3 QuickBooks Inventory Management Strategies + Features

All businesses need complete control over their products and supplies. Inventory management is crucial for success. Without an accurate and efficient inventory system, your business could lose money and run into issues with stock counts, delivery times, warehousing storage, and more.

QuickBooks has the inventory management software you need. It keeps track of your stock, and with its many features, you won’t have to worry about accuracy, tracking, or manual data entry. Here, we’ll explain why QuickBooks is your best choice for inventory management strategies and how our support can help your business magnify its success.

The Features of Using QuickBooks Inventory Management

QuickBooks has many advanced inventory management features are when applied. Inventory with QuickBooks centralizes control and automation, so you won’t have to worry about manually counting or entering data, which often leads to costly errors.

There are some advanced inventory features of QuickBooks that allow you to keep an eye on everything from the ease of your phone or computer.

  • Mobile Barcode Scanning: Use your phone to scan stock items and get information about them or track inventory.
  • Serial and Lot Number Tracking: Ensure quality control and monitor certain batches through the inventory system. This also makes it far easier to recall product should an issue arise.
  • Expiration Date Visibility: This allows you to clearly control the quality of the products being sold and know when products need to be discounted.
  • View of Vendor Information: You can keep track of vendors and their information to ensure they meet the needs of your business.
  • Tailored Editions for Specific Industries: Beauty, health, tech, and virtually any industry can use a tailored system to ensure the software best serves your needs.
  • Multi-Location Visibility: Even if you have warehouses or stores in multiple locations, you can see collective reports to understand how your business fares on an individual or holistic level.
  • Real-time Tracking Information: QuickBooks delivers real-time reports, letting you know exactly what is happening while it happens.

All these features and benefits give you more control and make better decisions so your business can thrive.

Strategies Available with QuickBooks Inventory Tracking

QuickBooks inventory solutions provide opportunities for three strategies that will benefit your company.

1. Align QuickBooks with Your Business Needs

Your QuickBooks account is made to align with your specific business needs. The customizable settings allow you to focus on what is most important to you.

Not only is the program customizable, but it understands each business is different and has unique software requirements. QuickBooks has integration capabilities so you can seamlessly work on multiple platforms while maintaining overall control from your QuickBooks command center.

2. Implement and Integrate

If you are unfamiliar with QuickBooks inventory capabilities, it’s time to talk to one of our experts at Fourlane or watch one of our training videos.

 

As you can see, you can easily set up inventory management with QuickBooks in a few simple steps:

  1. Collect all existing inventory data.
  2. Check for accuracy.
  3. Input this data into QuickBook automatically (not manually).

Once this data has been uploaded, you can integrate other point of sale (POS) and e-commerce platforms with QuickBooks. Doing this gives you a complete view of transactions in your workspace. Implementing QuickBooks into your business model may take some time, but you’ll benefit from complete control over your selling platforms.

3. Utilize QuickBooks Reporting and Analytics

Once you have inventory uploaded and begin tracking it with your QuickBooks software, it’s important to take advantage of the system and make sure you are using all of the features QuickBooks offers. Tracking inventory is one thing, but there are valuable insights to be gained from analyzing and understanding what those numbers mean.

QuickBooks can analyze your data and give you comprehensive inventory reports, and multi-location visibility allows you to see all of the totals on one screen.

The program can analyze sales trends to see which products are in demand and which are falling out of favor. You’ll be able to see seasonal trends and demand patterns and make educated predictions so you are never sold out or overstocked.

This view into the whole inventory system, coupled with smart predictions, allows you to make strategic decisions. For example, if you see one product is increasingly popular, you could release a similar version to satisfy customers’ demands and keep their interest.

Fourlane Can Help You Become a QuickBooks Master

Your business deserves the best inventory management software available—and our QuickBooks expertise is second to none. You don’t need to be an expert to understand QuickBooks inventory management strategies and all of its nuances. Instead, the team at Fourlane can help you navigate the onboarding process and give you continuous QuickBooks support.

Our consulting services will help you find the version that suits your business best. Reach out to Fourlane today, and we’ll walk you through the steps to improve and perfect your inventory system today.

Read More: Best Practices for Inventory Management with QuickBooks POS

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