Inventory plays an important role in the smooth operations of a business. Without stock, your company won’t be able to fulfill sales, yet excess stock can lead to loss, especially for businesses that deal with perishables.
There are a variety of methods that businesses use to manage stock. These range from manual recordkeeping through spreadsheets and online tools, to making use of software that automates the inventory management process.
Managing inventory efficiently with Quickbooks Plus
Quickbooks Plus is a comprehensive accounting software for small and medium businesses. It comes with built-in features designed to track and manage finances, while ensuring accounting compliance. One of the perks of the software is its stock management ability. QuickBooks Plus tracks inventory and updates stock reports in real-time, empowering businesses to make swift decisions with confidence.
Here’s how QuickBooks helps you manage inventory efficiently:
- It helps you stock up on the inventory your business moves most: It is common for businesses with inferior inventory management systems to stock up on just about everything their business uses. The problem with this is that having too much inventory of the wrong items on hand can be detrimental to your business. Products that don’t move quickly affect the liquidity of a business, which might hold a business back from investment opportunities when they arise.
- Reduces the risk of being out of stock: Not having the availability of stock that does sell is just as bad as having too much of the wrong stock. When your business isn’t managing its inventory correctly, it is a common problem for businesses to overstock on items they don’t need and underestimate the amount of inventory that their company sells out on fast. This creates stalled production of required items, credibility issues with clientele, and ultimately leads to a potential loss of sales.
- Helps you understand supply and demand: When you do not have an adequate inventory management system in place, your business will fail to understand the purchasing behavior of your clientele. Do they buy more seasonally, and are there opportunities to upsell clients who purchase certain products? A lack of a system to provide this kind of information will lead to missed opportunities to meet the needs of your clients and ultimately create a loss of profits.
The benefits of QuickBooks Plus inventory management software
- Real-time inventory tracking: QuickBooks Plus updates inventory reports in real-time which means that each time a product is purchased or returned, the software automatically reflects this data in your stock report. This helps to prevent excessive stockouts and encourages reputability with your clients as your business is able to cater to the needs of your customers.
- Accurate accounting: Thanks to the software’s real-time tracking ability, businesses have more peace of mind when it comes to the accuracy of their accounting records.
- Reliable financial picture: The software’s strong inventory tracking ability ensures reporting accuracy and reliable financial statements. QuickBooks Plus also automatically calculates the cost of goods sold in its inventory tracking process.
- Encourages growth: Accurate stock tracking and record updating aids a business to better understand its bigger picture. It allows business owners to make informed decisions about slow moving or overly priced stock. It also offers profitability projections that businesses can play around with as they make decisions about revenue growth.
QuickBooks Plus‘s inventory management ability helps to keep wastage at bay. The hardest part of implementing the software is having it set up correctly to integrate with and record all the necessary stock items within your business. At Fusion, our team of CPAs is well-equipped to aid your business with software solutions and set up inventory management software for any business industry. Get in touch with our experts today!
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