How to Overcome Inventory Management Challenges With Advanced Inventory In QuickBooks Enterprise

For businesses grappling with the complexities of inventory management, finding a system that not only streamlines operations but also integrates seamlessly with their financial management is paramount. QuickBooks Desktop Enterprise steps up as a formidable solution, especially its Platinum and Diamond editions, designed to tackle the nuanced challenges of inventory management. This guide delves into the advanced inventory features of these versions and how Paygration’s expertise ensures businesses leverage QuickBooks Enterprise to its full potential.

The Inventory Management Challenge

Many businesses find themselves at a crossroads when their growth outpaces the capabilities of basic inventory management systems. The need for a solution that offers detailed tracking, reporting, and management features becomes evident. The challenge lies in selecting a system that offers depth and flexibility without sacrificing efficiency or accuracy.

QuickBooks Enterprise Platinum and Diamond: A Closer Look

QuickBooks Desktop Enterprise offers two premium versions tailored for advanced inventory management needs: Platinum and Diamond. Both editions are equipped with the Advanced Inventory module, but the Diamond version further enhances business operations with Assisted Payroll and QuickBooks Elite Time Tracking.

• Advanced Inventory: Available in both Platinum and Diamond, this feature provides comprehensive tools for managing inventory across multiple locations, tracking items to specific bins, serial or lot numbers, and much more.
• Assisted Payroll: Exclusive to the Diamond edition, it simplifies payroll processing, ensuring accuracy and compliance.
• QuickBooks Time Elite: Also a perk of the Diamond edition, this feature offers advanced time tracking and project management capabilities.

Learn why QuickBooks Enterprise is the best inventory management software.

Advanced Inventory 12 Key Features

QuickBooks Enterprise Advanced Inventory is a comprehensive set of features designed to help businesses manage their inventory more efficiently and accurately. Here’s a breakdown of its key features along with a short description of each:

1. Advanced Pricing: Allows for customizable pricing rules based on customers, items, vendors, classes, and custom fields. Businesses can set up quantity discounts, scheduled promotions, and price changes by percentage or specific amounts.
2. Bin Location Tracking: This enables users to track inventory by bin location within one or more warehouses, making it easier to manage and pick inventory.
3. Barcode Scanning: Facilitates barcode scanning for faster inventory management, reducing the likelihood of human error in data entry and improving the speed of inventory tracking and sales processes.
4. FIFO (First-In-First-Out) Costing: Offers an alternative to the average costing method, allowing businesses to track inventory costs using the FIFO accounting method, which can provide a more accurate reflection of inventory cost under certain conditions.
5. Serial Number or Lot Tracking: Provides the capability to track inventory by serial numbers or lot numbers, essential for warranty claims, recalls, and quality control.
6. Multi-Location Inventory: Enables the management of inventory across multiple locations from a single platform, offering visibility into inventory levels, costs, and sales performance at each location.
7. Landed Cost: Helps calculate the true cost of inventory by factoring in freight, duties, insurance, and other costs associated with getting inventory to its location, allowing for more accurate cost and profitability tracking.
8. Enhanced Sales Order Fulfillment: Integrates with a mobile barcode scanning or Android device to streamline the pick, pack, and ship process directly from the sales order fulfillment worksheet, improving accuracy and customer service.
9. Inventory Transfer and Adjustment: Simplifies the process of transferring inventory between locations and making adjustments to inventory quantities, providing up-to-date inventory data and insights.
10. Mobile Inventory Barcode Scanning: Allows warehouse employees to send sales orders to workers on the floor, scan inventory within a warehouse, and update the inventory data in QuickBooks in real-time, enhancing efficiency and accuracy.
11. Manufacturing Assembly Management: Supports the tracking of inventory components used in build assemblies, including the ability to set re-order points for inventory items and automatically calculate the cost of finished goods.
12. Customizable Inventory Reports: Offers a range of customizable reports that provide insights into inventory health, valuation, sales, and order statuses, helping businesses make informed decisions.

Discover the 5 inventory management issues you can solve with QuickBooks Enterprise.

How Paygration Elevates Your QuickBooks Experience

Selecting between QuickBooks Enterprise Platinum and Diamond editions is a significant decision. Paygration’s team of QuickBooks experts provides unlimited assistance to ensure that businesses choose the version best suited to their specific needs.

• Free 30-day Test Drive: Explore the full capabilities of QuickBooks Enterprise, including its advanced inventory features, without any commitment.
• Expert Consultation: Benefit from unlimited consultations with our QuickBooks certified experts, who are ready to answer all your questions and guide you through the decision-making process.
• Training and Resources: Gain access to over 100 free training videos, ensuring you and your team can maximize the use of QuickBooks Enterprise.
• Exclusive Discounts: Enjoy special discounts on your QuickBooks Enterprise subscription through Paygration, making it an even more cost-effective solution for your business.

Conclusion

Inventory management is a critical component of business success, and the right system can make all the difference. With its Platinum and Diamond editions, QuickBooks Desktop Enterprise offers a comprehensive solution that meets the needs of businesses looking to optimize their inventory processes. With Paygration’s expert guidance, businesses can navigate the selection process with confidence, ensuring they choose the QuickBooks edition that best aligns with their operational needs and growth objectives.