Before we get into why the cycle count is important, let’s reiterate an important set of conditions: Any item that comes into your warehouse should be accounted for in your accounting system through an item receipt or bill, every time. Also, every item that leaves your warehouse should be accounted for by a sales transaction. So, nothing comes in or goes out without being logged in your accounting system.
Now, about the inventory. Once you’ve done your full physical count, how do you know that your count is accurate? Conducting a monthly cycle count means re-counting the top 10 percent highest volume, quickest selling items to reveal any discrepancies between the counting system and what’s physically on your shelves (or any breakdowns in workflow) so the system can be corrected immediately.Continue reading →
Congrats on learning all about the pre-count. Let’s move on, shall we? Because you have to suspend operations while you’re doing your physical count, your business will be impacted. For this reason, most people do their count during the evening or over a weekend or when they’re normally not shipping orders. To make your count move along as quickly as possible, take care of the inventory planning while you’re still in operations. Namely, organize your warehouse, plan who will count what and when, assemble your gear, and print your lists. This will keep the suspension of operations as short as possible so you can get back to business (and selling) as usual. Here are some insider tips and tricks for planning and executing that physical count.Continue reading →
Building a solid foundation of inventory management is the key to success for any e-commerce business, especially as the holiday buying season approaches. Accurate inventory helps identify problematic operational processes and creates a system of checks and balances between your accounting and your warehouse teams.
Overselling, which is one of the most dangerous situations for a business, can be difficult to identify until it has reached a critical level. Following our simple inventory best practices will give you key insights into how your business is growing and what products are fueling that growth. The counting of inventory usually occurs in stages based on the needs of your business. There’s a pre-count, a physical count, and the cycle count.
It sounds simple enough, but resist the urge to jump right into your physical inventory count. Like any important task, preparation is key: If you’re going to paint your house, you’ve got to first tape the trim and lay the drop cloths. Similarly, there’s some critical prep work that needs to be addressed in the pre-count:Continue reading →
At part 1 of our “Christmas in July” webinar series, I gave it to you straight: “Don’t be a victim of your own success.” Yes, it sounds like a luxury problem, but we’ve seen it take down many an e-commerce business. The scenario goes something like this: Sales are booming, orders are coming in, and then the holiday season hits. Suddenly inventory disappears and there’s no way to keep up. This leads to unfulfilled orders which lead to bad customer reviews on Amazon or eBay. Bad reviews cause a drop in the rankings, and all of a sudden that flood of orders somes to a dead stop. It’s very important to scale your business to meet the holiday demand, otherwise things can go sideways fast. Here are a few ways to properly prep your books for holiday sales:
At this week’s Scaling New Heights (Intuit/Woodward Events) conference in New Orleans, our travel team shared some important news: We’re improving and expanding our Webgility Affiliate Program! Effective immediately, participating Affiliates will provide value-added services to e-commerce sellers using eCC software. As an added benefit, Affiliates will have access to the Webgility QuickBooks Premier Reseller License, which means Affiliates can offer their clients the same great pricing for QuickBooks products that Webgility has negotiated. What’s more, Webgility Affiliates receive a 28% commission on all QuickBooks Enterprise sales. This exciting development allows our Affiliates to better serve their clients by providing essential tools for full compliance and e-commerce business success, which includes Webgility eCC software.