Learn How To Manage Your Inventory With Business & Accounting Solutions
The end of the year is approaching faster every day. Are you ready for year-end inventory management? For Portland small business owners, inventory management can be especially stressful – even moreso if your business is new! Business & Accounting Solutions is here to offer guidance to Portland business owners in need assistance with year-end financials. With the right steps and the assistance of an accountant, year-end inventory management and filing requirements become a done deal.
Because inventory is closely tied to the financials, it will factor into the filing of the taxes. Hiring a professional accountant to help you with the details of reconciliation will save you from a huge reconciliation migraine.
1. Track Your Stock Levels At All Times. Portland business owners should have a solid system in place for tracking stock levels so as to prioritize the most expensive products. Effective software saves you time and money by doing much of the heavy lifting for you. Ask your accountant if they are trained in inventory software. They may be able to help you learn it or save you the hassle by operating it themselves.
2. Reduce Equipment Repair Time. Essential machinery isn’t always in working order, so it’s important to manage those assets. A broken piece of machinery can be costly. Monitoring your machinery and its parts is crucial to understanding its life cycle, so you can be prepared before issues arise.
3. Don’t Forget Quality Control. No matter your specialty, it’s important to ensure that all your products look great and are working well. It could be as simple as having employees do a quick examination during stock audits that includes a checklist for signs of damage and correct product labeling
4. Hire A Stock Controller. Stock control is used to show the amount of inventory you have at a given time and applies to all items, from raw materials to finished goods. If you have a lot of inventory, you might need to designate one person to manage it. A stock controller processes all purchase orders, receives deliveries, and makes sure that everything coming in matches what was ordered. They will likely work closely with your accountant to help keep track of the finances that pay for inventory.
5. Remember Your ABC’s. Many businesses find it helpful to have tighter controls over higher-value items by grouping inventory items into A, B, and C categories.
6. Consider Drop Shipping. If your business adopts drop shipping methods, you can sell products without actually holding the inventory yourself. Instead, a wholesaler or manufacturer is responsible for carrying the inventory and shipping the products when a consumer buys from your store. That way, you don’t worry about inventory holding, storage, or fulfillment. Many owners who start an online store adopt drop shipping methods, but this supply chain fulfillment strategy can be adopted by many types of businesses across all industries.
7. Hire Accounting Services Through Business & Accounting Solutions. When you’re ready to take on the services of an accountant to help with year-end inventory management and taxes, consider hiring outsourced accounting services from Business & Accounting Solutions to get the job done. With our outsourced financial services, you get expert accounting advice in your back pocket. Our accounting services are always available, and you only pay for the time you need. Portland business owners come out on top with Business & Accounting Solutions’ outsourced accounting services.
Get The Best Outsourced Accounting Services With Business & Accounting Solutions. Looking for a professional bookkeeper and accountant to support your Portland business? Business & Accounting Solutions offers a wide range of outsourced CFO and Accounting services to businesses in Portland. We bring knowledge and capability to Portland businesses with bookkeeping, payroll, cash flow, finance consulting, financial reporting, QuickBooks consulting and other services. Contact or call us today at (503) 710-6213. Know someone in need of CFO or Accountant services? Consider our referral program