More than half of small businesses don't make it during the first years in the ecommerce industry. A big part of that has to do with cash flow problems such as fixed costs and inventory.
Are you offering products online? Then, finding ways to streamline your accounting and inventory management processes is important. That's where QuickBooks inventory software comes in. In this blog post, we'll discuss why QuickBooks is such a valuable tool for online businesses and how you can get started using it today.
Quick Check on Your Inventory Management System
Every business needs some inventory, whether it's raw materials for manufacturing or finished products for retail. And keeping track of that inventory takes a lot of organization. That's why you need the QuickBooks inventory management system.
An inventory management system helps online businesses order, store, and sell inventory without the hassle of manually checking them. Software programs like QuickBooks and Xero have their own inventory software. What effective features should you look for?
- Inventory tracking with barcode or RFID scanning
- Purchase orders
- Order management
- Transfer management
- Reporting and analytics
- Shipping and logistics
Advanced Features of QuickBooks Inventory Software
Some may opt for third-party app integrations for QuickBooks or another inventory management software altogether. But QuickBooks has a ton of inventory system features that you can take advantage of.
#1. Real-Time Inventory Tracking
Have you ever received late notification that your inventory level is low? Or have you ever had too much or too few purchase orders? These are some of the issues of being unable to keep track of your inventory count in real-time.
To maintain the sales order and purchase order flow, you must have a clear view of what inventory you have on hand at all times and to the second. This can be a challenge, particularly for businesses with large and changing inventory items.
Fortunately, QuickBooks offers an advanced inventory tool. With it, tracking and updating your items immediately has never been easier.
This solution allows you to audit inventory even with your warehouses closed for the day. Plus, you can gain deep business insights with customizable inventory reports. This fast and accurate tracking of inventory will benefit your small business in the long run.
#2. Multichannel Tracking
In the past, tracking inventory levels was a relatively simple task if you only sold through one channel.
But, nowadays, many businesses sell through multiple platforms, including online stores, brick-and-mortar retail stores, and even social media platforms like Instagram. Thus, scaling your online business to multiple channels requires more inventory management systems. Thankfully, there's a neat feature called multichannel tracking.
Multichannel tracking allows you to follow your inventory as it's sold across multiple channels. You don't need to be confused about which platform still has enough inventory items and which one has none. In addition, multichannel tracking can also help you identify which sales channels are performing the best to focus your attention on those channels.
If you don't have a multichannel tracking feature on your accounting software or even on QuickBooks, now is the time to add it. It could just be the key to streamlining your inventory management and ensuring that your business is always running smoothly.
#3. Batch and Expiry Tracking
Are your products prone to spoilage? You might need this advanced inventory feature for your small business.
Batch or lot tracking is a process whereby products are assigned a unique identifier that allows them to be traced back to the batch or lot in which they were produced. This information can be used to track where products are sold, how they are used, and when they need to be replaced.
When it comes to customer relations, batch or lot tracking can be used to identify which products were sold to which customers. You can use this data to send replacement products or even market them for a lower price on future purchases.
Regarding business workflow, batch or lot tracking can help identify where bottlenecks occur in the production process, improving efficiency and reducing waste. Overall, batch or lot tracking offers many benefits that can improve customer relations, reduce discounts and spoilage, and improve business workflow.
#4. CRM
QuickBooks understands that customers willing to pay are the lifeline of any business. As such, they have developed a CRM feature to help your business keep track of customer behavior and preferences.
This feature automatically records each customer's order and order history, so you can better understand what your target audience wants. By having this information on hand, you can provide a more personalized customer experience or create a new line of products that answers your audience's needs.
As a result, QuickBooks' CRM feature can help you build stronger relationships with your customers and grow your business.
The Best Quickbooks Version for Advanced Inventory Tracking
Millions of business owners use QuickBooks due to its robust features in accounting and bookkeeping and specifically for checking stock inventory. But, as you know, QuickBooks offers several different versions, and the best inventory tracking software for QuickBooks depends on the business's specific needs.
If you're a growing business, you might wonder if inventory software for QuickBooks Online is good for inventory management. The short answer is not really.
QuickBooks Online is great for microbusinesses and small businesses, but it's not designed specifically for advanced inventory tracking.
There are other software versions of QuickBooks better suited for that purpose. However, if you're starting and don't have much money to spend on software, QuickBooks Online can be a decent option. Just be aware that you might need to subscribe to QuickBooks Online Plus to get its inventory management feature.
The QuickBooks Enterprise Solution is the most comprehensive option and includes advanced pricing rules and inventory alerts. The QuickBooks Pro or QuickBooks Premier versions may be more appropriate for businesses that need less comprehensive inventory tracking.
Another QuickBooks inventory system worth checking out is QuickBooks Commerce. With features like automatic stock level updates and prompt reordering, you'll always be on top of your inventory, even if you have multiple warehouses and inventory in multiple currencies.
Plus, QuickBooks Commerce's inventory management software integrates seamlessly with QuickBooks Online so that you can keep all of your inventory information in one place. Whichever version you choose, QuickBooks can help businesses to keep track of their inventory and make more informed decisions about stocking levels and pricing.
Stay In Full Stock With Unloop
If you're an online business, keeping your inventory levels from running low is important. Not only can this lead to unhappy customers and lost sales, but it can also be costly if you have to restock items at the last minute. Luckily, QuickBooks has versatile versions that can help you manage your stock more efficiently.
QuickBooks is a great tool for managing your finances, but it can be a bit overwhelming if you're not an accounting expert. That's where Unloop comes in.
We complement QuickBooks by providing easy-to-understand financial reports and analysis. We also offer a range of creative solutions for managing your money, so you can focus on running your business instead of worrying about your finances.
We have affordable bookkeeping services, so why wait? Get in touch with us today and find out how we can help you keep your business in full stock!