Xero is a cloud-based accounting solution designed for small and midsize businesses. Fishbowl integrates seamlessly with Xero, giving you a complete manufacturing and warehouse management system that works in conjunction with your accounting solution to ensure you always have the correct invoices, ledger entries, and all other accounting documentation you need.
Fishbowl is the inventory solution for Xero
Here are the many details of this integration between Fishbowl and Xero:
- You can configure Fishbowl’s integration to Xero fairly quickly, allowing you to update the general ledger whenever you make changes to your inventory records.
- You can use Fishbowl to accept sales orders, pick, pack, and ship orders, transfer inventory, and more. Then it automatically exports those changes to Xero to create accounting adjustments in relation to inventory assets, cost of goods sold, and income.
- Both Fishbowl and Xero can be used to accept payments from customers, and both will reflect those payments without you having to enter them twice.
- Fishbowl lets you create purchase orders for whatever you need to buy, and then it sends bills to Xero to make the appropriate accounting entries.
- New customers and suppliers get exported from Fishbowl to Xero so that they will have the same contact information and other details in both solutions.
- All inventory adjustments (from cycle counts to scrapped inventory) are automatically transferred from Fishbowl to Xero.
- After completing a work order in Fishbowl Manufacturing, you can schedule it to be exported to Xero in order to make an entry on the general ledger reflecting the change.
This post comes from Robert Lockard in the Fishbowl USA office.
The Forecast module is a Fishbowl Plugin that becomes part of the Fishbowl user interface. This is a bit different than separate solutions provided by Fishbowl and other companies. There’s nothing you have to download or even install. All you simply have to do is get the right credentials and then activate the Forecast module through Fishbowl’s Plugin module.
Predicting the future is simple with the Fishbowl Forecast Module
The Forecast module uses sales numbers, patterns and other information across a certain time period to predict upcoming sales, quantities, and costs. It then presents all of this data through a number of filters and chart types.
Here are the features you’ll find in this module:
- As noted above, you don’t have to download anything. You simply have to enter the proper information into the interface to activate the already-installed Forecast module.
- Numerous filters are available to limit the data to specific sales, quantities, costs, parts, and location groups.
- In addition, you can select the period of time you want to use as a reference to base the predicted sales information on. You can also select the future period of time you want to extend the forecasting into.
- Forecasted data can be displayed in three main types of charts: line graph, accumulation, or scatter plot. You can select the one that will show the data in the most intuitive way for your needs.
This post comes from Robert Lockard, Fishbowl USA
Inventory performance metrics are essential to the running of your business. They help you measure how well you and your team are doing at managing your inventory. Here are three major points that you definitely need to know to equalise your inventory levels in the short and long term.
Inventory Turnover Ratio
The inventory turnover ratio tells you how well you are doing at selling your inventory and keeping it flowing at a healthy pace through your warehouse. Having a low inventory turnover ratio means you have high carrying costs and you may be overstocked on slow-moving items. Having an extremely high ratio may mean you’re not ordering enough and you’re struggling to keep enough on hand, potentially resulting in shortages.
To calculate your company’s annual inventory turnover ratio:
Divide the annual cost of goods sold by the average annual cost of inventory on hand.
Economic Order Quantity
The Economic Order Quantity (EOQ) is the number of items you should reorder each time you place a new order to maximize efficiency while keeping carrying costs and shipping costs to a minimum. Here is how to calculate the EOQ for each part and product in your inventory:
- Multiply annual fixed costs by the annual demand in units.
- Multiply that total by 2.
- Divide that total by the annual carrying cost per unit.
- Take the square root of that result.
To calculate the reorder point for each product, you need to know four terms:
- Lead Time: The number of days between a purchase order’s issue date to the product’s arrival at your warehouse.
- Safety Stock: The number of days’ worth of a product you keep on hand to prevent emergency shortages.
- Basic Stock: The number of days’ worth of a product you keep on hand as a part of your daily operations.
- Unit Sales Per Day: The average quantity of a product that you sell on a daily basis.
Once you have those figures, plug them into this two-step equation to discover any product’s reorder point:
- Add the lead time, safety stock, and basic stock together.
- Multiply that total by the unit sales per day.
There you go. The inventory turnover ratio, EOQ, and reorder point will help you measure how well you’re doing at managing your inventory. These will generate concrete numbers you can track over time to see whether or not you’re progressing and how you can improve.
This post originally comes from Robert Lockard in the Fishbowl USA team
Fishbowl Team, Say G’Day
Once a month we will be meeting a new member of the Fishbowl team. Firstly we will be meeting Sue-Ellen and next month we will be saying hello to our newest team member, Jenny.
Who is Sue-Ellen?
If you’ve called our office recently, you may have noticed a few new voices on the phone. Sue-Ellen is one of those voices, and has joined our team as a Consultant and has been working on the Support Desk over the last couple of months. Sue-Ellen brings over 15 years of accounting and IT experience with her.
Expect to see Sue-Ellen on-site implementing Fishbowl and better workflows for your business, and on the phone answering any queries you may have.
Want to Say Hello?
If you have any questions, or want to say hi to the team, don’t hesitate to call our office on 1300 785 755 in Australia or 0800 785 755 in New Zealand.
Fishbowl CEO speaks on the Leaders247 podcast
David K. Williams, Chairman and CEO of Fishbowl, can always be seen in the limelight. Whether he is writing weekly articles for Forbes or appearing on podcasts and in other media. He is constantly sharing his insights into being a great leader, building a profitable business, and helping other companies with Fishbowl’s business automation platform.
He recently spoke with Gordon Whitehead on the Leaders247 podcast, and he covered all sorts of personal and professional topics. It’s approximately 47 minutes long, and it’s well worth a listen. Just click the link above to visit the Leaders247 website and check out Williams’ words of wisdom.
Here are some of the highlights of the podcast:
- The interviewer asks a question Williams has never been asked before about what drives him in his writing for Forbes and other publications
- What Williams thinks about what he wrote in a 2013 article about the 5 C’s of being a great leader
- How Williams feels about sharing private details about his life publicly
- Williams shares an example of how he lost big in a business deal and then rose from the ashes to pay back all of his debts and become an even bigger success
- Why Fishbowl works to stay debt-free and employee-owned
- How Williams came to Fishbowl in 2004 and revitalized the company
- The importance of a company’s culture
- How to successfully start and maintain a business
- How to develop employees into leaders
This post originally comes from Robert Lockard, copywriter from the Fishbowl USA team.