Quickbooks Inventory Management
Companies using Quickbooks for accounting have three options for inventory management software: (1) upgrade to the more comprehensive Quickbooks Enterprise Solutions software and use Quickbooks inventory management for order management and stock control; (2) ditch Quickbooks in favor of an enterprise-level ERP system or a custom built business solution for all of the company’s operations; or (3) continue to use Quickbooks for accounting in combination with a separate third party Quickbooks Inventory management software for stock control and other functions. If you are currently using Quickbooks and you are facing the question of how to improve your inventory management processes, then deciding which option 1-3 is better for you is helpful to narrow down the choices.
If I’m already using Quickbooks…
If I’m already using Quickbooks for accounting and order management, why not use it for inventory too?
For small and medium sized companies that already use Quickbooks for both accounting and order management, option (1) should be a first consideration. Since you are already familiar with Quickbooks’ user interface, Quickbooks inventory software will have the shortest learning curve. Since you already have your order management records entered in Quickbooks for accounting purposes, the seamless integration between orders, shipments and stock changes is a major advantage since no double entry or exchange of files with a separate inventory system is required. In short, if you are already using Quickbooks and it will also work for your inventory management needs, it is hard to do much better.
The reasons potentially not to use Quickbooks inventory management are, (1) if you want to access your inventory from tablets or web browsers, Quickbooks currently isn’t an option for inventory management; (2) most versions of Quickbooks inventory software do not support inventory operations like lot/batch tracking for stock items or serial-numbers or advanced shipping scenarios; (3) the price of $99 per month per user or $5,000 plus $1,450 per year for a 10 user license may be out of your price range if you have multiple users. Regarding (1), you just need to decide if accessing your inventory from tablets or web browsers is important. Regarding (2), if your company has non-simple inventory tracking requirements you need to verify that Quickbooks has the features you need. Start by looking at Quickbooks Enterprise Solutions ($99/month per user). Regarding (3), the price calculation is fairly simple. If the answers to (1) and (2) and (3) are favorable, there’s no need to consider the other options.
If my accountant uses Quickbooks…
If my accountant uses Quickbooks but I keep order records and stock records separately, then what are my options?
If you outsource your accounting to someone using Quickbooks or if you do your own accounting using Quickbooks but it is just one of the systems you use for your business operations, then your additional options when approaching the inventory management question are to replace all your separate business systems with a single business management solution like Netsuite or SAP or Sage, or to embrace the idea of using separate systems for the different parts of your business and use an inventory management system like Finale Inventory as an addition to your existing systems. You probably already lean one way or the other on this decision. If Quickbooks is already working well for you on the accounting side or if you are happy with the other systems that you use in your business, then upgrading to an inventory management system while keeping your other systems is the much cheaper and simpler approach.
Leverage the Finale’s direct Quickbooks Integration
Finale Inventory is integrated with both QuickBooks Desktop and Online, and it will easily track your inventory across multiple warehouses and locations, lot numbers, and serial numbers. With our QuickBooks inventory management software, you will be able run your operations in less time and eliminate costly errors, improving your inventory accuracy and lowering your costs.
Finale Inventory is easy to use, and saves you time by automatically pushing customer and transaction data through to QuickBooks, meaning you remove the hassle of manual data entry in different places, and ensuring accurate reconciliation of accounts.
It extends the accounting features of QuickBooks, giving users the ability to synchronize and authenticate inventory items, vendors, purchase orders, customers and sales invoices. Finale provides a one-way, user initiated transaction synchronization with your QuickBooks company file.
Demonstration Video of QuickBooks Inventory Management System
This tutorial video demonstrates how Finale integrates with Quickbooks and shows you the results in a Quickbooks Desktop company file. Additionally, there are other tutorial videos that show how to install and configure the Finale Inventory Integration add-ons for both Quickbooks Desktop and Quickbooks Online.