Advanced Inventory Tracking in QuickBooks POS Enterprise Solutions
Small and mid-sized businesses have been using QuickBooks® from Intuit. Inc. as an accounting, tax preparation and bookkeeping function for years. The company has recently introduced a new POS component to their Enterprise Solutions package, which was released last year, Advanced Inventory Tracking.
As the name implies, QuickBooks software helps businesses simplify inventory challenges, solve day-to-day management and address POS issues. It is part of the suite of software integrated into Intuit’s Enterprise Solutions 12.0 configuration, and builds on the software’s capabilities to receive and to group data into a centralized, accessible place, providing the option to attach images and notes to each item. This makes it a significant POS tool.
“QuickBooks Enterprise Solutions 12.0 offers the most robust QuickBooks POS inventory management solution in the form of an Advanced Inventory add-on product – built right in to QuickBooks,” says Catherine Fisse, Senior Product Manager, QuickBooks Enterprise Solutions. “Advanced Inventory helps mid-size businesses improve efficiencies in complex inventory management, while staying true to the ease-of-use QuickBooks users know and love.”
Inventory Tracking for Multiple Locations
The ability to manage and move products from one facility to another helps management in many ways, but especially in customer service. POS capabilities are enhanced when orders can be processed and filled expeditiously in a seamless transaction. Products spend less time in the warehouse and workers’ production is maximized. Additionally, quality control becomes a more simple procedure, as stock can be rotated as necessary. The software is a multiple POS solution.
The company notes several features of Quickbooks’ Advanced Inventory, among them the ability to track products by serial number and lots, which helps with accurate processing of warranties and recalls.
The screen shot below illustrates some of the features of Quickbooks’ Advanced Inventory Management software. The second column, for example identifies the location, code, quantity and price of the item, with an additional column for an optional listing of serial number.
Additionally, the Quickbooks software provides First In, First Out (FIFO) costing to keep stock rotated appropriately, improving accuracy on balance sheets and P&L statements, and availing businesses of tax advantages.
This screen shot shows the FIFO costing, with the option to request automatic warnings if duplicate or insufficient products are detected in specific warehouse locations, thus allowing for transfer of those products as appropriate. Additional options include the capacity to show lot numbers on specific forms, allowing inventory managers to customize reports for their needs.
[Screen shots provided by Intuit, Inc.]
QuickBooks’ reputation as a valuable POS tool for small- and medium-sized businesses has been well established. The introduction of the Enterprise Solutions 12.0 and specifically Advanced Inventory provides additional POS benefits, including tracking, the ability to expand the Quickbooks’ POS use throughout multiple locations and for additional business functions.
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. More information can be found at www.intuit.com.