Thanks to everyone who was able to make it to the most recent CFO club on April 10, 2024. I love to see the continued dialogue and the mentions of connecting offline or later with one another.
Recap
- Tax Exemption Status
- Charge the tax until we receive exemption status – continue with the change then until we are told otherwise
- Some are seeing challenges with shipping out of state or specific counties/regions within the state having different tax rates (re-bills and calling vendor/suppliers to adjust billing)
- If your system has the capability you can put each part # into a group and assign a tax code, this has helped others
- ERP Add-on’s
- Greenwing is a potential good bolt on for TIMS – allows data element matching to reduce errors with EDI file transmissions for portals
- Power BI as a useful tool for running reports
- Evolution X tied into TIMS and world pay
- Managing Inventory
- Many are doing cycle counting – ensure accuracy before starting
- Dead stock selling on Amazon or online – likely not worth it (shipping/Amazon fee/labor etc.) unless it is easy to package, and the sale price is $25-30+
- Calling the last customer(s) that purchased that product, then discounting (potentially a lot) it to move it
- Credit limit/credit stop
- Cortera focuses more on smaller businesses, they don’t always have a ton of references. Can share your data on your customers to use it for free
- Many have customers blowing through their credit limit – warning pops up, employees/sales people click the bypass button and keep it going
- Training employees – don’t say “we can’t sell to you” and look deeper at who the customer is, what their balance is, etc. – proceed accordingly
- Internal pushback from sales and others
- Any branches that are challenging – you can tie their bonuses to the AR and watch how much quicker you get paid
This “club” is intended for any welding & gas distributor acting in a financial role. Please join our next meeting for even more great conversation and insights.
Upcoming Meeting
- Future meeting – June 19, 2024, Topics TBD
Tony Hopkins
Tony has also realized that talking a good game is not enough. The true mark of a professional is execution. Horton achieves this through a process which consistently delivers on promises made and holding themselves accountable. “Once a plan is established, we are committed to plan execution. Our team functions as an extension of our clients operations; we are just as invested in their success as our own – their goals are our goals,” says Tony.
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