How to Handle Inventory with QuickBooks?
QuickBooks is the most popular accounting software for small and medium size businesses in the United States, Canada and United Kingdom. QuickBooks Business Management Software has an inventory module built on its Pro, Premier and Enterprise versions. Where Inventory management is a basic part of any business it serves uninterrupted production, sales and customer service at minimal cost. Inventories comprise of goods, raw materials and finished goods. As these elements are equal to money for the business owner, the management of the assets/goods is very essential for profit-making and having optimum stock items in your inventory.Business owner have to check out the all Quickbooks Errors which they might get while installing first time .
QuickBooks is a great accounting tool incorporated with inventory management system tracks sale, purchase and payments related to the assets of inventory. Inventory management consists of many factors. Your business will use inventory management to replenish stock, track costs of inventory, track profits, forecast inventory, forecast prices, forecast demand and more. The inventory process involves tracking orders, shipping, costs, stock and sales. It also involves the software that may be used to predict inventory status and track materials. All of these factors will help keep costs in check, maintain a proper merchandise assortment, set targets and monitor profits efficiently.
Primary Elements of Bookkeeping
A list of purposes and objectives for the inventory tracking system.
A purchase plan to acquire necessary items for inventory management.
Clear and easy to understand storage locations and tags for these locations.
Inventory labels that are easy to read.
Unique and short item numbers for each item.
Item descriptions are well-defined and clear.
Units of measure for how you will quantify your inventory.
A starting count of your inventory stock.
Software that tracks inventory activity. Inventory management software helps create invoices, purchase orders, printing, payment receipts and more. If your business operates in the cloud or in multiple locations, you should strongly consider a cloud-friendly inventory management system for ease of use.
Policies and a plan surrounding all inventory management procedures.
QuickBooks is a very smart accounting application but it lacks many features businesses need to track their inventory, such as barcode scanning, part tracking and advanced manufacturing tools. Even QuickBooks Enterprise version, with its advanced accounting tools and features, isn’t enough to meet all of your small business logistical needs. You need something to add-on to effectively manage your single largest expense – your inventory. The condition is that the new add-on solution should work with QuickBooks.
Fishbowl Inventory is the QuickBooks inventory management add-on solutions for the business owners are seeking for manufacturing and warehouse management software and it easily adds to your current system. The software prides itself on being speedy and accurate, with easy reordering and receiving processes. It smoothly integrates with QuickBooks filling-in the gap that left by QuickBooks. Fishbowl has all the features to add on to handle the inventory plus many more.
With QuickBooks and Fishbowl Synchronization you can avail the benefits of Inventory Management:
Improve data accuracy by scanning barcodes instead of typing product information.
Save time and money by simplifying complex tasks
Enjoy many other features and benefits
Automatically create invoices and packing lists
Generate detailed sales and inventory reports
Eliminate double data entry
Speed up the reordering and receiving processes
QuickBooks inventory management software gives you access to essential tools to grow your business. You can save thousands of dollars and stay with the accounting software. A well-managed inventory is essential because businesses rely heavily on these items to make a profit. Even if you don’t need an inventory tracking system initially, it may become critical as your business grows in the future. Without a carefully balanced and managed inventory system, your business could suffer from a lack of organization and may lose revenue as a result.
QuickBooks inventory management Support