Inventory Management in QuickBooks Enterprise – What You Need To Know

QuickBooks Enterprise is one of the most robust tools for managing the accounting processes of every business in any industry. Its specific features cater to the needs of diverse industries, be it construction, retail, manufacturing, accounting, nonprofit, or professional services.

Every feature and functionality of QuickBooks Enterprise contributes towards the smoother operation of business processes. Let’s explore why inventory management is cost-effective, including its capabilities, features, benefits, and more.

Every feature and functionality of QuickBooks Enterprise contributes towards the smoother operation of business processes. Let’s explore why inventory management is cost-effective, including its capabilities, features, benefits, and more.

QuickBooks Enterprise Inventory Management Cost-Effectiveness Makes It A Smart Choice

QuickBooks Enterprise is more than just robust financial and accounting software—it also offers advanced inventory management capabilities. With features that streamline stock tracking and eliminate the need for manual data entry, it ensures accuracy and efficiency in managing your inventory. If you’re using other accounting tools, transitioning to QuickBooks Enterprise for inventory management could be a game-changer.

QuickBooks Enterprise becomes a cost-effective solution by consolidating accounting and inventory management in one platform. Its user-friendly design makes it easy for anyone to learn and leverage its full potential. Unlike other inventory management tools often with steep maintenance and training expenses, QuickBooks Enterprise minimizes overhead while maximizing functionality.

Features of QuickBooks Inventory Management

QuickBooks Enterprise offers a suite of advanced inventory management features. It centralizes control and automates processes, eliminating the need for manual counting or data entry—tasks that can often result in costly errors.

With its inventory tools, QuickBooks enables you to monitor and manage your inventory effortlessly from your phone or computer, ensuring convenience and accuracy at all times.

1) Pick, Pack, and Ship

Inventory management has the feature to manage your sales order cycle, where you can keep track of when the item was picked, packed, and when it was shipped. This feature has two options-

Shipping Manager that allows you to move the item from the picking, packing manually, and shipping state. It also allows you to instruct your workers about the order.

Express Pick-Pack option that enables you to combine the picking and packing processes for smoother functioning.

Additionally, you can print labels for your inventory items and sales orders from UPS, USPS, and FedEx in QuickBooks itself.

2) Cycle Count

Do you have multiple inventories at different locations to manage? With QuickBooks Enterprise, you can set up inventory in more than one warehouse, making it easier to manage multiple warehouses.

Inventory management in QuickBooks Enterprise has a centralized inventory dashboard to manage item counts of various warehouses. You can also section the inventory into categories, such as receiving inspection area and storage bin location, for more specific tracking of items.

3) Scan Barcodes

QuickBooks Enterprise supports mobile barcode scanning. You can track inventory directly from your mobile by scanning the barcodes, provided there is an internet connection. If you have a Bluetooth scanner, it can also be used for scanning.

By enabling the barcode scanner setting from the advanced inventory, you can either create new barcodes or import an already existing list. This feature makes it easier to coordinate with workers on a particular order, especially when working from different warehouses.

The Barcode Scanner option is available only with the Advanced Inventory subscription for QuickBooks Enterprise.

4) Sales Order Management

Sometimes, with orders overflowing, it becomes challenging to check every order’s status. There is a chance that you or your employees might miss an urgent order. However, when you enable the sales order fulfillment sheet from the Advanced Inventory in QuickBooks Enterprise, you can track and prioritize the orders according to their status.

From the dashboard, you can check details like shipping date, order value, and inventory availability to deliver the best services to customers.

With sales order management, you can even check the position of orders in real-time as they get processed via your mobile.

5) Customizable Inventory Reports

With inventory management in QuickBooks Enterprise, you can access several customizable reports for tracking your inventory, like inventory stock by item, inventory valuation summary, and assembly shortage by item. These reports provide the exact information you need. Moreover, if you cannot find the fields you are looking for, you can add new fields for enhanced tracking.

