New Inventory Reform Service Underscores Need for More Data Driven Best Practices
Clayton & McKervey, a certified public accounting and business advisory firm helping growth-driven companies compete in the global marketplace, announces the availability of a new professional service for inventory reform. The announcement was made by Clayton & McKervey shareholder Jim Biehl, CPA.
When COVID-19 struck in March, clients immediately turned to Clayton & McKervey for urgent advice on all aspects of their business and the firm responded, first by immersing itself into the intricacies of the Paycheck Protection Program (PPP), and then through other advisory services, such as the use of a 13- week planning tool, and enhanced data analytics.
“COVID-19 finds businesses looking at every nook and cranny of their operation to become more streamlined and cost-efficient,” Biehl said. “Inventory often presents a challenge for many businesses, but the pandemic is prompting urgent new ways to look at and resolve longstanding problems. With inventory reform, we are helping clients use a data analytics approach and forward-looking process to manage inventory in a way that emphasizes profitability.”
The new inventory reform service is designed to help:
- Reduce costs for warehousing, storage, and staffing
- Focus on those products most tied to profits
- Use reporting and automation to assess inventory and identify gaps
- Guide optimal purchasing behaviors and decision making
Inventory reform comes on the heels of the firm’s other new COVID-driven service offerings, announced in May, and focused on PPP loan forgiveness compliance and consulting. They are:
- Loan Tracking: Helping clients determine the best use of loan proceeds to maximize loan forgiveness. The firm assists in gathering the supporting documentation necessary to provide a clear accounting for use of funds, allowing clients to focus on their day-t0-day financial and operational issues. This is the highest level of the three compliance service offerings.
- Forgiveness Calculator: Assisting clients with the calculation of eligible payroll costs, other eligible costs, and forgiveness limitations needed to submit to the SBA for loan forgiveness.
- Forgiveness Review: Designed for clients who prefer to handle documentation of loan utilization and estimation of forgiveness independently yet want oversight of their documentation to ensure the information is SBA ready.