I need to be able to see total inventory value at a given moment.
All stores doing monthly accounting need to have their inventory numbers on hand for their balance sheet.
Currently, the only way to do this is to run a report of what's in the inventory, do a bunch of math, and figure out the total value of inventory.
It would be nice to simply run a report showing quantity, price, and total inventory value of each item, with a final bottom line showing the total value of inventory.
Hi Allen,
Thank you for your feedback. I have a couple of questions regarding this request. Do you need to be able to see the inventory value per SKU or just the total value of all items on hand? I ask as I wonder if it would be more beneficial to add a graph to one of our dashboard pages that showed the total retail value of all on hand inventory (at any given time), rather than you having to generate a report with each product listed. If you do require each SKU to be listed in a report then can you please provide some more information on how you use this data. Are you uploading it into another accounting system? Or are you using it to make purchasing decisions?
Tessa Hadobas [Product Manager]
I like this idea too. I would like to have this available to schedule a report every month for accounting statistics. Would be great to have SKU/Category/Supplier/Total available.
This is an essential basic feature of inventory management. It should be by sku, and should have FIFO as a minimum for book-keeping purposes (first-in-first-out product-price as it applies to vendor cost of goods).
I'd suggest you need to hire an inventory management expert to guide you, as right now your inventory tools are not ready for the real world.
Hi Allen,
Thanks for the additional information. I have a couple more questions I'd like to confirm with you:
1) Should the inventory valuation be calculated using the declared value/price listed in ShippingEasy or the supplier cost/s used on POs?
2) Should the inventory valuation be calculated using the total stock on hand (including unshipped orders) or just the available inventory?
Tessa Hadobas [Product Manager]
1) Supplier costs used. Should also distribute shipping charges evenly across all products.
Example : purchase order for $17,500 in inventory. 500 widgets at $35 each. Shipping was $300. Thus each products 'landed' cost was $35. Would be great if you could also tack on customs charges, etc.
2) If you can't do both, I would say total stock on hand.
If you are very serious about having a great inventory solution, I can crowdsource suggestions from other 7 figure store owners. I know a lot of people are using Dear now.
Hi Allen,
Thank you for this additional feedback. I've reached out to you via email so that we can discuss these suggestions in more detail. I really appreciate you taking the time to write all of this out for us.
Tessa Hadobas [Product Manager]
Agreed. Cost tracking is essential to any decent inventory system.
I am canceling my plan because this most basic simple feature is not available. I should easily be able to get a value of my inventory at any time. It is so common that I did not even know this feature didn't exist until I put my inventory in. WOW!
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UPDATE: ShippingEasy retired the Inventory Management subscription in June of 2020. Our Product Catalog stores a comprehensive list of the products you sell and allows you to add your product information to leverage product and SKU details to ship more efficiently. Learn more about our Product Catalog.
Existing Inventory Management subscribers will still have the ability to use the features specific to Inventory Management, however, we are no longer supporting new subscribers.