PawnMaster Blog

Inventory Turns Explained

When viewing the Inventory Turns and Inventory Yield in the Management Dashboard Report, it is very important to note the use of the word “Annualized”.

There are multiple methods for calculating turns that are acceptable for accounting. Two of the most common are Sales Divided by Average Inventory and COGS Divided by Average Inventory.

Make More Money Using Your PawnMaster Data: Inventory Turns

In my next post, you'll read about the Seven Habits of a Successful Pawnbroker. One of those habits is the effective use of the PawnMaster data. The first item I want to drill down on is running the Aged Inventory Report. This should be done at least quarterly, if not monthly. To view, this report, go to Reports and select the Inventory category. Select report #1, “Items in Inventory” and click print. On the first filter select “Aged Inventory”, on the second filter choose all items or select an item type to display. Generally, on the next filter, it is preferred not to include “Bulk Items”. Now enter your start and end days, such as 365 and 730, to display items in the shop more than one year but less than two.

Inventory Metrics that WILL Increase Cash Flow

I’ve seen it more times than I care to remembera room filled with pawnbrokers, and the question gets asked, “How many of you do regular inventory audits?” Only a few will raise their hands. Sadly, fewer yet will attest to using inventory reports generated by their software to MANAGE their inventory. It's safe to say that if someone wanted to increase their cash flow quickly, it would be done on the inventory and sales side of the business. Let’s face it; nothing is going to instantly change the amount of cash coming in from service charge payments and redemptions. Sure, there are long term strategies that can increase those but creating that buying frenzy and getting merchandise off the shelf quicker is the key to making quick cash!  

Pawnbrokers love our software because it helps speed up inventory management.

Pawnbrokers love our software because it helps speed up inventory management. Many pawn shop owners use PawnMaster pawnbroker software to streamline their business by incorporating the MC9090. The electronic hand-held computer designed to facilitate fast and easy physical inventory for your pawn shop! We are certain that your use of the MC9090, along with the industry-leading pawn management software program, PawnMaster, will assist in making your shop more efficient and profitable! Call Data Age today to get one for your shop.

Pawnbroker software that speeds up your inventory management.

Did you ever wish their a device that integrates into your pawnbroker software that speeds up your inventory management? The MC9090 does just that. The electronic hand-held computer designed to facilitate fast and easy physical inventory for your pawn shop! We are certain that your use of the MC9090, along with the industry-leading pawn management software program, PawnMaster, will assist in making your shop more efficient and profitable! Call Data Age today to get one for your shop.

Pawn Shops can now change inventory pricing by the masses!

PawnMaster pawn shop software, now has another fantastic new feature they added to their arsenal. Given the ups and downs of Gold prices recently, PawnMaster, now has the ability to quickly and easily adjust prices to your inventory pricing by the masses. Simply select the category type and then adjust the increase or decrease percentage followed by how many days old you want to update in your inventory. Contact Data Age today for more details on how new features like this one can improve your business 888-949-7296.

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