Why should you consider using QuickBooks software for wholesale businesses? As a wholesale business owner, you need to make sure accounts are handled and documented. It can be a daunting task. Luckily, you can monitor the happenings of your company with QuickBooks software. You can streamline tracking the operations of your wholesale business using QuickBooks, from purchasing to inventory to sales, all electronically.
QuickBooks has many features that make life easier for a wholesaler. You may even wonder how you handled sales before QuickBooks. Here are the advantages of using QuickBooks software for wholesale businesses:
- Sales orders allow orders to be booked and then fulfilled and invoiced at a later date. Sale orders allow you to track orders in-house that you are working on filling. You can track orders that have been partial shipped, and you can see the sale orders reflected in your inventory so you know what you have on hand. When you are ready to invoice the order, you can turn the sales order entry into an invoice with the click of a button.
- Inventory management becomes easier with QuickBooks. Your inventory automatically updates as items are bought and sold. Your inventory valuation also updates as you go about your business day. When you run low on items, your vendors contact information is right there as you file a purchase order. You can complete setup easily by importing lists from Excel.
- Sales reps can have their work easily tracked through QuickBooks. Every sale entered into QuickBooks can have a sales rep noted in the system. Then you can find out exactly how each individual sales rep is doing. If you pay sales reps on commission, then that can be calculated as the sales are entered into the system. Independent contractors can also be tracked within the system, which will also provide the information for a 1099. You can calculate payroll for each employee and contractor with ease.
- Wholesale focused reports will give you the information you need in an easy and accessible format. With just a few clicks, you can see open sales orders, inventory reports, or sales rep details in a simple report ready to print. The templates for reports are already in the QuickBooks system so you do not have to spend time designing reports specific to wholesalers.
QuickBooks offers a variety of accounting software. Two types are recommended specifically for a wholesale business. They come with the templates and customization necessary to cover all of a wholesaler's accounting needs.
- QuickBooks Premier Desktop Edition can be customized for your wholesale business. With this version, not only can you track your inventory, but you can track reorder points by vendor. You can also track profitability, so you know exactly which products sell, and therefore know which products to promote or discontinue. You can also organize your sales orders and prioritize them however you want. You will instantly know the state of each sales order and whether you have the inventory for that order ready yet.
- For even more functionality, try QuickBooks Enterprise Edition. In addition to integrated inventory management, QuickBooks Enterprise offers access to up to 30 users at a time and ability to easily handle larger data files. Electronic Data Interchange (EDI) automates order processing and streamlines your order to payment cycle. Advanced Reporting gives you reports specific to your wholesale business needs and templates that auto-fill your company information. New features include the auto-filling of addresses from your service order to your purchase order and single-label printing.
To improve your QuickBooks software for wholesale business experience even more, contact us at Now Commerce. We can help you streamline your accounting processes through a cloud-based add-on that gives you access to your company's information where ever you are.