QuickBooks Inventory Management: Tips for Beginners

inventory.jpgFor many small and medium sized companies, QuickBooks is the main driver of their accounting infrastructure. QuickBooks is reliable and when utilized correctly, it is scalable and allows managers to jumpstart their inventory management efforts. If you are a beginner to QuickBooks, there are many resources available to help you get set up.  It might be worth considering hiring an accountant to get you started. If you are using a different form of accounting and are considering migrating to QuickBooks, then you may need a trusted financial professional to help transfer integral information. A consultation can help specify and determine aspects of your business that needs QuickBooks. An accountant will help pinpoint conventional tracking expenses and other obligations when it comes to local regulations.

To gain an understanding of QuickBooks, look over tutorials that may answer any potential questions that you may have about the program. Since QuickBooks will handle sensitive information, it is important that you underline the importance of security by using a complex password and changing it every quarter, including changing business IDs, if appropriate.  Giving access to only a few people keeps the integrity of the data intact as well. 

Tips for Setting up QuickBooks

  • Insert current account balances and invoices into QuickBooks.
  • Gather up the company checking account and credit cards and insert them into QuickBooks.
  • For outstanding balances from your vendors or business partners; enter those bills as account payable balances.
  • Also, enter any fees or owed money from customers. Doing this will help conceptualize who owes you, and how much; and how much you owe as well.
  • Have a standard name or tag on all your sales channels to ensure that there is no confusion when managing your products. This will help you conceptualize what items are being pushed through the inventory pipeline.
  • To streamline order management processes, find cloud-based services that offer automation and that sync to QuickBooks.

How Can QuickBooks Help with Inventory Management?

QuickBooks can help with effective inventory control with a number of key tasks that allow you to:

  • Conceptualize objectives when it comes to inventory tracking
  • Create purchase plans to secure certain items, making sure that there is no unnecessary surplus
  • Clear storage locations that can be quickly departmentalized with tags or other identifiers
  • Use unique and short item numbers for certain merchandise or groups of products
  • Quantify the starting point of your inventory stock
  • Track inventory activity by recognizing inputs and outputs
  • Use it with multiple locations via different access points

Apps That Will Simplify QuickBooks Inventory Management

Finding an order and inventory management app that syncs with QuickBooks will go a long way in keeping your QuickBooks account accurate and up to date without much work.  Look for an order management software program that allows customers and sales reps to directly input orders into the app interface, and with the push of a button orders will automatically be uploaded into QuickBooks without the need for rekeying them.  Less touches to the orders means less errors and faster processing.  Add warehouse integration to the mix and send orders directly to your third-party warehouse electronically.  This will reduce costs even more and speed up shipping.  With this type of integration, you are able to carefully monitor your inventory 24/7.

Now Commerce is a cloud service that syncs seamlessly with QuickBooks, allowing you to help manage your order process and keep inventory accurate.  Learn more on our website or set up a quick demo here

Ebook QuickBooks Order Management

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