Inventory System Costing

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.