Last Updated on June 8, 2020 by Editor Team
All the small and e-commerce business owners know that the inventory is the most important part that must have to keep track of all the time. Every businessman must know about how much stock it has and how the quantity has been sold and what are the most salable item and how much order are to be fulfilled. If you are manually Keeping records of this, then it would be more and more difficult for you. So, you must have to choose QuickBooks inventory management that will help to easily scale your business inventory without extra manpower.
If you are a user of QuickBooks then it would be very beneficial for you because you can do your accounting as well as your Inventory management with QuickBooks. If you are using QuickBooks then you don’t need to buy the expensive third-party inventory management software because allows the feature of the QuickBooks inventory management.
Features of QuickBooks Inventory management
The below-given features of QuickBooks Inventory management will help you to handle your inventory in more effective way.
View the Quantities on your hand
Every business buys and sells the product. Every product has its separate entry in the bookkeeping and accounting. Quickbooks automatically sync all the data into your QuickBooks inventory management. Whenever you purchase any quantity or sale any quantity that will automatically update into your inventory. Inventory management with QuickBooks makes easy to see what is selling and what to reorder.
Get the real-time inventory valuation
Then the value of the inventory is automatically adjusted in your balance sheet as you go about your day and you can also find our real-time stockout and stock-in and what is the most salable quantities. So you can manage your business more effectively according to the need of the customer.
Stay on top of purchase orders
As you know that the demand for every product is different in different places and people. Quickbooks inventory management will help you to keep track of what your vendor ordered each time. You can also organize the contact information for multiple vendors in a single place to make reordering easier. That will help you’re to increase your purchase orders.
Track Your Expenses
If you are using inventory management with QuickBooks then you can easily able to record your all expenses for the tax time. You can also tax the picture or save receipt with the QuickBooks Online mobile app. After that you can compare expenses with your previous expenses and that will help you to grow faster.
Create and send the business forms
QuickBooks allows you to create the custom and professional invoices, receipt and the estimates so you send it to your buyer within a single second. That will help you to create goodwill in the market.
QuickBooks Inventory management comes with seamless integration. It means you all the needed data will automatically sync with your inventory and you don’t need to do the double data entry. That will help you to save your lot’s of your time and headache.
Knows where your business stands
QuickBooks features allow you to know about, how your business is performing and you can see all the reports in a single customizable dashboard. In a single view, you can analyze where do you stand in the market. When you know all about your business then you can easily take a good growth in the market.
Take the full control of your cash flow
You can easily analyze how much cash in your hand and how much cash you need to pay to their vendors and you can also set the schedule recurring payments and saves your lot’s of time that you wasted on doing the same payment every month so you can easily give your more time into your business.
Free of cost unlimited support
Whenever you are facing any error and bugs or any type of question-related to the QuickBooks inventory management then you can contact the support. They will help you to find out the solution to your problem the one of the most amazing thing about the support is they are highly educated and providing you the free support.
For tracking the inventory management with QuickBooks you must have the “Plus” plan
QuickBooks only add the inventory management in the plus version of the QuickBooks. If you want to take the benefit of the QuickBooks inventory management then you must have to move on the plus plan. In this plan, you get the below-given features:-
- Track income & expenses
- Track sales & sales tax
- Capture & organize receipts
- Track mileage automatically
- Run reports
- Invoice & accept payments
- Progress invoicing
- Maximize tax deductions
- Send estimates
- Multiple users
- Manage bills & payments
- Multi-currency support
- Track time
- Track project profitability
- Track inventory
- Payroll available
Drawbacks of QuickBooks inventory management
There are some key aspects of inventory management software that are missing from both QuickBooks online and desktop:
The inventory was not designed keeping in mind
QuickBooks is an accounting software at heart, so the inventory tracking feature is relatively basic and not a development thing. It is also available on some QuickBooks pricing plans.
No direct integration
To connect QuickBooks to your online store and marketplace you will need to pay extra for a third-party application. This means processing real-time sales data by relying on outside developers and providing support if anything goes wrong.
No order management or fulfillment
QuickBooks only can manage the inventory at the basic level, not a high-level inventory. So you still have to log in to your various sales channels and ship the order.
No inventory/stock rules
You will not be able to create automated rules governing the amount of inventory shown on each store and sales channel.
No detailed list history
You can see a detailed, detailed history of each line of the list and each member of the team interacted with it.
No inventory forecasting
QuickBooks did not learn from its previous sales data on how much inventory demand you would have to meet in the coming years.
Note: These are not the only drawbacks with QuickBooks List Management. But they are one of the most common issues that retailers face.
QuickBooks is good for inventory management?
Not really, this can be a useful add-on feature for startups or very small retailers. But the most ambitious, growing businesses will find a point where they need something more powerful. However, It should be noted that when it comes to managing your accounts, QuickBooks is a highly effective system.
QuickBooks inventory management is the most effective add-ons for small business owners. Because the inventory tells us how much quantity of your stock is left and sale. If you using the inventory management addon’s then you will able to view the quantities on your hand, get the real-time inventory valuation, Stay on top of purchase orders, and seamless integration that will help you sync your data into inventory automatically then you don’t need to do the double entry and you can save your lot’s of time.