Periodically review the mix of inventory to determine whether it meets your customers' needs. Monitor inventory turns and compare to industry standards. Perform periodic and year-end physical inventory counts. Your company is not a bank and should not loan funds to employees or owners. If necessary, any loans should be paid in full within one month either in cash or through a payroll deduction.
Control purchases to avoid unnecessary expenditures and put large purchases out for bid.
Maintain and safeguard the assets you already have. Use the discount terms to your advantage. Any rebates or credits should be used timely. Chances are, every business has some assets that are not producing revenue. Give us a call and let us help determine those assets, calculate the annual cost to you, and make the required adjustment to avoid the deep freeze.