Every industry is different. Each sector presents its own unique landscape, challenges, and needs. Fortunately, QuickBooks offers an Enterprise version that has platforms for multiple industries. They have been able to customize solutions for industries such as Contractors, Manufacturing, Wholesale, Retail, Non-Profit, Professional Services, and Accountants. We want to make sure everyone properly understands the differences between the Enterprise Industry versions, so we’re breaking down the unique features in a blog series. In this post, we’ll cover the Retail edition, so if you work in that area – keep reading to learn about all the ways that QuickBooks Enterprise 2021 Retail Edition is tailored to your business and can help you achieve your goals.
New Features In Enterprise Retail 2021
Remember that any QuickBooks Enterprise 2021 Edition provides remote access that allows workers to access the platform from anywhere. With QuickBooks Enhanced Payroll, you can create unlimited checks, use free direct deposit, file payroll taxes, and generate W-2s on your own with no monthly fees. Furthermore, the software provides customizable reports that save time and reduce errors. Some of the new, key features that QuickBooks has rolled out across all of the Enterprise editions are:
- New Data Level Permissions – Allow specific users to view, edit, or delete only the specific customers, vendors, or data that they’re responsible for.
- New Receipt Management – Assign every expense to a project as it is incurred using only your mobile device, and even record multiple transactions at once.
- New Ability to Automatically Send Statements – Automate regularly sent statement emails and get paid faster by easily reminding customers what they owe.
- New Ability to Customize Payment Receipts – Create a more professional look with receipt formatting and the ability to include logos and other custom elements.
- New Salesforce CRM Connector – Have one source of information between sales and support so that you can answer customer questions quickly or resolve issues before they escalate.
Specific Functionality For Enterprise Retail
On top of the general features that make QuickBooks Enterprise 2021 one of the most popular options for retail companies, they have rolled out some new functionality that is particularly helpful in managing all aspects of a retail business in one place. The platform makes it simple to manage pricing, cash, inventory, customers, and more. Some of the retail-specific features include:
- Easy pricing management – Create and manage thousands of price rules such as quantity discounts and scheduled promotions, and manage those rules with great flexibility.
- Integrated inventory management – Seamlessly manage inventory right within QuickBooks without any complicated workarounds.
- Ability to create customer groups – Improve customer management, insights, and communication by creating rule-based customer groups that automatically update to match your specified criteria.
- Barcode label prices – Include sales prices on barcodes so that both customers and employees alike have greater visibility.
- Custom payment receipts – Create a professional and consistent look across your receipts with formatting options, custom logos, and the ability to save customized formats.
- Retail Chart of Accounts – Customize the information that you want to see and the way it’s organized.
- Ability to disallow negative inventory qualities – Maintain control of your average cost by preventing it from resetting when you have inventory on hand.
- Custom price levels – Managers have the ability to create up to 750 price levels for any item or create unique ones.
- A process for totaling any column on sales and purchases – The ability to total quantities and custom fields, like weight, on sales forms can significantly reduce tedious work.
Enterprise Retail Industry Specific Reports
Furthermore, the Retail version’s industry-specific report bundles provide the reports that are most useful to retail companies right out of the box. No more searching for the data you need – simply leverage the platform’s most powerful reporting reports to find the right information.
- Gross margin by inventory item – If your company records each sales transaction, you can break down the margin by inventory item level
- Monthly sales by customer – Determine your best customers and their sales activity over the last fiscal year
- Purchase volume by vendor – Keep track of which vendors you purchase the most goods from
- Sales graphs – See your sales by month and which items, customers, or sales reps bring in the most income
- Vendor returns detail – See which goods are most commonly returned to each vendor
- Alternate vendor reports – Improve your visibility into alternate vendors by listing them in key inventory reports like inventory stock status by item and inventory valuation summary
In today’s competitive landscape it’s important that retail brands can do more with less. QuickBooks Enterprise 2021 Retail Edition helps companies to work smarter instead of harder. It includes the functionality of QuickBooks, but with additional flexibility and features that retail businesses rely on. To learn more about the Retail edition and how it can help your business, call our experts directly at 866.949.7267 and we can discuss your needs and set you up with a free 30 day test-drive of the software.