Reflect & Regroup Series #3 - Inventory

    Having a handle on the movement of items and services within your practice is vital for a successful 2022! Plus the new year is a great time to revisit inventory best practices and catchup counts as needed.

    A great place to start is the Graphical Categories report:

    Which can easily be run for the full year:

    And will show at a glance how each category contributed to your total sales:

    Category Sales Graphical

    We recommend comparing this year to last year to pin point where your business grew as well as perhaps it shrank. With that information you can set a growth goal for 2022! 

    Perhaps the Categories report brings to light that you need to refine your categories. No time like the present! Item Categories can be edited via the Management tab - Items and Services:

    Category Edit

    Another report we recommend is the Summary - Supplier Breakdown report. This snapshot is very helpful when doublechecking rebates paid from distribution and manufacturer partners:

    Supplier Breakdown

    Supplier Breakdown 2

    As they say, garbage in equals garbage out in the data world. Now is also a great time to review your supplier list and make sure everyone is accounted for! New Suppliers can be added at any time via the Management tab:


    With a good understanding of what went where over the past year, it's also a really great idea to "clean up" your shelves for a fresh start to 2022. At a minimum we recommend you visit the Inventory Reports - Low Inventory List:

    Low Inventory-2

    This report will list all items with a QTY on Hand less than your predetermined Reorder QTY so you can start the new year right with fully stocked shelves: 

    Inventory Reorder

    Any items with a negative quantity on hand we do encourage you to take a quick physical scan of your shelves in case the count has simply gotten off. Should you need to, the Self Service Suite does allow you to reset all negative quantities.

    The Low Inventory List will also show you those items nearing expiration. Many suppliers refund you less the longer a product been expired. It's a great habit to get into of regularly running this report and staying ahead of the expiration:

    Inventory Expiration

    Clear goals and clean inventory, this is our wish for you in the New Year!

    Join us next week when we wrap up 2021 and this series, with a final dive into financials.

    Happy Holidays!

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