Introduction
Lydia, a bookkeeper at a brand management agency, faced significant challenges in accurately calculating the Cost of Goods Sold (COGS) for her agency's diverse client portfolio. Her task involved aggregating data from various sources, including Amazon reports, Walmart Fulfillment Services, 3PLs, FBA inventory, ongoing and completed purchase orders, and international inventory.
Challenges
Calculating the landed cost of inventory was complex due to:
- Diverse Inventory Sources: Different goods being sold across various regions and marketplaces.
- Manual Data Aggregation: Time-consuming manual collection of data, often leading to outdated information.
- Inaccuracy in Estimates: Reliance on market rates and guesstimates for container costs.
- Lack of Holistic Overview: Difficulty in obtaining an accurate, real-time picture of inventory costs across different clients.
The SKUPREME Solution
Lydia discovered SKUPREME, a comprehensive solution that transformed the way her agency managed inventory data.
- Marketplace and Storage Provider Integration: The client integrated all their marketplaces and storage networks with SKUPREME.
- Inventory Snapshot Feature: Utilized SKUPREME’s real-time inventory snapshot for an accurate overview of inventory across all storage locations.
- Historical Data Analysis: Ability to look back in time to evaluate inventory valuations and changes.
3. Centralized Documentation Tracking
SKUPREME became the central hub for all PO-related documentation. John effortlessly tracked shipments, payments, invoices, and other essential information associated with each PO, ensuring clarity and accessibility. SKUPREME offers a centralized platform where different formats of the purchase order on various platforms are unified, reducing confusion and errors.
Results and Impact
- Efficient COGS Calculation: Reduced the time required for COGS calculation from weeks to real-time, with a simple button click.
- Elimination of Human Error: Automated processes ensured accuracy, removing the risk of manual errors.
- Managerial Insights: Gained insights for managerial decision-making by tracking inventory valuations over time.
- Scalable Solution: Successfully applied this process across all her accounts for consistent and efficient bookkeeping.
Conclusion
Lydia’s integration of SKUPREME brought a paradigm shift in managing inventory and COGS calculations. The solution not only streamlined the bookkeeping process but also provided valuable insights for inventory management across various clients. This case study demonstrates the transformative impact of embracing advanced technology solutions like SKUPREME in the complex world of brand management and bookkeeping.
In this article we cover:
"How to reduce purchase order approval times?"
"Best software for automated purchase order processing."
"Ways to streamline supplier management in small businesses."
"How to improve efficiency in procurement processes?"
"Tools for reducing human error in purchase order management."
"Effective methods for speeding up supplier payments."
"Integrated purchase order systems for multi-supplier management."
"How to automate purchase order approvals in ecommerce?"
"Solutions for managing multiple suppliers in one platform."
"How can AI improve purchase order and supply chain management?"
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