Concept Accounting Solutions LLC

Here are some of the techniques that many small businesses use to manage inventory (part 2):

5. Use cloud-based inventory management software. ☁️💻

Look for software with real-time sales analytics. Square’s software connects directly to your point of sale, so your stock levels are automatically adjusted every time you make a sale. Receive daily stock alert emails so you always know which items are low or out of stock so you can order more in time.

6. Track your stock levels at all times. 📑☑️

Have a solid system in place for tracking your stock levels, prioritizing the most expensive products. Effective software saves you time and money by doing much of the heavy lifting for you.

7. Reduce equipment repair times. 🛠

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.

8. 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.

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Here are some of the techniques that many small businesses use to manage inventory:

1. Fine-tune your forecasting. 📈🔝

Accurate forecasting is vital. Your projected sales calculations should be based on factors such as historical sales figures, market trends, predicted growth and the economy, promotions, marketing efforts, etc.

2. Use the FIFO approach (first in, first out). 🔢

Goods should be sold in the same chronological order as they were purchased or created. This is especially important for perishable products like food, flowers, and makeup.

3. Identify low-turn stock. 🛢

If you have stock that hasn’t sold at all in the last six to 12 months, it’s probably time to stop stocking that item. You might also consider different strategies for getting rid of that stock — like a special discount or promotion — since excess stock wastes both your space and capital.

4. Audit your stock. 🧮

Even with good inventory management software, periodically you still need to actually count your inventory to make sure what you have in stock matches what you think you have.
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A 1099 is an “information filing form”, used to report non-salary income to the IRS for federal tax purposes. 📄✅

There are 20 variants of 1099s, but the most popular is the 1099-NEC. If you paid an independent contractor more than $600 in a financial year, you'll need to complete a 1099-NEC.

🔺 Trust your 1099 fillings to professionals so you can fully focus on your Business 🔺 Tap the link in BIO and REQUEST A FREE QUOTE 👨‍💻🔺

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🔺 Service List 🔺 (part 2)

6. Forecasting 📈

As your business grows and takes on more accounts or increases traffic, determine the rate at which you’ll grow (and when you’ll need new resources like employees or equipment)

7. Customer Analysis 👥✅

By analyzing customer transactions, you can determine which customers and/or industries help you generate the highest revenue

8. Generate Financial Statements 📊

Instead of spending hours in an Excel sheet, instantly create reports that tell you what you need to know about your business’s performance

9. Ongoing Reconciliation 🤝

As your business incurs new expenses and generates revenue, online bookkeeping services can help you reconcile these costs

10. Prepare for Tax Season 📑

As you log new invoices and make additional payments, prepare your business for a quick and simple tax process.

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🔺Fully focus on your business while we take care of all your bookkeeping needs! 🔺
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