Inventory Management in QuickBooks Enterprise: An Overview

Many small and medium enterprises (SMEs) use QuickBooks as their go-to accounting solution. they’re so comfortable with its functionalities and UI that switching to the other software isn’t an option. Taking an equivalent into consideration, Intuit has included a complicated solution with Inventory management in QuickBooks Enterprise. QuickBooks is one of the foremost commonly used accounting platforms among small-business owners. And if you’re already a QuickBooks user, you’ll be wondering whether QuickBooks also offers a listing management service. After all, accounting and inventory are inextricably tied together—so much in order that having one product to manage both looks like a no brainer.

Why Choose QuickBooks Enterprise with Advanced Inventory?

QuickBooks Enterprise offers Advanced Inventory to require care of all of your inventory needs. It’s powerful built-in features in order that there’s no got to search for third-party integrations. It’s meant to cater to inventory management needs like barcode scanning, in-depth reports, lot number tracking, discounts, order fulfillment, and far more for little and medium businesses. With such insights and analysis, QuickBooks Enterprise ensures that you’ll always be a step before your competitors and make better business decisions. Advanced Inventory may be a fantastic add-on to QuickBooks. Its best features include:

• Lot Tracking
• Barcode Scanning
• Multi-location Inventory
• FIFO Costing

The Benefits of Employing Advanced Inventory are:

• Complete control over the movement of stock
• Tracking of multiple locations from one dashboard
• Replenish the stock when needed for better efficiency
• An experienced IT support team to handle all of your queries
• One platform to manage the inventory and accounts

How to Activate Advanced Inventory?

To turn Advanced Inventory on:

• Attend the Edit menu >
• Select Items and Inventory from the left pane.
• Click on the corporate Preferences
• Check the Inventory & order are Active
• Click on Advanced Inventory Settings.

If Advanced Inventory Settings is grayed out, click on the assistance button then click on Sync Licence Data Online. Re-open the QuickBooks applications to use the changes.

Which Tasks are often Performed with Advanced Inventory?

Managing inventory of any size becomes easy with this advanced tool from QuickBooks. as an example, if you employ barcodes to scan your inventory, the tool’s barcode scanner seamlessly integrates with QuickBooks. QuickBooks will automatically correct the wrong data and can also create barcodes for you (if your inventory doesn’t have them). Let’s check out the capabilities of the software.

1. Barcode Scanning

Barcode scanning accelerates the mobile inventory picking process and rectifies/reduces data entry errors. You’ll scan the inventory from anywhere which has an online connection, and therefore the same has going to be reflected in QuickBooks. this may save time, and in every business, time is money.

2. Inventory Reports

Draw meaningful insights from your inventory data with customizable inventory reports and track your inventory better to realize newer heights. Following customizable reports are available:

• Inventory valuation summary
• Inventory stock by item
• Assembly shortage by item

3. Landed Cost

Do you know that the particular cost of any product is far but what we pay? QuickBooks helps its users understand an equivalent by breaking the worth of an item into multiple factors like freight charges, customs, insurance charges, and miscellaneous expenses.

4. Multiple Location Inventory

With every business becoming dynamic and demanding nowadays, there’s a requirement to handle numerous warehouses at one time. With QuickBooks, it becomes easier to try to to in order that the software keeps track of all of your warehouses, and you’ll manage them from one platform. You can quickly check the status of your inventory, whether your orders are on hold, in transit, or there’s a requirement to re-stock the warehouse.

5. Streamline Fulfillment

Managing the end-to-end process of inventory management may be a challenging task. Monitor your sales order from one dashboard with the improved ‘pick, pack, and ship’ feature. Assign the item to be picked up with one click or combine the picking and packing process to save lots of time. Give your workers the needed instructions. you’ll also print labels like UPS, FedEx, and USPS from QuickBooks.

6. Robust Serial and Lot Tracking

You can now apply serial numbers to individual items and lot numbers to individual lots. Conduct searches and manage your inventory with the assistance of the assigned serial/lot numbers. Tracking the purchased products and defective items during an order is now easier than ever with the improved tracking feature. The robust tracking also will allow you to know that the item has already been purchased, must be bought, or in-stock.

Conclusion

The usage and capabilities of QuickBooks Enterprise with Advanced Inventory makes it an ideal solution for inventory management and integrating the info with accounting. Track your inventory at multiple locations, use the barcode scanning feature, and generate insightful reports – Advanced Inventory offers everything you would like in your accounting solution.