![]() ![]() Find Out Which Items Aren’t SellingĮvery so often, a business might have inventory that isn’t as popular with customers as expected. Without an inventory list outlining all your products, inventory costs can really get out of hand. Also known as the inventory turnover ratio, inventory turnover reveals how efficient your business currently is and if it’s stocking excess inventory. Inventory turnover tells you how many times your inventory is sold and replaced on your shelves over a specific period of time. So knowing what you have available for sale is a really good thing since it means capitalizing on your inventory. But if you don’t know which items are finished goods and ready to be listed on your website for example, you’re missing out on potential profit. The process of fulfilling client orders (or grabbing what you need) is basically seamless. It’s also important because it’s needed for income tax reporting.Ī stock inventory list maintained by inventory management software helps you: Track What You Have for Saleīy keeping track of all your inventory on an itemized list, you know exactly what you have in stock and are ready to sell or use. The inventory list is important because it shows you exactly what you have available for sale or use, how efficiently your business is turning inventory, which items are not selling or being used, and reduces your carrying costs. An inventory list should include each item’s SKU number, name, description, cost, and quantity in stock. This includes your raw materials, work-in-progress, and finished goods. Read on to learn what an inventory list is and why it’s important to have an inventory list system for your business.Īn inventory list is a complete, itemized list of every product your business has in stock. An inventory list with inventory management software helps you stay up-to-date on all transactions, helping your business run efficiently and cut costs. When it’s all said and done, that can be a lot of data to keep up with on a regular basis. You also have to record any returns and any inventory orders you place from suppliers. Or maybe your company uses its own inventory, such as tablets or gloves, for your medical practice. When a customer places an order you have to record that transaction. ![]()
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