5 Inventory Related Tasks to Start the New Year
Planning for the year ahead of us, comes the best opportunity to prepare your inventory management! A well-managed inventory can help improve performance and return on investment for your business. To help you get the most out of FlexiBake in 2023 our specialists have prepared a few tips:
Period End Inventory Adjustment
It is best practice to perform inventory counts in your facilities on a semi-regular basis. In FlexiBake, we can perform such a task using Period End Inventory Adjustments, which is helpful in keeping your on-hand inventory in your facilities and FlexiBake matching. Additionally, this allows you to compare between inventory count periods.
Inventory Analysis using FlexiBake Reports
FlexiBake’s Cost of Goods Sold (COGS) report has an in-depth breakdown of costs associated with goods sold. This report tallies the total costs in the various cost categories, and presents in detail the grand total alongside the total quantity sold, the revenue from those sales and your overall profit margin.
Analyzing your costs can be critical to your profitability, FlexiBake gives you an overview of your products profit margins per batch, per box and per item with a detailed breakdown of what makes up your costs. Specifically, your product costs are separated into Raw Material cost, Packaging cost, Labour cost, Overhead cost and other cost.
Update Season Lists
If you offer seasonal or speciality items, you’ll surely want to remove these items from standing or shadow orders. To do this quickly, you can do a bulk update to all your standing or shadow orders. The great thing about bulk updates, is that you can choose if you’re removing or replacing an existing product – allowing you to simultaneously swap out for a new seasonal item!
Setup Forecasts & Production Schedules
Have you been struggling with preparations for the next year? You can use FlexiBake to forecast your sales and production. These tools enable you to predict what products you’ll need based on a certain date range or set of dates. Allowing you to plan accordingly for the upcoming year.