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Today, Lindsey Fronaphel, CPA joins us as we dive into inventory and operational expectations in 2021. There are a lot of moving parts to inventory, making it a big deal especially in the world of e-commerce.
If you don't have inventory, you don't have sales. You have to keep your eyes on your inventory levels so you don’t run out of it and in order to maximize sales. You also need to understand not only the financial and operational pieces of it but what it means to your growth and scalability as well.
At Bottom Line CPA, we believe that what your bottom line says is more important than what your top line says. However, many entrepreneurs only think about their top-line growth.
Ultimately, your net income is driven by your inventory. Therefore, at some point, you need to be in a mindset where inventory becomes a priority and you make a point to wade through it. You’ll probably never have a perfect inventory but you’ve got to at least find the inventory solution that best fits your business.
In this episode, you will hear:
- Why you should care about inventory and make it an operational priority
- The best way to track your inventory
- When to start prioritizing your inventory
- Inventory as your growth indicator
- How to stop underestimating the value of your inventory
- Some inventory apps you could use
- What to do with inventory that’s not moving
- Reconciling your inventory with the IRS
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