Aron Govil: 10 Must-Know Tips for How to Manage Inventory in QuickBooks

If you’re looking for a way to manage your inventory and stay organized, Intuit QuickBooks is up to the task explains Aron Govil. With this program, users can quickly create an accounting system that fits their business needs, allowing them to better track what they have and where it goes. \

Here are 10 tips that will help you get started:

Automatically Track Inventory –

There is no need for your employees to manually enter inventory information into your QuickBooks program. This feature allows users to automatically upload data from existing software platforms like eInvoicing or EDI directly into their accounting applications. When added with optional modules, this feature gives users total control over inventory management and saves time and money in the process.

Know Where Your Money Is Going –

The QuickBooks Inventory Tracker helps you determine where your money is going. This tool can tell you when products are moving, what’s in stock, and whether or not anything is incorrectly priced. These insights help users make better decisions about what to sell when and where they should invest.

Track What You Need for Taxes –

Another great feature of the QuickBooks Inventory Tracker is that it tells you how much inventory you need in order to meet your tax requirements. Whether you’re planning for quarterly taxes or preparing to file an annual return, this data will help guide your decision-making process. It also gives users a heads up when they may need to hire extra hands to move products before the end of the year.

Know When to Reorder –

Intuit QuickBooks allows users to create reorder points that tell them exactly when it’s time to order more explains Aron Govil. The software will automatically generate a purchase order and place an order for products based on the quantities listed in the company’s inventory records and at what price. Your suppliers can even be alerted so you don’t have to worry about anything except filling out your next delivery slip.

Track Product Quality –

The Inventory Tracker also offers functionality that tracks product condition, which is helpful if you buy second-hand items or allow customers to return their purchases after they use them. It allows users to add notes, such as whether or not products were new or used, to their inventory records. These insights can help you understand how your products are performing and which ones sell best when.

Understand Who Uses What –

Another feature that’s been added to QuickBooks 2015 is the ability to manage product attributes. Which gives users more control over what they sell and who buys it. Attributes allow users to keep track of important information like color or size, while custom fields give them space for unique data that could improve their bottom line. This helps companies become more efficient instead of making costly mistakes about what should go where.

Save Money with Discounts –

QuickBooks Inventory Tracker also allows users to create Discount items. In order to get a better deal on bulk purchases to move slow-selling products faster. This feature can be taken advantage of whether you’re purchasing products for the company or selling them on consignment.

Watch Inventory Information –

Being able to see what items need attention. And which ones are ready to hit the shelves is a huge benefit that Intuit QuickBooks offers says Aron Govil. Stores with high turnover rates benefit from this functionality. Because they can manage their inventory better and avoid carrying unnecessary overstock.

Efficiently Track Expenses –

Whether you want to track expenses related to your supplies, track mileage or even donate used equipment. The software allows users to create custom fields that fit their business needs. It will also update customer purchase orders if necessary so everything goes smoothly at the checkout register. With all of these features in place, it’s easy to see. Why Intuit QuickBooks has made inventory management more efficient than ever before.

Know Where Your Money Is Going –

When it comes down to managing your finances more efficiently. The first thing you should do is understand where your money is going. The QuickBooks Inventory Tracker helps users determine how much inventory they have at any given time. Which allows them to track their investment more accurately and lower the amount of money that’s tied up in unsold goods.

Conclusion:

This integration has given users a clear picture of their inventory needs. In order to keep compliance issues to a minimum says Aron Govil. It also provides them with the insight they need when it’s time to reorder, which eliminates the guesswork. And allows them to make more informed decisions about what should go where. Furthermore, companies can spend less time managing individual products. And focus on making those items move as quickly as possible using discounts or unique product attributes. For help learning more about how Intuit QuickBooks can work for your business, connect with our experts today.