Could you integrate your inventory system for better insights?
Many inventory management systems connect to QBO
(QuickBooks Online)
Here's the catch -
the transactions it post WILL be garbage...
if you don't set it up and use it properly.
Before you put a system into place,
ask the inventory system provider questions like:
"How much time will this require from me to manage?"
"What are the 'gotchas' that throw everything off?"
Designate the right people (or person) for
Purchasing
Receiving
Orders
Shipping
Be thorough:
Give them the training they need.
Give them timely information.
Document processes.
Then -
Review your inventory balances at each period end.
Do they make sense against your counts?
If not, work with the inventory system provider to determine the gaps.
Inventory costing is not easy, but it's worth it - to have accurate COGS, and a balance sheet you could borrow against.
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