Customizable reports help users gain better insight into their inventory to run the business smoothly and meet all customers’ needs.

6) Location Within Location

This feature allows users to track items from the same warehouse but in different stages, such as whether they are in the inspection area, on service trucks, or shipped directly from the water. You just need to add a new bin location from the Reports menu, and you can track your items.

7) FIFO or Average Cost

With inventory management in QuickBooks Enterprise, users can switch between average costing and First-In-First-Out (FIFO) costing. Average costing tracks the inventory costs by calculating the average cost of all the items in the stock divided by their total price at the time of purchase.

On the other hand, the FIFO option is used to track the costs of goods sold (COGS) during a chosen period. Any items sold before the date entered are calculated as per the average cost.

8) Landed Costs

This feature is exclusive to the platinum subscription of QuickBooks Enterprise for now. Landed costs help you manage the costs of items ordered from vendors outside the country. This feature makes the calculation of landed products more efficient. You can include costs of additional factors like shipping charges, duties, freight, handling charges, and insurance.

Also, whether you want to include or remove the landed costs from the product’s final bill is an option.

Effective Strategies for Streamlining Inventory Tracking with QuickBooks

Here are some QuickBooks Enterprise strategies that will benefit your company.

Customize QuickBooks to Fit Your Business

QuickBooks adapts to your unique business needs with customizable plans and settings, allowing you to focus on what matters most.

With integration capabilities, QuickBooks Enterprise lets you seamlessly manage tasks across multiple platforms while maintaining centralized control.

To maximize its inventory management tools, consider working with a QuickBooks expert for tailored guidance.

Implement and Integrate

Take a closer look at QuickBooks’ inventory management features to understand its various capabilities, as discussed above. Getting started is simple:

1. Gather and verify your existing inventory data.
2. Automatically upload the data into QuickBooks.
3. Integrate point-of-sale (POS) and e-commerce platforms for a unified transaction view.

While setup requires some initial effort, QuickBooks Enterprise streamlines your operations, providing seamless control across all your selling platforms.

Utilize QuickBooks Reporting and Analytics

QuickBooks inventory management goes beyond tracking—it provides powerful reporting and analytics to help you make data-driven decisions. With features like multi-location visibility and comprehensive inventory reports, you can monitor your entire stock on a single screen.

QuickBooks analyzes sales trends, revealing which products are thriving and which are losing traction. You can predict inventory needs by identifying seasonal demand patterns, avoiding stockouts or overstocking.

This holistic view and predictive insights enable strategic actions, such as introducing similar products to capitalize on popular trends and keep customers engaged.

Reasons QuickBooks Enterprise Inventory Management Stands Out

Increased Customization

• 15 custom fields for items 30 for customers, vendors, and employees.
• Program input specifications and drop-down menus for advanced search and reporting.

Advanced Pricing Module

• Customize pricing structures by product and customer.
• Offer personalized discounts, promotions, and pricing rules for customer types.

Modernized Barcode Scanning

• Mobile barcode scanning for faster, error-free inventory updates.
• Real-time inventory tracking reduces manual effort.

Greater User Capacity

• Supports up to 40 simultaneous users with local and remote access.
• Enhanced permissions for data privacy and user restrictions.

Expanded Inventory Lines

• Manage up to 1 million inventory items, ideal for large enterprises.
• Advanced tools for handling vast product lines.

Improved Multi-Location Tracking

• Real-time visibility of stock across multiple warehouses.
• The bin feature pinpoints item locations within each warehouse.

Refined Stock Control

• Prevent overstocking or understocking with real-time updates and forecast calculators.
• Alerts for timely reordering ensure optimal inventory levels.

Conclusion

Inventory Management in QuickBooks Enterprise helps its users simplify tracking, managing, and stocking up their inventories. It is a powerful feature that business owners widely use across the industries. Moreover, you can integrate over 600 third-party apps with your QuickBooks Enterprise if your business operations require more than just one application.

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