If you are a manufacturer, wholesaler, or eCommerce business, then you need robust inventory management software to track inventory levels, sales, orders, and deliveries. QuickBooks Desktop Enterprise has an enhanced inventory management module that helps you perform advanced inventory processes, such as multi-location tracking, bin tracking, and barcode scanning.
Let’s take a closer look at the Advanced Inventory management system in QuickBooks Enterprise and see if it’s right for your product-based business.
Understand Product Costs Better with Landed Cost
The Landed Cost feature in QuickBooks Desktop Enterprise helps you track actual product costs by factoring in different elements, such as insurance, shipping, freight, insurance, and miscellaneous items. A landed cost calculation is extremely tedious and time-consuming when done manually, but QuickBooks Desktop Enterprise can help you eliminate the painful manual workflow. When landed cost is set up in QuickBooks, then it will help you capture all costs associated with the acquisition of goods, helping you accurately calculate inventory valuation.
Track Inventory Across Multiple Locations
If you’re managing stocks across multiple warehouses or locations, then you can use QuickBooks Enterprise to track how many items are available, on a purchase order, or on a sales order across each location. Enterprise will automatically calculate which stocks you need to replenish as well as identify stocks that are in excess at one warehouse (e.g. due to low demand) and recommend redistributing the items to other warehouses
Track by Lot, Bin, or Serial Numbers
Depending on your needs, you have the option to track inventory by lot, bin, or serial numbers within the Advanced Inventory module. Tracking by lot numbers is used when a batch of products is manufactured or a lot of goods arrives in a warehouse and each unit from a particular lot is assigned a lot number. Lot tracking is useful for custom manufacturing, food and beverage manufacturing, laboratories, and medical businesses. Serial number tracking is used for tracking individual units rather than tons of shipments or production batches. For instance, electronic devices such as phones and laptops have unique serial numbers to differentiate them from other components of the same models.
Reduce Errors with QuickBooks Barcode Scanning
If you need to track many stock-keeping units (SKUs), a barcode inventory system can help you track items wherever they go as they get scanned every time they are delivered to new locations. This means you can track your items in real-time by simply logging into your computer. When you scan a barcode and enter a new purchase order, sale, or shipment, the balance sheet in QuickBooks Enterprise is automatically updated. From here, important documents like invoices and packing slips are created. This helps you save from the task of manually updating your records, while also having the ability to track what information was added by a certain user to ensure accuracy and accountability.
Track Inventory using FIFO
QuickBooks uses average cost to calculate the cost of inventory. However, with QuickBooks Enterprise, you have the option to use the First-in | First-out (FIFO) method to track inventory items, giving you more flexibility. Enterprise helps you gain a more accurate accounting of your cost of goods sold (COGS) by tracking the cost of labor, including other expenses like freight and insurance. You can also run customizable inventory reports to gain deep insights into the profitability of your business.
Find out why QuickBooks Desktop Enterprise is the best inventory management solution.