Simple Tips & Tricks to Manage QuickBooks Advanced Inventory Like a Pro
QuickBooks Enterprise can work with multiple add-ons if you wish to turn them on inside the software. One such brilliant and time-saving feature for all the entrepreneurs or business heads is Advanced Inventory.
Particularly, this feature allows business owners and entrepreneurs to manage their inventory at a better rate over various platforms online. With real-time inventory quantity and other information, you as a business owner will save a lot of time, money and efforts while using this added feature on QuickBooks.
Benefits of QuickBooks Advanced Inventory
Here are some of the benefits of this feature:
- You can manage your economic order quantity in time.
- This feature has the capability to draft an organized list of your products, which helps a lot when you have a lot of SKUs of your products and you have lesser time in hand for a quality report.
- Inventory quantities get updated on its own with time and when you buy or sell the products.
- Your sound financial and inventory statements are made on time.
- You can also track the information regarding your vendors.
- Customized snapshots of the products help remember better information about the kind of stock you have in store.
- You will be able to manage your business operations better and easily; by using this feature you can know the exact amount of your current sales and purchases, as well as the expenses related to it.
- If you learn to use this feature judiciously, you can beat your competitors in the market with the right prices, from the right vendors, at the right time, with ample knowledge of the products you are offering.
Added Advantages for Managing QuickBooks Enterprise’s Advanced Inventory System
- Easy tracking of the items you are selling on multiple locations, irrespective of the geographical boundaries. In short, a vast and greater chance for you to become a national seller in no time.
- Everything related to the management of inventory is settled in one place; from packaging, shipping, storing, warehousing, products to be ordered, economic quantity level, picking, selling, and so much more.
- A barcode is like the cherry on the top of this giant cake! By scanning you the bar codes, you can update or view the information as soon as possible—your time would not be wasted looking for the proper report amongst many.
- Clear information can be viewed on what order quantity is left in your house, and which products are being purchased again.
Now that you have understood the significance of Advanced Inventory and its management, let’s turn our focus towards the main motive.
How Do We Manage Advanced Inventory?
Firstly, make sure you are using QuickBooks Enterprise with Advanced Inventory turned-on in your devices which you operate QuickBooks Enterprise from.
Check out the settings for tracking your inventory on your version of QuickBooks Enterprise installed. Supposedly, if you have a range of products which you want to group, you can choose the option of Categories to locate the information of the desired products quite fast.
Moreover, you can also filter your categories to generate product-specific reports for multiple business purposes like quantity control, investment and financial purposes and much more.
In case you want to add new categories into the already existing bunch, here’s what you need to follow through:
- Go to Settings.
- Click on Product & Services
- Then move to Manage Categories
- Now click on New Categories
- Finally, add the name of the category or subcategories you want to create—fitting your current business needs.
You can create subcategories up to four levels.
After creating the aforesaid categories, you can begin adding the name of the products under these categories manually with the other information related to the product like the cost, quantity, sales description, sales price, etc.
Moreover, you can upload the image of every product you wish to for better reference in the future whenever you are in a hurry.
Another added advantage of managing Advanced Inventory is that you can upload a data file of the products, if in case, you have a larger set of products to be updated in the QuickBooks Enterprise system. Though, you need to make sure that the file which you have uploaded or intended to upload, is in the required format.
For knowing the required format, you can download the sample file from the software itself as a reference.
By doing so, a lot of time will be reduced in updating each product. If you have a start-up or a medium-sized firm, this add-on is a blessing in disguise for you. Or in case if you have a lot of SKUs, that is, Stock Keeping Units, then you will definitely thank this feature for being live on QuickBooks Enterprise.
For the purpose of purchasing and selling, you can also create a purchase order from the sellers you are dealing with directly. So, when the products are received, you can input the information to that electronic purchase order and print out or send it to the vendor later if need be.
In case of receivables or any payments that have been received, you can simply create sales receipts on QuickBooks Enterprise Advanced Inventory and automatically the quantities of the products will be decreased, by increasing the amount of cash in hand or in the bank.
Reports that you can generate from the Advanced Inventory options help you know what’s the item you are selling the best or when is the product getting sold fast—helps you decide the peak season for any item if you are in new in the industry. Moreover, summaries can help you manage your future inventory better.
Overall, QuickBooks Enterprise with Advanced Inventory is an unprecedented example where you can run your business and its operations like never before. This function gives you the option to integrate your inventory in one place. By using it, you can manage the competitive prices amongst the vendors as well.
You can make the most of this innovative software with proper training and support. If you have any question or you receive any issue while using the software, you can contact our 24×7 QuickBooks Enterprise Support line .i.e. +1-866-707-7925. We are certified technicians with year of experience and knowledge of state of the art technology.
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