Accounting Advice

Service Spotlight: Inventory

Accountfully Service Spotlight:  Inventory Services

You’ve met our people, our clients, and learned more about the teams that support our services, but how about the services, themselves?  Welcome to the Accountfully service spotlight series, where we share the details on each outsourced accounting service.  Find out what we offer, how it can help, and see if it is a good fit for your business.

Companies that sell products have unique business challenges. Unlike service-based business owners, these entrepreneurs often manage, restock, and sell mass quantities of inventory. We work with these types of businesses to simplify their processes, turning them into efficient and scalable operations.

Our team reviews and discusses inventory and financials on a regular basis so you know when it’s time to fulfill orders, test new sales channels, and restock inventory.

Two of our most common inventory management systems are DEAR and Cin7

Inventory Systems Services and Support

For companies already using, or in need of an inventory management system like DEAR or Cin7/ Omni, our experts can support you. We manage multiple aspects of the process; from system implementation, consulting, technical support, to ongoing data maintenance, and post go-live support.

What Is It?

Accountfully's inventory management services offer clients a more automated, user friendly experience through DEAR inventory systems. From implementation, to management, to post go-live support, we implement the tools to best support the growth of your product.

When Do I Need It?

Clients benefit from inventory management support when experiencing all or some of the following scenarios:

  • Lack of clarity surrounding frequent inventory adjustments
  • Unclear on which SKUs are causing frequent adjustments
  • Recurring adjustments of a material amount are common
  • Expansion of inventory locations
  • Planning to grow at a high rate in the near or mid future
  • Need more detailed reports; profitability by SKU, when to reorder, etc.
  • It's time to incorporate Freight In, Duties, Customs, etc. into your landed cost
  • Frequent variances in the purchase price of raw materials
  • Confusion surrounding inventory bills being prepaid or received
  • Need access to real time revenue numbers, versus only end of month
  • Mixed production models; some from raw goods, others are purchased turn-key
  • Changing from an in-house to co-pack model, or from co-pack to turn-key

How Much Does It Cost?

Implementation of DEAR typically takes about 90 days and averages about 20 to 40 hours, at an hourly rate of $185 per hour.  The typical cost for implementation totals between $3,500 and $7,000.

What Do I Get?

A Dedicated Team

At the heart of our inventory management service is Accountfully's dedicated Inventory Department. This team has experience in supporting DEAR across over 50 client companies, in multiple capacities; from implementation, to consulting, to technical support, to ongoing data maintenance.

Systems Implementation

Our team of inventory experts handle the implementation of DEAR using the details housed within the Inventory Workbook. We get things set up correctly, from the beginning.

Management and Support

We can support your ongoing needs beyond the initial 30 day post go-live support services included. We offer advisory surrounding additional services and product features, and can provide basic support calls, and regular maintenance. Let us ensure you are getting the most out of your inventory management system, and keep inventory data up to date and in sync across sales channels.

PHASE ONE • INITIAL DISCOVERY AND THE INVENTORY WORKBOOK

Inventory management starts with the collection of all data to include in our proprietary Inventory Workbook. We record your SKUs, pricing, raw materials, inventory location(s), freight, and more. This is where we organize the information that we will input into DEAR. 

PHASE TWO • IMPLEMENTATIONS AND GO-LIVE

The implementation of DEAR takes between 30 and 60 days, depending on the complexities involved. Here, our team inputs all of the data, connects to your accounting system, and sets up the baseline from which you can manage and scale your product based enterprise.

PHASE THREE • POST GO-LIVE AND SUPPORT SERVICES: 30 DAYS FROM GO-LIVE AND BEYOND

We provide weekly check-ins and checklist reviews in DEAR for the first 30 days, post go-live.  Should you need services beyond that, we offer maintenance and support service options. This can range from simple support calls, to greater advising options, where we can recommend additional services to better support your unique needs.

What if I Already Use DEAR/Cin7?

Great! You’ve made an excellent choice for improving your inventory management.  We offer regular maintenance, support, advisory and consulting to ensure you are maximizing this helpful tool.

What Do Your Clients Think?

Mike Weber, Frutero Ice Cream says: 

"Awesome partner! Matt and the Accountfully team did an awesome job on our DEAR implementation. In fact, we've expanded our scope of work with them and are excited to call them a long-term partner for various other accounting and operational support!"

Most of our clients are CPG companies, so the majority of our client feedback comes from those who use our inventory services.  You can find many more testimonials on our DEAR/CIN7 Expert directory page, here.

How Do I Get Started?

If you are a current client of Accountfully, you likely know about the Inventory management options available to you.  Simply reach out to your accounting team and they can link you to the right point of contact.  

For new clients, we will start by learning about your business and addressing the service level that meets your needs.  You can start by sharing the basic details of your business and scheduling a call on our contact page.  From there, we will talk through what will be the best plan of action for your business.

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