For decades, wholesale businesses have played an eminent role in the market by serving as middlemen between consumers and manufacturers. And, at the same time, manufacturers too continued to depend on wholesalers to allow their products to reach their customers. Wholesalers come packed with all that’s needed to be resourceful- infrastructure to store the goods, manpower to handle them, and an outlet to sell; and, manufacturers in order to grow and to produce more, found it easy to rely on the wholesalers.
However, with time, technology evolved. The economy became more globalized, people’s tastes and preferences changed, and the overall demand increased as the population boomed. And, so did the need for adopting new technologies. Innovative ideas have been welcomed in every sector and including the wholesaling industry. Wholesalers have started depending wholeheartedly on innovative technology, such as QuickBooks Premier accountant solution, which is helping them to accommodate in the technology-driven market more easily.
The Situation In The Manufacturing Industry
The manufacturing industry is where the goods are produced. This industry is directly connected with a wide variety of verticals. When it comes to manufacturing, effective utilization of time is very important. And, the higher the successful utilization of time, the more will be the profits for manufacturers.
At a particular point of time, manufacturers are required to deal with a number of issues, such as management of stock, a number of orders pending, glitches in the process of producing goods, dealing with creditors, product designing, work orders, packaging, profitability, and the list goes on. In order to work effectively to complete all processes placidly and to get the cost effective-outcomes, taking the help of advanced technology such as QuickBooks Premier hosting can help. QuickBooks Premier is trusted by millions of accounts professionals and business owners of the manufacturing and wholesaler industry.
Let’s discuss how integrating your business with QuickBooks software, complemented with the power of the cloud, can actually help to streamline and grow your business:
Easy handling of Bills of Material (BOM)
Bills of Material (BOM) includes a list of raw materials, such as components, assemblies, and quantity required to manufacture a product. Therefore, creating and maintaining bills of material is not that easy. However, with the help of accounting software such as QuickBooks Premier, one can handle all the processes with full ease.
Additionally, by hosting your accounting software to the cloud, you can get the multi-user access and enjoy working simultaneously with your team. Therefore, adopting the cloud will help you to improve your overall productivity.
Ease of Tracking
Manufacturers generally handle operations of multiple units. Thus, keeping the right track of inventories is critical and complex at the same time. These complexities can become more extensive when a wide variety of goods are produced in different units.
By introducing QuickBooks software in your business, you can handle operations of multiple units at ease and track all your inventory. You can set the limit of inventory levels and keep a track of your creditors. It also provides the feature of fixing a limit to re-order products that are about to finish. Hence, you no longer have to waste a considerable part of your time, labor, and effort to maintain inventories and to update them.
Seamless Tracking of product wise profitability
As a manufacturer or wholesaler, it is very vital to know about which product is in high demand in the market or which product is making the most money. Likewise, it is also crucial to know about the product or particular part of the product which is not in demand or causing loss to you.
By deploying QuickBooks Premier Accountant with the power of the cloud, one can manage all the products effortlessly and can decide which product needs more attention and which product you should be dropped. Therefore, you can manage hundreds of products, from any place in the world, at your own comfort, on a real-time basis.
Data security is inherently important for businesses. A considerable amount of manufacturing and wholesale industry saves their data on physical documents only. Raw material purchased, product-in-process, finished product, product delivered, cash flow, etc., maintaining all these on paper can be a very painful and risky task. However, entering your data in software and saving it on the cloud, can actually make the process simple, less time consuming and easy.
Most of the Cloud vendors provide high-end security that keeps your data end-to-end encrypted. Your data gets automatically save on different servers located at different locations. Therefore the cloud provides more reliable security, that may otherwise cause loss of profits to the manufacturing & wholesale industry.
Helps to Save Cost
The final cost is super important, because, it ultimately decides the profit margin, you are going to have. Lower the operational and production costs, the higher the profit margin. In order to ensure the efficiency of the business processes and to lower the cost of in-house infrastructure, one can adopt a QuickBooks Premier cloud. Furthermore, with the cloud, you will get round-the-clock accessible IT support, to solve IT-related issues. Therefore, whether you are a manufacturer or a wholesaler, QuickBooks hosting will provide you more convenience, and will help you to outperform in your industry, and keep your prices low.
The impressive features of QuickBooks Premier Accountant combined with the cloud will streamline your business. It provides easy access to track inventories, reliable security to your data, reducing paperwork. Furthermore, it infuses better connectivity in your business to connect with the team and clients. Therefore, whether you are a beginner in your industry or a well-established business owner, the cloud will assist you to excel in your business and will ensure higher profitability.