Tuesday Tip - "Know Where Your Inventory Stands at Year End With Stitch!"

Our good friend Rena Tom wrote an excellent blog post today about being diligent at year end. That said, we jacked this picture from her post and wanted to share some additional thoughts on the subject for this week's tip. Be sure to check out Rena's blog. It's always packed with great information. 

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That's right folks, the end is near...of the year that is. There are so many things to do that you won't have time to get them all done. That's where Stitch will make your life easier yet again. There are several tips we want to share with you prior to the end of the year, but first and foremost, you need to know where your inventory stands on December 31st. It's always tough to remember come mid-April, so you'll have the ability to see a complete snapshot in your Inventory Financial Report that's in your report area of Stitch.

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This is the least sexy report we run here at Stitch Labs, but it tells you some awesome information nonetheless. One thing I'd like to clarify, this is NOT a magic report. If you haven't take the time to input the cost of your items all year, or be diligent with how much you have in stock, the numbers will not be perfect and you'll still need to provide some color to your accountant when you sit down with them in a couple months. The good news is, on December 31st, this report will show you what you had on that day and you'll be able to reference it when tax time rolls around. In Stitch, we set the default fiscal year as the calendar year unless you've told us differently. So if you haven't yet, take some time and go through your inventory and update it prior to the end of the year so you'll have an accurate picture come April. This is our nice way of suggesting to do it, but Uncle Sam requires it, so get to it!

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Over the next couple weeks, we will put out more year end tips and a newsletter, stay tuned. If you have any questions about this report, please feel free to reach out. We're happy to help.

Stitch on!

 

 

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