For businesses utilizing QuickBooks Online, upgrading from Essentials to Plus can significantly enhance their capabilities, particularly in inventory and project management. QuickBooks Online Essentials provides essential accounting features, but lacks advanced functionalities such as inventory and project management, which are crucial for many businesses.
In this article, we’ll explore the importance of inventory and project management, the key features of each, and the benefits of upgrading to QuickBooks Online Plus.
Understanding Inventory Management
Inventory management is the process of overseeing the flow of goods in and out of a business, ensuring optimal stock levels, and tracking inventory-related expenses. For businesses that sell physical products, effective inventory management is essential for maintaining profitability and customer satisfaction.
Key Features of Inventory Management in Plus
- Inventory Tracking: QuickBooks Online Plus allows businesses to track their inventory levels in real-time. This feature enables businesses to know exactly how much stock they have on hand, minimizing the risk of stockouts or overstocking.
- Product Variants: With QuickBooks Online Plus, businesses can manage product variants such as size, color, and style, allowing for more accurate inventory tracking and management.
- Reorder Points: Setting reorder points helps businesses know when to reorder products to avoid running out of stock. QuickBooks Online Plus allows users to set automatic reorder points based on historical sales data.
- Cost of Goods Sold (COGS) Tracking: QuickBooks Online Plus automatically calculates the cost of goods sold for each product, helping businesses accurately determine their profitability.
Learn more about inventory tracking in QuickBooks Online.
Understanding Project Management
Project management involves planning, organizing, and executing tasks and resources to achieve specific goals within a defined timeframe. QuickBooks Online Plus offers project management features that help businesses effectively manage projects, track expenses, and monitor project progress.
Key Features of Project Management in Plus
- Project Tracking: QuickBooks Online Plus allows businesses to create and track projects, assigning tasks and resources to each project for better organization and management.
- Time Tracking: With time tracking capabilities, businesses can track the time spent on each project by employees or contractors. This feature helps businesses accurately bill clients for their time and resources.
- Expense Tracking: QuickBooks Online Plus enables businesses to track project-related expenses, such as materials, labor, and overhead costs. This feature ensures that all project expenses are accounted for and helps businesses stay within budget.
- Project Profitability Analysis: By tracking expenses and revenue associated with each project, QuickBooks Online Plus provides businesses with insights into project profitability. This information helps businesses make informed decisions and optimize project performance.
Learn how to set up and use projects in QuickBooks Online.
Benefits of Upgrading from QuickBooks Online Essentials to Plus
Upgrading from QuickBooks Online Essentials to Plus offers several benefits, particularly for businesses that require inventory and project management capabilities:
- Enhanced Efficiency: QuickBooks Online Plus streamlines inventory and project management processes, saving businesses time and reducing manual work.
- Better Decision-Making: With accurate inventory tracking and project profitability analysis, businesses can make data-driven decisions to optimize operations and improve profitability.
- Improved Customer Satisfaction: Effective inventory management ensures that businesses have the right products in stock, reducing stockouts and ensuring timely order fulfillment. Similarly, efficient project management helps businesses deliver projects on time and within budget, enhancing customer satisfaction.
- Scalability: QuickBooks Online Plus is scalable and can grow with businesses as their needs evolve. Whether it’s adding more inventory items or managing larger projects, QuickBooks Online Plus can accommodate businesses of all sizes.
- Comprehensive Financial Management: In addition to inventory and project management, QuickBooks Online Plus offers advanced financial management features such as budgeting, forecasting, and advanced reporting, providing businesses with a comprehensive solution for their accounting needs.
See our comparison of QuickBooks Online Essentials vs Plus.
Conclusion
Upgrading from QuickBooks Online Essentials to Plus enables businesses to unlock advanced inventory and project management features, leading to improved efficiency, better decision-making, and enhanced customer satisfaction. With the assistance of Paygration, businesses can seamlessly transition to QuickBooks Online Plus and take their accounting capabilities to the next level.
For businesses interested in upgrading to QuickBooks Online Plus or exploring its features, contacting Paygration can provide valuable assistance. Paygration offers free demos and trials of QuickBooks Online Plus, allowing businesses to experience its capabilities firsthand. To get started, businesses can call 866-949-7267 to schedule a free demo or trial and learn more about how QuickBooks Online Plus can help them streamline their inventory and project management processes.
