As the leading accounting software solution for small businesses, QuickBooks has dominated the accounting software marketplace for over 20 years. Over time, the company has expanded its product range to include several options—one of which is QuickBooks Desktop Enterprise.
As Intuit’s most comprehensive business and financial management solution, QuickBooks Desktop Enterprise is designed for small and mid-sized businesses. Within its impressive feature set, Advanced Inventory Management is the highlight of the product.
Here, we’ll take a closer look at the inventory management tools, and help your business implement Advanced Inventory Management.
Serial and lot tracking
When it comes to inventory tracking, QuickBooks Desktop Enterprise accepts both serial numbers and lot numbers. Serial numbers allow users to keep track of items made in batches.
Serial number tracking is particularly useful when users want to identify items with defects or irregularities for warranty purposes. With QuickBooks Enterprise, inventory managers can apply serial numbers to products and track them throughout the value cycle.
Users can now track items bought from a specific lot and highlight them in a recall report. Lot tracking facilitates better control over inventory levels, letting users determine if the item is in stock, on a shelf, or already with the customer.
Every year, companies lose millions of dollars due to inventory errors—and it’s not just small businesses. There are several examples of large corporations suffering from expensive inventory mistakes. For instance, Walmart lost over $3 billion in 2013 due to several years of excess goods.
With QuickBooks Enterprise, users can minimize inventory errors with fast and reliable mobile barcode scanning. Once goods are scanned, the upgraded Pick, Pack, and Ship feature moves the order from any location to the specified warehouse floor. This allows the sales team to fulfill orders faster and delight customers.
Additionally, barcode scanning counts products automatically during the Express Pick-Pack stage to avoid the hassle of manually counting inventory.
QuickBooks Desktop Enterprise gives users real-time visibility of all associated metrics, including costs, and order fulfillment times. With this information, the business can carry out scheduling and capacity planning more effectively.
Moreover, many repetitive tasks can be standardized and automated to save time. For instance, the Shipping Manager tool saves time by printing UPS, FedEx, and USPS labels directly.
A report conducted by Morning SMB Consult revealed that 7 out of 10 businesses monitor their inventory levels at least once a week. Yet, 60 percent of them wished they knew how to do it better. With QuickBooks Desktop Enterprise, inventory management becomes significantly easier.
A key benefit of regular inventory surveys is that companies can prevent loss and theft of goods. An estimated $1 billion are lost every year in just the construction industry due to theft of equipment, replacement costs, and scheduling delays.
Setting up Advanced Inventory Management
Here’s a quick guide to setting up Advanced Inventory Management in your QuickBooks Desktop Enterprise software:
- Add inventory sites: Open Advanced Inventory Management and access the locations where you stock your products, including warehouses, trucks, and stores.
- Fix reorder points for each site: For each site added in the previous step, add reorder points for specific items. This will alert the inventory manager when stock levels are low.
- Set starting stock on each site: When you first start Advanced Inventory Management all your items will be on a single site. Once you’ve determined multiple sites, start moving stock from this temporary inventory to the relatively permanent one.
Getting QuickBooks cloud hosting from a reliable service provider means that they can help set up Advanced Inventory Management for you. Moreover, with their expertise, they can recommend modules and third-party apps that can further extend your system’s functionality.
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