️⃣ Specific identification Treats the cost of inventory sold based off of the exact cost used when purchasing ➡️ Inventory components - inventory is often classified via one of these 3 buckets 1️⃣Raw materials - goods purchased that will eventually be assembled into finished goods 2️⃣ Work in process - goods that have begun assembly but not yet completed as a finished good 3️⃣ Finished goods - goods assembled and ready to sell to consumers ➡️Formula Beginning inventory  + new purchases  - COGS  = ending inventory ➡️ Journal entries 1️⃣ When purchasing inventory → DR Inventory, CR cash 2️⃣ When converting inventory to COGS → DR cost of goods sold, CR finished goods ➡️ Related accounts ▪️Cost of goods sold - the costs to deliver your product or service ▪️Freight in / inbound freight - the shipping costs associated with receiving your inventory ▪️Freight out / outbound freight - the shipping costs associated with shipping your inventory to the customer ▪️Inventory spoilage - the cost of inventory that has been damaged or destroyed and cannot be sold to customers ▪️FOB shipping point - buyer takes ownership and responsibility for the goods at the point of shipment ▪️FOB destination - seller retains ownership and responsibility for the goods until they reach the buyer ▪️Goods on consignment - Ownership remains with the seller until the buyer sells or uses the goods. ➡️ Benefits 👍 Easier to protect via a patent 👍 Can be used as collateral on a loan 👍 Variety of sales channels: ecommerce, physical stores, retail, wholesale ➡️ Challenges 😕 Can be difficult to reconcile 😕 Can lead to spoilage 😕 Can lead to working capital constraints 😕 Margins can be low That’s my take on inventory - what would you add? Let us know in the comments below 👇

𝗧𝗮𝗰𝗸𝗹𝗶𝗻𝗴 𝗥𝗲𝗰𝗲𝗶𝘃𝗶𝗻𝗴 𝘀𝗶𝗱𝗲 𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗶𝘀𝘀𝘂𝗲𝘀 𝗮𝘁 𝗺𝗮𝗻𝘂𝗳𝗮𝗰𝘁𝘂𝗿𝗶𝗻𝗴 𝗳𝗶𝗿𝗺𝘀. Dring! Hey my inventory is completely messed up. What do i do? How do i even fix it? Every day we got reports on inventory counts but we still got  figure shortages. What is going on? After brief analysis: 🏷 This issue arose at your receiving side. 🏷 You could be shorted on by your vendor. 🏷 Your vendor could have provided extra products or the wrong product. 🏷 The warehouse could have miscounted the incoming products. There are so many ways the receiving side at your company  could mess up. To tackle this problem: ✅ Every single packet or pallet that comes out of a container into the warehouse must be counted case by case. ✅ And checking every pallet to check if there are not multiple  products inside. ✅ Don't assume because the vendor gave you assurance he has put the exact number of items, you shouldn't check. 𝗖𝗼𝘂𝗻𝘁 𝗲𝘃𝗲𝗿𝘆 𝗦𝗶𝗻𝗴𝗹𝗲 𝗶𝘁𝗲𝗺.  📲 and classify them. If there are any discrepancies between the purchase order  and the items received, you need to ensure that the reports are  sent to the back-office personnel. This information is entered directly in the accounting module of Apogee ERP, and communicated to the various teams in real-time. Want to know more about how to tackle inventory issues, write to us at [email protected]

How to do FOC Test Inventory Management in Sage X3 📲- https://lnkd.in/ghiWt7Km Sage X3 provides functionality to manage a distinct sample stock, allowing for separate management of inventory locations, costing, and accounting for these samples. This ensures that the sample stock is properly accounted for and does not interfere with the management of regular saleable products. . #SageX3 #FOCTest #InventoryManagement #ProductBlog

Learn about Inventory & Accounting ➡️ What it means → goods that will be converted into finished products to be sold to consumers ➡️ Where it shows up → on the current assets section of the balance sheet ➡️ Valuation methods → these methods show you how you can value your inventory as it converts to COGS 1️⃣ FIFO - First In First Out Treats the cost of the inventory sold based off of the price of the oldest inventory purchased 2️⃣ LIFO - Last In First Out Treats the cost of inventory sold based off of the price of the most recent inventory purchases 3️⃣ Avg cost Treats the cost of inventory based off of the average price of all inventory purchases 4️⃣ Specific identification Treats the cost of inventory sold based off of the exact cost used when purchasing ➡️ Inventory components - inventory is often classified via one of these 3 buckets 1️⃣ Raw materials - goods purchased that will eventually be assembled into finished goods 2️⃣ Work in process - goods that have begun assembly but not yet completed as a finished good 3️⃣ Finished goods - goods assembled and ready to sell to consumers ➡️Formula Beginning inventory new purchases COGS = ending inventory ➡️ Journal entries 1️⃣ When purchasing inventory → DR Inventory, CR cash 2️⃣ When converting inventory to COGS → DR cost of goods sold, CR finished goods ➡️ Related accounts ▪️ Cost of goods sold - the costs to deliver your product or service ▪️ Freight in / inbound freight - the shipping costs associated with receiving your inventory ▪️ Freight out / outbound freight - the shipping costs associated with shipping your inventory to the customer ▪️ Inventory spoilage - the cost of inventory that has been damaged or destroyed and cannot be sold to customers ▪️ FOB shipping point - buyer takes ownership and responsibility for the goods at the point of shipment ▪️ FOB destination - seller retains ownership and responsibility for the goods until they reach the buyer ▪️ Goods on consignment - Ownership remains with the seller until the buyer sells or uses the goods. ➡️ Benefits 👍 Easier to protect via a patent 👍 Can be used as collateral on a loan 👍 Variety of sales channels: ecommerce, physical stores, retail, wholesale ➡️ Challenges 😕 Can be difficult to reconcile 😕 Can lead to spoilage 😕 Can lead to working capital constraints 😕 Margins can be low

FIFO vs LIFO Two different inventory accounting methods 1. What are the main differences? ➡️ FIFO stands for First In First Out Under FIFO, the oldest inventory items are sold first. ⬅️ LIFO stands for Last In First Out Under LIFO, the newest inventory items are sold first. 2. What is the impact on financial statements? The choice of inventory accounting method can impact a company's profitability, tax liability, and inventory valuation. The choice of inventory accounting method also affects the accuracy of financial statements, as different methods can lead to different results for cost of goods sold and inventory valuation. For example, in an inflationary environment (prices are increasing), using FIFO will increase the value of stocks. While using LIFO will increase your COGS and decrease your income. 3. Where is FIFO used? - Food industry: Restaurants, supermarkets, and food manufacturers use FIFO to maintain the quality and safety of their products. - Retail: Retailers use FIFO to manage perishable and non-perishable products, ensuring older stock is sold before newer stock. - Pharmaceuticals: For effective medication management and to prevent expiration, FIFO is used. - Warehousing & Distribution: To keep the inventory moving efficiently, FIFO is used. 4. Where is LIFO used? - Manufacturing: Some industries use raw materials that don’t perish or become obsolete. LIFO is used here as the newest items might be easiest to reach. - Tax optimization: Particularly in the US, companies use LIFO for tax advantages during periods of inflation, as it reports higher cost of goods sold and lower profits

The end of the financial year can inspire a lot of feelings. From relief and panic to optimism and fear…However, it doesn’t need to be this way. Read our latest feature in The Drinks Business, where Michael Huband discusses the benefits of Bevica for a stress free year end. #ERP #msdyn365bc #bevica #drinksindustry #businessmanagement