QuickBooks and Inventory Management
Are you a business owner in need of inventory management system software? If your business uses QuickBooks, you may have questions about how you can use QuickBooks with inventory management software. Does QuickBooks manage inventory? Is QuickBooks good for inventory management? Companies using QuickBooks for accounting have three options for inventory management software:
(1) Update to QuickBooks Enterprise Solutions: Upgrade to the more comprehensive QuickBooks Enterprise Solutions software and use Quickbooks inventory management for order management and stock control.
(2) Replace QuickBooks: Ditch QuickBooks in favor of an enterprise-level ERP system or a custom-built business solution for all of the company’s operations.
(3) Use Quickbooks With a Third-Party Software: 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 Online or Desktop and you are wondering how to improve your inventory management processes, then deciding which option is better for you is helpful to narrow down the choices. A seamless QuickBooks and inventory tracking system can be incredibly valuable to your business.
If I’m Already Using QuickBooks
If you’re 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, you may want to consider updating to QuickBooks Enterprise Solutions software.
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.
Pros of Using QuickBooks
If you are already using QuickBooks, you may want to continue using this accounting solution. Quickbooks offers users the following pros:
- Easy to use
- Good accounting reports
- Flexible with applications from third parties
Using QuickBooks With Inventory Management
When you use QuickBooks Online with inventory management, your inventory tracking can be reflected immediately in your bookkeeping. If your business sells products directly to consumers, this function can be particularly useful. QuickBooks inventory management works by breaking down your inventory into the following categories:
- Inventory items: This tracks the items you sell and buy so you can track your quantities.
- Services: This is where you track the costs of the services you provide, such as installation services.
- Non-inventory items: This is where your raw material is stored.
- Bundle: Your bundled inventory will track the products and services you sell together.
Using QuickBooks With Finale Inventory
Our QuickBooks accounting integration at Finale Inventory directly integrates with both QuickBooks Desktop and QuickBooks Online. Our software can easily track your company’s inventory across multiple locations and warehouses, serial numbers and lot numbers. When you use our system for inventory management with QuickBooks, you can eliminate costly errors and run your operations faster, lowering your costs and improving the accuracy of your inventory.
Finale Inventory is simple to use and will save you time by pushing transaction and customer data through to QuickBooks automatically. As such, we can ensure all the information between the two systems remains consistent and you won’t have to deal with the hassle of manually entering data. Users have the ability to authenticate and synchronize the following:
- Inventory items
- Purchase orders
- Sales invoices
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. In this video, you’ll see how QuickBooks is integrated with Finale Inventory from start to finish, including how everything is accomplished and what transfers between QuickBooks and Finale Inventory. While the process is relatively the same for QuickBooks Desktop and QuickBooks Online, the end product looks slightly different. In this video, we use QuickBooks Desktop as our example.
Additionally, we also provide other tutorial videos, including:
- How to install QuickBooks Online integration: This video covers how to install the integration for QuickBooks Online and link it to your QuickBooks Online account.
- How to install QuickBooks Desktop integration: This video covers the installation process for the QuickBooks Desktop integration and how to link it with your QuickBooks Desktop.
- How to configure and setup QuickBooks integration: This video covers the configuration and setup process for how Finale Inventory will deliver information to QuickBooks.
These videos show how to install and configure the Finale Inventory Integration add-ons for both QuickBooks Desktop and QuickBooks Online.
Limitations of QuickBooks Inventory Software
Is QuickBooks good for inventory management? Why may QuickBooks Enterprise Solutions software not be the right choice for your business? While QuickBooks is renowned for its ability to manage your finances, its inventory management isn’t quite as impressive. The following are potential reasons you may not want to use QuickBooks inventory management:
- Inventory accessibility: If you want to access your inventory from tablets or web browsers, QuickBooks currently isn’t an option for inventory management.
- Inventory operations: Because QuickBooks was not designed with inventory management in mind, 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. Since QuickBooks is intended for accounting, inventory tracking isn’t a development priority.
