Important Inventory Reports

Hello ladies and gents! I'm stopping by to share an article I read in the QuickBooks Resource Center that covers the importance of inventory reports and a few different types of these reports. Let's take a closer look.

"An inventory report offers a real-time summary of your existing stock. Further, it distills key details such as stock levels, the fastest selling products, category performance, and other important data like inventory status and performance."

Reports are a great way to stay organized and to show you how your business is growing. This is the same for the specifics of inventory reports, aka "your truth." "Good reporting habits lead to profitable business decisions and, ultimately, a high-performing and sustainable business."

There's a variety of inventory reports available. Here are a few to get started:

Inventory Detail report
Most business use FIFO, or the first in first out method for inventory, and so does this report. The data of an inventory details report will show you current stock on hand, the amount of stock committed to sales orders, the cost of maintaining the stock, and stock location.

Inventory Stock on Hand report
As the title mentions, this particular report is a quick and easy way to evaluate your current stock on hand. This is beneficial in the areas of reordering, forecasting, budgeting, and financial planning.

Stock Reorder report
Most accounting software (yay, QuickBooks!) allows you to set a minimum level of inventory and will send you an alert when stock is low. "For example, if Widget A dips below the set minimum criteria within any sales channel, the business owner is notified and can immediately contact the supplier to replenish stock."

Incoming Stock report
This is another handy report as it generates data from open purchase orders. By viewing incoming stock you'll be able to see which products are on their way to your doorstep. A great report to keep in mind when it comes to updated your customers about when their favorite items will be restocked.

There you have it! And that's just to name a few. Check out the full article linked above for even more info about inventory reports and how they can fuel growth for your business. How about you - what inventory report(s) do you use most often? And if you're not currently using an inventory report, I hope this post shows you how helpful they can be!