Overview

Reviewing inventory and liabilities at the end of each month is crucial for businesses to maintain financial health and achieve accurate reporting. By consistently managing these details, businesses can improve operational efficiency and support informed decision-making, setting a strong foundation for long-term success.

Disclaimer: The information provided is for general informational purposes only and should not be considered legal, accounting, tax, or financial advice. Every business is unique, and it is strongly recommended that you consult with qualified accounting or financial professionals to address your specific needs and circumstances. Always seek independent counsel to ensure compliance with applicable laws and regulations.

End of Month Reporting Tips & Resources

To help you get started, we’ve prepared some helpful tips and resources to guide you through the process, ensuring accurate and efficient reporting.

Inventory Reports

Running an end-of-month inventory report is essential to maintain operational and financial success. Here’s why:

Track Product Usage: Keep popular items in stock and avoid overstocking less-used products.
Control Costs: Manage expenses by knowing your inventory levels.
Boost Profits: Focus on best-sellers to drive revenue and refine offerings.
Plan: Use inventory data to make smarter purchases and prepare for trends or promotions.
Prevent Losses: Spot discrepancies or theft with regular checks.

Boulevard’s inventory reports provide an easy and efficient way to track inventory levels and identify top-performing items.

Report	Description	Tips	Customization Options
Inventory On-Hand	Your catalog of products at each location.	By default, this report includes all products from the moment it is accessed. Reference the “Last updated” time stamp for when the last data sync occurred. The average unit cost reflects the default cost for each product.
Inventory Adjustments	Changes in product quantities and shrinkage.	This is the best report to track inventory movement in and out. The inventory adjustment cost is set as the default unit cost.	View by adjustment reasons to see how many units are moving based on usage etc.

Liability Reports

Pulling liability reports at the end of the month is vital for businesses to stay on top of their financials and maintain accurate records. These reports help track outstanding balances like gift cards, account credit, and voucher liabilities. Regularly reviewing liabilities gives businesses a clear understanding of their financial obligations and responsibilities.

What is a liability?

A gift card, account credit, or voucher liability refers to the value of unused or outstanding gift cards, account credits, or vouchers a business has issued but has yet to be redeemed by customers. These represent an obligation for the business to provide goods or services in the future when the customer uses their gift card, credit, or voucher. Until redeemed, the business must account for these as liabilities on its balance sheet because they represent future claims on the business’s resources.

Boulevard’s liability reports provide an easy way to track outstanding gift cards, account credit, and voucher liabilities.

Report	Description	Tips	Customization Options
Gift Card Liabilities	Unused gift card balances.	By default, this report includes all unused gift card balances from the moment it is accessed. Reference the “Last updated” time stamp for when the last data sync occurred. It does not allow filtering by date range to view past gift card liabilities.	View by location or client.
Account Balances	Stored balances on clients' profiles.	By default, this report includes all account balances from the moment it is accessed. Reference the “Last updated” time stamp for when the last data sync occurred. It cannot be filtered by date. Additionally, account credits are not differentiated between those associated with deposits, memberships, or other categories.
Voucher Liabilities Summary Report	Overview of changes in liabilities over a period of time.	The starting liability shows the location's liabilities at the beginning of the reporting period. The remaining columns track the changes in liabilities throughout the period.