Inventory or stock management is part of any business. Most of the time, your cash flow can be reflected on your stock levels. Here are five powerful tips for better stock management.

Organise

Run a report on your current inventory to find out what items you have on hand. Then look at the list of what you need to sell and what you need to remove from you inventory.

Run a regular stock taking

Checking your stocks regularly by running a report gives you an idea of what your stock levels are. This way, you know which items you need to restock so you don’t run short of items to sell the customers. Make customers happy!

Pricing

Take note of the price when you purchase your stock, and what price you sell them at. Your job is to make sure that the correct margin is set. Essentially, make sure your business is making money.

Analyse the Process

Now is a good time to scrutinise your process. Have a look at when you were acquiring your items up to when you’re selling them. Making sure it’s both effective and efficient in terms of time and money.

Seek Professional Advice

Having someone to talk to that knows your business and have probably spent more time on your bookkeeping or accounting process than yourself is beneficial. You can ask them for advice on as to what type of reports are helpful for your business. Perhaps, you can also check in with them if the margin you’re setting is profitable enough, or if there’s more room to make more money.

Evolve Online Bookkeeping

Evolve Online Bookkeeping

We offer businesses a convenient cloud based bookkeeping solution, which is affordable, efficient, and allows you and your staff to spend your time on more important tasks – like growing your business. If you need help in setting up, call us at (07) 5413 9393 or send us a message for details.

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