inventory for quickbooks
Without the right tools, inventory management can seem impossible.

There are three important things you need to know about your inventory to be successful in inventory management:

1. How much inventory you have right now. Do you know how many products you have on hand? If not, can you find out how many in a few seconds or would it be a big ordeal to do that? These are important questions because you need to know how much you have in stock before ordering more.

2. How much inventory you need. It’s essential to know which products are selling and how fast they’re selling to decide how many to order. It’s not enough to make an educated guess. Having a detailed list of product sales helps you recognize trends and know when to order more or less to match those trends.

3. Where your products are. So you’ve got a product shipment coming in or going out. Do you know when it’s expected to arrive? It’s important to track orders to make sure the right products end up at the right place at the right time. If something goes wrong, you can immediately follow up to correct the problem.

These are nice lofty goals, but what’s a practical way to attain them? With QuickBooks inventory management software.

QuickBooks is, of course, a great tool for keeping track of finances. When you combine QuickBooks with inventory management software, you can update your inventory system and accounting software at the same time. This makes it easier to know exactly how much inventory you have at any time, when to reorder and where products are, both in your warehouse and in transit.

~ by Robert Lockard, a copywriter for Fishbowl Inventory.

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3 thoughts on “Three Things You Need to Know about Your Inventory

  1. Also – if you decide that you don’t need additional help for tracking inventory and are going to use QuickBooks for that side of your business, I advise you to be cautious and research that decision.

    Setting up inventory in QuickBooks is possible, but it has many limitations (eg. limited to average cost) and ‘quirks’ that, unless you are aware of them, may ‘bite you’ later when you are trying to run you business and reports.

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