Back on April 15, 2009 I recorded a web cast on how to track, manage, and update your inventory in QuickBooks using a template I created in Microsoft Excel. Once your inventory is updated and adjusted properly such that you have accurate balances in your inventory accounts and as long as you know you have updated your books to reflect all purchases and sales to date then it is time to analyze your inventory to see which products are generating the most profit. If something is selling well and your gross profit % is low then you are not getting the most out of your product. You may also find that you have a product with a high profit margin that isn’t selling as well as it could. This is all valuable information that can and should be used to manage your business well and make it as profitable as possible while also maintaining balance with customer satisfaction. In other words making sure that you are charging a price for your product that is fair and that your customers will feel represents a very good deal on what they’ve purchased.
In this web cast:
- First we’ll show you how to run the Sales By item Summary report in QuickBooks
- Then we’ll show you how to export that report to Microsoft Excel
- Once the report is in Excel we will show you how to re-format the report such that it is easy to read and easy to sort.
- Finally we’ll show you how to perform 2 sorts that will show you very valuable information about your products.
When we are asked to work with companies directly we look at these details to find ways to make your company more profitable. This kind of analysis cannot be performed without first having the books complete, accurate, and current. Once all of this is in place, then we can not only do this analysis, but we can use the information to set goals about where we want to focus our efforts in terms of future product sales. We can determine which products are worth making more efforts to sell and based on that we can develop projections aimed at setting aside marketing dollars to be invested into promotions of these products. When we have a great handle on all of our resources it becomes easy to analyze and plan the growth of the company.
Call us today at (866) 945-8070 for a free phone consultation.
Or post a comment on our blog if you simply have a question about this web cast.
View The Web Cast | http://nerdenterprises.acrobat.com/p92204445/