Did you know the newest version of QuickBooks has new features that make it easier to both balance accounting books and track inventory? It’s true! Here are four ways QuickBooks Premier helps with inventory management.
1. Reorder Point
In QuickBooks Premier, you can see how much inventory you have in stock. You can also calculate the reorder point for each product, which tells you when your inventory level is too low and you need to order more to avoid running out.
2. Bill of Materials
QuickBooks makes it fairly simple to generate a bill of materials to speed up the manufacturing process, monitor product costs, and update inventory levels. A bill of materials not only records what parts and materials you need to fill an order, but also how much the total cost will be. This helps with product pricing.
3. Sales Orders
Another tool QuickBooks is good at generating is a sales order. Sales orders keep track of what products your customers order. Without them, you could wind up with a big mess trying to keep up with who ordered what.
4. Units of Measure
If you buy products in large cases and then sell them as individual units, you don’t want the sale price to be the same as the purchase price. Luckily, you can update the unit of measure in QuickBooks. So no matter how many products you buy and sell at one time, you can always make sure they have the right prices attached to them.
While QuickBooks is a good start to inventory management, but some companies need more; that’s why there is inventory management software that integrates with QuickBooks.
With QuickBooks inventory management software, you can:
- Automatically generate purchase orders when products reach their reorder point. Inventory levels can be monitored in multiple locations.
- Create bills of materials for reverse manufacturing jobs, repair jobs, multilevel jobs and a variety of other tasks. A bill of materials can also show where parts and products are located in your warehouse(s).
- Produce sales orders to credit returns to customers, drop ship items, duplicate orders and much more.
- Use a number of standard units of measure and customize your own units of measure to meet any conversion need.
By using inventory management software that integrates with QuickBooks, you can keep using the accounting software you’re familiar with and add even more tools to its already-impressive list.
About Robert Lockard
Robert Lockard is a copywriter with Fishbowl. He writes for several blogs about inventory management, manufacturing, QuickBooks and small business. Fishbowl Inventory is the #1-requested inventory management software for QuickBooks users. Robert enjoys running, reading, writing, spending time with his wife and children, and watching movies. His favorite movies include Mr. Smith Goes to Washington, Fiddler on the Roof, Back to the Future and Lawrence of Arabia.