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QuestionWhat is inventory turnover?Keila Hill-Trawick is a Certified Public Accountant (CPA) and owner at Little Fish Accounting, a CPA firm for small businesses in Washington, District of Columbia. With over 15 years of experience in accounting, Keila specializes in advising freelancers, solopreneurs, and small businesses in reaching their financial goals through tax preparation, financial accounting, bookkeeping, small business tax, financial advisory, and personal tax planning services. Keila spent over a decade in the government and private sector before founding Little Fish Accounting. She holds a BS in Accounting from Georgia State University - J. Mack Robinson College of Business and an MBA from Mercer University - Stetson School of Business and Economics.Inventory turnover basically refers to how long it takes for the inventory you buy to end up going out the door. It's useful to track since it can tell you whether you're over- or under-spending on stock, and it can give you insight into whether you're being efficient or not from a supply perspective.
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QuestionIs it bad to hold on to inventory for too long?Keila Hill-Trawick is a Certified Public Accountant (CPA) and owner at Little Fish Accounting, a CPA firm for small businesses in Washington, District of Columbia. With over 15 years of experience in accounting, Keila specializes in advising freelancers, solopreneurs, and small businesses in reaching their financial goals through tax preparation, financial accounting, bookkeeping, small business tax, financial advisory, and personal tax planning services. Keila spent over a decade in the government and private sector before founding Little Fish Accounting. She holds a BS in Accounting from Georgia State University - J. Mack Robinson College of Business and an MBA from Mercer University - Stetson School of Business and Economics.It totally depends on the shelf life. If you're holding on to goods that are going to expire at some point in the future, then yes, you want to unload as much inventory as you possibly can. If you have the storage space and your inventory isn't going to lose its value though, it's perfectly fine to hold on to it.
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QuestionWhat are some methods of keeping inventory?Jill Newman is a Certified Public Accountant (CPA) in Ohio with over 20 years of accounting experience. She has experience working as an accountant in public accounting firms, nonprofits, and educational institutions, and has also honed her communication skills via an MA in English, writing jobs, and as a teacher. She received her CPA from the Accountancy Board of Ohio in 1994 and has a BS in Business Administration/Accounting.The methods of inventory keeping include minimum stock level, just in time, economic order quantity and safety stock. All methods aim toward one target--to have the lowest total cost of ownership while having the highest possible service levels.
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QuestionWhat is required when use out of date stock is identified?Jill Newman is a Certified Public Accountant (CPA) in Ohio with over 20 years of accounting experience. She has experience working as an accountant in public accounting firms, nonprofits, and educational institutions, and has also honed her communication skills via an MA in English, writing jobs, and as a teacher. She received her CPA from the Accountancy Board of Ohio in 1994 and has a BS in Business Administration/Accounting.You will need to determine what products contain the out of date stock, and then inform consumers or customers via a recall notice or special webpage.
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