6 Exceptional Features in QuickBooks Inventory Management
Intuit’s QuickBooks software offers users with accounting features that small businesses can use to track their finances.
More than manageable accounting, this powerful software deals specifically with inventory management. In today’s marketplace, it is important to keep up the inventory details for wholesale, distribution and manufacturing companies.
It provides complete monitoring of inventory into the business owners hands so that they can efficiently and successfully control their respective raw materials, products and cash flow.
QuickBooks offers exceptional inventory management features and capabilities that are useful for small businesses.
Automatic Adjustment of Inventory
When the user will use QuickBooks to maintain the records of inventory items, sales orders, invoices or sales receipts, the software will automatically deduct those items from the inventory.
Inventory reports include the quantity of items on hand, on sales order, on the purchase order or Items pending in the list. Along with this, you can set re-order point so that you are notified when the quantities are running low.
The physical worksheet is included in all the versions of QuickBooks to manually maintain the record for inventory and even to adjust it.
With this, you can easily adjust quantity, value, and other records at the same time. Once the data is entered in QuickBooks, it adjusts inventory and calculates the new value on its own.
Extensive Product Inventory and Tracking
QuickBooks premier and higher versions include an Inventory Center which is the central component of the QuickBooks software and all other parts of the software revolve around. Here, users can enhance business products to view prices, images, quantities, and active invoices related to each product. This allows the users to track invoices and bills concerning items bought and sold.
Drill Down to the Component Level
Projects can have multiple items available within a business. This is where the QuickBooks build assembly feature comes in use.
It allows users to track the individual items within larger groups and lists customer-specific substitutions when required.
Hence, the quantity on hand and quantity demanded the sale are listed for each product in the project.
Track Inventory in Multiple Locations
One of the most challenging tasks of running a business is shipping products, tracking them, and ensuring that they have arrived on schedule.
This process can highly affect inventory and QuickBooks inventory software provides features that deal with shipping in this manner.
Users can easily enter FedEx and UPS shipping labels with client’s information that’s already in the system. Tracking numbers and bar codes can be viewed and printed directly from the software.
Backorder tracking is also made easy with QuickBooks. Users can use the specific backorder component to find out which orders still pending and which products have not been received yet.
Serve Multiple Supplier-Side Locations
A small business may run in multiple locations, and products for each location may vary. In this case, company officials will need to know what locations are housing particular inventory items.
Business users can utilize QuickBooks inventory management software to view items by product location and alter it as per the change in the product location.
The Inventory center provides more information with inventory transactions and links to open the reports like stock status, inventory valuation summary, and physical inventory worksheet.
- Stock Status-It includes quantities on hand, sales order, purchase order, next delivery date and more.
- Inventory valuation summary-It includes average cost, asset value, sales price, retail value and quantities on hand.
- Physical Inventory Worksheet- It includes a print out of each inventory item with complete description and details of quantity in stock.
Thus, for small business needs for a complete inventory tracking system, QuickBooks should be at the top of the list.
- Julia is Techarex Network’s Content Marketing Associate for Intuit products. She has worked as a B2B and Marketing Strategist for the last seven years, helping businesses with software implementation for Customer Service, CRM, and Email Marketing. Julia thrives in helping companies find the right software solution for their projects. Aside from his obvious passion for Marketing, Julia admits to being a foodie and travel enthusiast.
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