How finance and Inventory go hand in hand
In episode 9 of the Unleashed Academy podcast, Dylan talks to Mark Slessor-White, Financial Manager for Unleashed about the importance of financial management to your organisation. Mark discusses the importance of accurate inventory management, top tips for managing inventory and how effective inventory management can lead to greater profitability.
With over 18 years experience in the Finance and Business industry, Mark has worked with a number of high profile companies in the areas of organisational planning, strategic growth and business transformation. Mark works with Unleashed to oversee the financial management of the business.
3:52 The biggest challenge in financial management
The largest issue is often around segregation of duties. Mark discusses the important role finance plays to report the numbers for what they are and not what the company wants them to be. Finance also has a role in providing the analysis to help identify areas that are working and those that need improvement.
4:58 Accounting in the Cloud
The speed and efficiency of reporting information has dramatically improved in the last 10 years. With cloud based accounting there is now the ability to access information from anytime and anywhere.
There is also access to a greater range of tools for analysing information.
7:28 The advantages of integrating accounting and inventory platforms
The growth of cloud based systems means small business can integrate platforms at a low cost.
8:42 The importance of accurate inventory costing
The ability to understand cost on hand, the actual cost of goods and obsolescence is key for accurate inventory management. Mark discusses how a good understanding of margins allows you to access how your business is performing in the market.
13:01 How can an inventory management system positively affect your profitability
Mark discusses how a good inventory management system will help with demand planning, receipting goods, managing the cost of inventory, understanding selling prices and margins. All of these are key to managing your business and profitability.
18:45 Three Inventory Tips for your business
Mark discusses his top tips for good inventory management, these include understanding your sales, understanding the stock you are carrying in your business and ensuring that your inventory is fully costed.