QuickBooks is an accounting software that helps small and medium companies to pay and manage bills related to the business and perform other payroll functions. The new feature of QuickBooks, i.e. QuickBooks enterprise advanced inventory, is just an improved version of QuickBooks. This is much easier to use and helps in performing the above functions at a lower cost. It works best when used in a team setting mode.
This advanced inventory feature helps in the fast and reliable management of physical inventory. One can take the inventory management to the next level by activating advanced inventory options in QuickBooks. Advanced inventory control provides features beyond the standard inventory which help in better, quicker and reliable functioning of the business. Sales get increased when the work is done more efficiently and effectively.
Advanced inventory control add-on features provided to the users of QuickBooks
Barcode scanning and accurate inventory management
The new mobile barcode scanning feature allows the user to scan the item and the serial number without the use of the keyboard. The users can create their own barcode and the label of the same can be made by exporting the barcodes to the label makers. Since the users no longer have to use a keyboard, the chances of errors fall. USB scanner can be used for accurate and fast inventory control.
Search the inventory with location
The multi-location tracking features allow QuickBooks to transfer the data between various locations. The users can manage the orders using the location of orders, thus helping to track the items which have to be delivered at various locations. Inventory can be segregated using location with the introduction of this new feature in QuickBooks advanced inventory control.
Tracking with serial number and lot number
Now the user can easily track the movement of the product or the storage with the help of serial number and lot number. He doesn’t have to search a lot to track an order.
FIFO and average costing methods to track inventory
The users now have the privilege of using the FIFO method apart from average inventory method to manage the inventory stock levels. The software also allows them to switch between the two methods.
Flexibility and transparency with customizable inventory reports
Three unique inventory reports can be used to get a deep view of the organization’s performance. These reports are inventory valuation summary, assembly shortage, and inventory stock buy items
A preferential arrangement of orders an order picking
The focus gets transferred to the orders which are important and prior to the others. These orders should be executed first and should be tracked properly. Separate picklist can also be made to figure out the priority of orders.
Even though the advanced option in the inventory management offers a lot of advantages, some enterprises may not need to switch to the advanced inventory control. A standard option may be sufficient for a certain business firm. Thus, before opting for it, the business firms need to keep in mind several options such as:-
- Whether the inventory is located in a single place or it has several locations?
- Is average costing enough for the business or FIFO would suit better?
- Are there any order sequence errors in the inventory management causing the need for barcode scanning?
When the firms are finally convinced that their business needs an advanced inventory control option, they can happily opt for it without giving a second thought.
If you facing problems while using QuickBooks Enterprise, then Accountant Squad is here to help you. Our certified and professional QuickBooks Proadvisors are always ready to help you 24/7. Make your call now at our QuickBooks Enterprise Support Phone Number 1-855-857-0824.