You don't have to pay an arm and a leg to gain control of stock levels, pricing and cash flow.

Any business that manages inventory lives and dies by stock levels. Knowing how much is on hand is important and easy to obtain with a physical inventory count. But knowing what items are selling fastest, how long it takes to receive new stock, and what sales are seasonal is crucial information that is more difficult to acquire.

Accounting software that includes an inventory module is the first step in gaining greater control of item stock levels, as well as profitable pricing and cash flow management. The good news is that you don't have to pay an arm and a leg to for an inventory system. Low-end software, such as QuickBooks Premium, QuickBooks Pro, Peachtree by Sage Pro Accounting, MYOB Premier Accounting Small Business Suite and MYOB AccountEdge all offer inventory management functionality.

"There were times when I was sold out, but over the course of the three years I have learned. Now we are at a point where we are almost never out of stock on an item when someone wants to order it," declares Pauline Lewis, owner of oovoo design, a handbag manufacturer based in Alexandria, VA. Lewis uses QuickBooks Premier to manage her line of handbags.

Continue reading "Managing Inventory for Profitability"

When your business growth exceeds your loan limit, it may be time to find a bigger lender. If so, take the time to explore all your options.

At a previous job, I remember looking through customer files and stumbling upon records of a small company that was launched as a start-up close to 50 years ago. Today, it is a well-known technology company trading on the NYSE. My bank had financed some of the company’s start-up costs. However, within just a few years the financing needs of that company increased to millions of dollars and the bank was no longer able to support it.

Continue reading " Outgrowing Your Bank"