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Welding & Gas CFO Club Recap April 2024

Monday, April 22, 2024
Tony Hopkins

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.


  • 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.

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