Accounting and Inventory Management: A Latent Frontier

Accounting firms, especially those with smaller teams, must constantly be on the lookout for new opportunities—especially if they’re still finding their niche.

Inventory management is a market that has historically been underserved in the client accounting service (CAS) industry. There are a myriad of reasons why.

Inventory management tends to be complex. The ins and outs can also vary depending on a variety of factors. New technological innovations and practices have made inventory management more streamlined than ever. The thing is, most accountants aren’t fluent in them.

To help clients make informed decisions about challenges related to inventory management, they must be familiar with widespread issues businesses face, as well as common terminology and specific technical knowledge. 

Most accountants lack deep knowledge and skills in this area; it’s a deep, complex well. That being said, those who equip themselves with the tools to help businesses tackle inventory management challenges will find many opportunities as consultants—they may even find a new niche.

The need for inventory management consultancy services

As complex as inventory management can be, market shifts caused by disruptions in tech, climate shifts, and societal change have forced businesses of all sizes in every industry to adapt. Unfortunately, this is often easier said than done.

“With the increase in competition from online retailers, manufacturers, and suppliers, these businesses need to be agile,” says Keith Fileccia, chief operating officer (COO) of Mendelson Consulting, a firm specializing in QuickBooks and information technology consulting services. “Never has there been a time where inventory consultatory services in the inventory space has [sic] been more essential.”

Inventory management training sessions at Scaling New Heights 2024

Providing such in-demand services is a major opportunity for CAS firms—one that attendees of Woodard’s Scaling New Heights 2024 conference will be uniquely positioned to meet.

Scaling New Heights 2024 will feature multiple training sessions from leading experts in providing inventory management solutions. Participating in training sessions like these at the event can earn attendees up to 30 NASBA-qualified CPE credits and 14 IRS CE credits.

Frank Nardi—”AI Forecasting for Smarter Inventory Management”

From 7 to 7:50 AM on Tuesday, June 18, 2024, Cin7 chief revenue officer (CRO) Frank Nardi lends his years of expertise in driving revenue growth and business development to teach attendees how artificial intelligence (AI) forecasting can help businesses optimize their inventory management practices. 

The session will cover common challenges, including overstock, stockouts, supplier management complexities, and more. Nardi will show participants how AI-driven forecasting can help mitigate costly expenses and drive sustainable growth.

Jay Kimelman—”Xero Inventory Plus Deep Dive”

Seasoned financial and technology expert Jay Kimelman will host an in-depth Xero Inventory Plus (XIP) workshop from 8 to 8:50 AM on Tuesday, June 18, 2024. This training session will give participants a deep dive into using the platform to streamline inventory management operations, effectively manage sales tax and tax reporting, and more. 

The session will also cover other apps to compare to XIP, empowering participants to choose the solution that best meets their client's needs.

Ed Jaworski—”Boldly Go with QBO Inventory Specialization”

QuickBooks veteran and SOS Inventory-certified consultant Ed Jaworski will host a session on Tuesday, June 18, 2024, from 1 to 3 PM. In this session, Jaworski will explain QuickBooks Online's (QBO) native inventory management functionality.

The session will also seek to teach participants about the capabilities and shortcomings of QBO and other popular inventory management add-ons, such as Cin7, SOS Inventory, and Katana. He will also review several examples and discuss different approaches to addressing the needs of various projects.

Keith Fileccia and Mario Nowogrodzki—”Complex Inventory - How Complex is Complex?”

Mendelson Accounting executives Keith Fileccia and Mario Nowogrodzki will host a training session on Wednesday, June 19, 2024, from 1 to 3 PM to discuss the complexities of consulting with an inventory business. From managing co-manufacturers, third-party logistics, web connections, Amazon FBA inventory, EDI connections, and beyond, Nowogrodzki and Fileccia will give attendees a comprehensive crash course in implementing inventory solutions.

The session will cover key terminology, the complexities of consulting with an inventory business, key issues impacting the implementation and management of inventory solutions, and other concepts to equip them with valuable knowledge for offering inventory solutions to clients. 

Future-proof your business at Scaling New Heights

Part of Woodard’s mission is to educate business advisors to provide the highest levels of value for their clients and, in the process, strengthen their practices. Scaling New Heights 2024 is planned specifically to equip your business with everything it needs to be the best it can be. 

As Fileccia said, “Advising your clients on how to adapt and change can be both personally satisfying and highly profitable. There is nothing better than bringing a business from ‘this is the way we’ve always done it’ into the future.”

The conference will take place in Orlando, Florida, from June 16-19, 2024. In addition to these four sessions, it will feature dozens of talks, exhibitions, and training sessions from leading businesses. 

You can find out more here.