Home – New Forums Starting your journey Inventory stock list/profit and loss/sales records

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  • #990882
    1911naomi
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    Hi,for small online businesses what systems do people use to
    -keep track of inventory stock
    -keep record of profit and loss
    -keep track of sales records – e.g. X sold on ebay X sold online etc

    Do you buy computer software, do i really need to go to a basics excel course

    For small businesses starting up what else do you keep track of

    I am loving all the new things i am learning with starting a business but there is so much to look into,
    I also thought i was quite confident on computers but when it comes to creating website, google ad words, excel etc i have no idea – i am looking into as much as possible though

    #1178939
    Tony Manto
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    Most accounting software like MYOB should be able to generate reports that will tell you what you need, but a simple spreadsheet in Excel can work just as good.

    If you don’t know how, just try Youtube or you can get someone to set it up for you…

    #1178940
    markmce
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    1911naomi, post: 208604 wrote:
    Hi,for small online businesses what systems do people use to
    -keep track of inventory stock
    -keep record of profit and loss
    -keep track of sales records – e.g. X sold on ebay X sold online etc

    Do you buy computer software, do i really need to go to a basics excel course

    For small businesses starting up what else do you keep track of

    I am loving all the new things i am learning with starting a business but there is so much to look into,
    I also thought i was quite confident on computers but when it comes to creating website, google ad words, excel etc i have no idea – i am looking into as much as possible though

    As Tony suggested, accounting programs such as MYOB or Xero are good. They have the advantages of keeping any GST correctly recorded, giving you a Profit and Loss at the push of a button and can grow with your business.

    Most can download into Excel for additional analysis.

    #1178941
    ThexArm
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    If you don’t have too many transactions then tracking it on excel is good. Although as others above I also suggest an accounting system but if you are a start up you wouldn’t know which system would work best for your business. Xero is a simple accounting system but it lacks full inventory functionality.

    If you choose to go with excel, just type in “excel based accounting system” in google you will find some options.

    #1178942
    Hatching_It
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    • Total posts: 414
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    I use a combination of a spreadsheet and Xero.

    Spreadsheet = When I’m first looking at a new product I calculate what my bottom line is so I know exactly what my profit will be upon selling all of it (you make your money when you buy, not when you sell)

    So the spreadsheet includes things like

    • FOB price
    • Freight
    • Insurance
    • Import taxes / other import costs
    • GST
    • Average local postage

    Then once all of my costs are paid I itemise the invoice from my forwarder in to Xero so I can track exactly where my costs are going across the year.

    #1178943
    Ruairi
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    • Total posts: 19
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    Hi Naomi,
    If I was starting a small online business and wanted to keep costs down, I’d probably use Microsoft Access. There’s dozens of really good stock control templates you can download for free which include some useful reports – these can help you get up and running quickly and easily be tweaked to suit your workflow.

    You certainly can do it in Excel, but I personally don’t think it’s a good fit. Excel is for crunching numbers whereas you need to store transactional information, like sales, demographics etc. and then report on them.

    As for Xero, as stated before, it doesn’t have stock management but that’s coming soon.

    #1178944
    PeachySydney
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    • Total posts: 3
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    Hi There

    If you dont want to have something too comprehensive like MYOB and not as simple as an excel sheet, try giving this a go – http://www.intuit.com.au/.

    It’s clear and simple to use and the best part is you can give it a free trial!

    I have been recommended this by a friend of mine who is working with a few businesses for the Chamber of Commerce.

    Hope that helps

    #1178945
    1911naomi
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    • Total posts: 124
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    Just wanted to touch base on inventory stock. To date i have been keeping track on excel (with no formulas just old school..) but i will want to update this when i get new stock in to be automatic. What i wanted to ask is if my ecommerce site had inventory tracking how does it keep track of sales off the website… e.g. wholesale, markets, social media sales etc or do i enter manually on my eccomerce inventory tracker? I was looking at Xero for bookkeeping but its $y to have inventory option.

    #1178946
    aaron.miller
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    • Total posts: 117
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    The only way your website inventory system can keep track of multiple selling locations is if you either manually put the off line orders through the website, or you do a stock adjustment on the website?
    Any other option is going to cost $ and it comes down to how much your time is worth.

    #1178947
    eWAY
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    • Total posts: 524
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    Hi Naomi,

    Our SmartPOS system currently integrates with both Xero and Shopify for inventory management. The app will pull down inventory in stock and honour any oversell rules you have set.

    https://www.eway.com.au/smartpos

    We’ve got WooCommerce (and Magento) on the roadmap to support it.

    This would be your best way to manage market sales.

    For social media, you’re usually best not to actually complete sales within that medium, instead transfer them to your website to complete it. That way any checkout upsells/cross sells or discounts can be shown.

    For wholesale, WooCommerce has a pricing tier plugin that you can use for enabling wholesale prices – http://docs.woothemes.com/document/woocommerce-dynamic-pricing/

    You would use WordPress usergroups to put your wholesale customers in and then they can see special pricing/offers etc when logged in.

    Maclean

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