Inventory management can be a significant challenge for various businesses, from manufacturers with raw material warehouses to retailers with ready-to-ship products.
If the Inventory is handled adequately, it should be available in optimal amounts when your business requires them.
Table of Contents
- QuickBooks Enterprise Advanced Inventory
- Benefits of QuickBooks Enterprise Advanced Inventory for Manufacturing Industry
However, inventory management is not a simple task; it necessitates monitoring the condition and demand for thousands of products. Profitability will vary across these stocks, necessitating optimization and proactive management.
You must have a full, up-to-the-minute view of your Inventory to make timely business decisions.
QuickBooks Enterprise comes equipped with several features that facilitate comprehensive inventory management for the manufacturing industry.
QuickBooks Enterprise Advanced Inventory
Advanced Inventory offers various advantages that will assist you in making more informed decisions and maintaining control of your operations.
This begins with top-to-bottom management of the order fulfilment process, which can manage centrally through a dashboard.
You’ll be able to monitor Inventory by position, quickly identify items, and easily send orders to a picker or packer with a single click. Additionally, the dashboard provides access to all vendor data, including contact details and pricing information.
Mobile barcode scanning options expedite the picking process, simplify it, and eliminate data entry errors. Further, by uploading inventory counts to your dashboard from various locations or warehouses, you can take Inventory without interrupting operations.
Additionally, you’ll get an accurate picture of product costs by examining expenses. For instance, hair product manufacturer Mixed Chicks discovered via QuickBooks Enterprise that they were paying suppliers for costs not disclosed by the suppliers.
Once you know the exact price of each stage and component in the assembly of a product, you can measure profit margins and select products more accurately.
All of this cloud based inventory management functionality is integrated with QuickBooks Enterprise accounting, making it easier than ever to analyze, oversee, and report on your business operations.
Benefits of QuickBooks Enterprise Advanced Inventory for Manufacturing Industry
Inventories are critical to the manufacturing industry’s survival. A well-designed inventory management system dramatically aids in achieving maximum company growth and income.
However, the majority of manufacturing businesses continue to manage their Inventory in
inefficient and uneconomical manner. Additionally, they lack modern conveniences such as automatic inventory forecasting, smart AI monitoring, and so on.
QuickBooks Enterprise features a range of benefits that make cloud based inventory management more streamlined and stable than in other solutions.
Advanced Inventory software loaded with best-in-class services that simplify management.
1. Centralized Inventory
The successful operation of a manufacturing industry must maintain a correct inventory count. While a shortage of needed products can stifle production or even result in a complete shutdown, an excess can strain financial resources and significantly handle costs.
There is, however, a response – centralized inventory management. And this is simple to accomplish with QuickBooks Enterprise’s Advanced Inventory.
Advanced Inventory enables you to centralize your inventory pool and gain significantly improved control over item availability.
It allows you to quickly move Inventory between multiple warehouses to demand and maintain a continuous manufacturing process. With the centralized inventory pool, you can determine the item’s nearest availability based on the vendor’s location and then ship it appropriately to save on shipping costs.
2. Manage with Barcode
Everybody is conscious of the ease with which a barcode can use to trace an item. No hassles with registration, no fidgeting with the description; check the printed barcode, and you’re ready.
Using barcodes to track your Inventory, you can quickly control it and easily monitor its availability. This enables businesses that rely heavily on lists, such as the manufacturing industry, to manage their stock and eliminate errors.
QuickBooks Enterprise enables you to do the same thing through its Advanced Inventory module, including a dependable barcode scanning option.
This function allows you to build, print, and customize barcodes according to your specifications.
This enables you to automate your data entry process, eliminate stock differences, and continuously track your Inventory.
3. Efficient Warehousing
Although Advanced Inventory enables you to centralize your inventory resources, it also includes other useful features for managing your warehouses more effectively.
It has integrated inventory reports that provide a more detailed view of item availability for pinpoint management. Additionally, you can customize inventory reports and add additional fields as required.
This enables you to control your inventory levels, forecast item demand easily, and experience increased business growth.
Cycle counting, automated inventory forecasting, and tracking through serial numbers are additional tools that aid in accurate warehousing.
Advanced Inventory’s Cycle Count feature enables real-time inventory monitoring without interrupting business operations. You can easily access the inventory count and track the availability of individual items.
You can quickly identify and track particular objects using their lot/serial numbers. The serial number helps monitor a single thing, while the lot number helps track items in a specific batch.
4. Sales Management
A favourable sales ratio is essential for the growth of any manufacturing sector. The sales flow of a company will be determined by a variety of factors, including current market rivalry, marketing strategies, and vendor availability.
On the other hand, managing your current orders is critical in determining your status and determining your future development. While a seamless, on-time delivery output will help your company gain a much-needed reputation and repeat customers, the inverse can be just as detrimental.
Using Advanced Inventory, you can implement a structured sales management process and forecast increased business growth.
Advanced Inventory enables you to automate the order management process, minimize shipment delays, effectively fulfil orders, and monitor upcoming delivery dates for guaranteed availability.
It features a centralized dashboard that enables you to display and prioritize all sales orders. Additionally, since Inventory updates in real-time for each transaction, you can pre-set inventory levels and create purchase orders automatically to ensure item availability is maintained.
5. Reliable Cost Tracking
Although a high sales ratio ensures manufacturing businesses’ continued growth, it is critical to track their return on investment closely.
To accomplish this, they must meticulously monitor all inventory-related costs and then set prices to maximize fiscal performance.
QuickBooks Enterprise’s Advanced Inventory module enables you to monitor your costs through several methods easily and introduce more effective inventory management steps.
You may use the Bill of Materials cost monitoring to keep track of and set the prices of individual items. With the FIFO process, you can easily monitor COGS (cost of products sold) over a specified period, useful when filing taxes.
It includes a unique Landed Cost module that enables you to scan products imported from international vendors. You can measure freight rates, insurance premiums, taxes, and other costs to effectively keep an eye on your landed costs.
Additionally, Inventory Management enables you to switch between various costing approaches easily.
6. Shipping Management
It is critical to meet customer demands on time when establishing yourself as a profitable business venture.
Each order that completes on time establishes a positive reputation for you among your competitors and helps create a positive picture.
Thus, it is critical to have effective shipping management in place – which is impossible with conventional control systems due to their inefficiency and higher risk margin.
Using Advanced Inventory to manage your shipping obligations enables you to take advantage of premium functionality and monitor your order in detail.
QuickBooks Advanced Inventory allows you to conveniently monitor items from when they select to the time they are eventually shipped.
Alternate Vendor Centre enables you to centralize all vendor information and handle orders more effectively.
QuickBooks Enterprise is a comprehensive inventory management solution, including one-click processing and Smartphone scanning in addition to inventory tracking and reporting.
On a single dashboard, you’ll be able to monitor and manage all aspects of inventory maintenance and processing, resulting in smooth operations and enviable ease of use.
This robust framework eliminates concerns about missing something and ensures that processes run smoothly. Advanced Inventory provides an end-to-end view of the inventory management workflow and complete control over its features, allowing you to see what’s happening, troubleshoot effectively, and stay worry-free.
With its new features, Advanced Inventory Management in QuickBooks Enterprise significantly benefits the manufacturing industry.
You can easily track your orders, accurately measure costs, control product movement between warehouses, and maintain a consolidated view of all inventory products. These features distinguish Inventory Management as a priceless jewel for manufacturers and their businesses.