- No inventory forecasting: QuickBooks also will not learn from data of previous sales to forecast the amount of inventory your business will need to satisfy demand during an upcoming period.
- No inventory history: You will not be able to see a detailed history of each inventory item or a history of the interactions your team members have had with the item.
- Lack of lot tracking of products
Regarding the lack of inventory accessibility from web browsers or tablets via QuickBooks, you just need to decide if accessing your inventory from tablets or web browsers is important. Regarding QuickBooks inventory operations, 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.
Regarding the pricing for QuickBooks, you may want to consider other options if the cost is out of your price range. If you are not concerned about the potential pitfalls of QuickBooks inventory management, then you may want to continue using QuickBooks for inventory management and upgrade to QuickBooks Enterprise Solutions.
If My Accountant Uses QuickBooks
If your accountant uses QuickBooks, but you keep order records and stock records separately, then what are your 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 you may want 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.
If your accountant already uses QuickBooks, then you may want to consider integrating this accounting software with inventory management software so you can enjoy the following benefits:
Compile Accurate Financial Reports
One of the benefits of integration is that you can compile more accurate financial reports. To avoid discrepancies, your business will need to check accounting data with inventory stock. Accurate financial statements are essential for tax purposes, and they are important for key investors and stakeholders.
When you integrate your accounting system with the transactions of your system for inventory management, you will avoid delays, mistakes and complications.
Reduce Your Expenses for Labor
Another benefit of this integration is reducing your expenses for labor. Labor costs tend to be a significant part of a company’s expenses. When you integrate accounting and inventory management software, you reduce the need to enter information manually and handle the various components of inventory management. This will save your business both time and money.
Avoid Out of Stock Items and Wastage
When you optimize your inventory stock, you can prevent waste and maintain customer satisfaction. Each stored inventory item comes with handling and storage costs. By collecting an excess of inventory stock, your business will have unsold items sitting on your shelves. This is a cost in itself, especially if these items become obsolete or damaged. On the other hand, if your business has a shortage of items, your customers will be disappointed and you’ll miss sales opportunities.
When you have an integrated accounting and inventory management software solution, you can increase the accuracy of your company’s data analysis and benefit from valuable insights, such as cash flow and QuickBooks inventory forecasting. This real-time visibility will allow you to plan the levels of inventory stock more accurately so your business can better meet demand.
When you integrate inventory management and accounting software into a single platform, you can streamline your business processes. The data available from real-time solutions will increase the automation of your business. Using the output from the integrated system can help you make important decisions. Through the integration, you can also efficiently obtain accurate financial reports.
To determine the best inventory management system for your company, you need to assess your business needs today and your company’s plans for future growth. When you integrate your accounting and inventory management software into a real-time, scalable and flexible solution, you can maximize the benefits of your system.
Leverage the Finale’s Direct QuickBooks Integration
You can integrate Finale Inventory with QuickBooks Online as well as QuickBooks Desktop. Keep track of your inventory across locations and warehouses, serial numbers and lot numbers. With Finale’s inventory management software, you can improve efficiency in your operations, increase accuracy in your inventory, reduce expensive errors and lower your expenses.
Our software is easy to learn and simple to use. It automatically pushes customer and transaction data to QuickBooks, removing the time-consuming hassle of entering data manually. This synchronization also ensures that your accounts are accurately reconciled.
Finale Inventory enhances the accounting features of QuickBooks, allowing users to authenticate and sync vendors, customers, inventory, purchase orders and invoices. It provides a user-initiated, one-way synchronized transaction with your company’s QuickBooks file.
Our inventory system offers more than 40 inventory management software integrations. We can provide your business with integration support for various platforms, including:
- POS systems: POS systems like Shopify and Square can also be integrated. With Finale Inventory’s ability to sync to your inventory automatically, you can keep track of offline and online sales channels from a single location.
- Marketplace platforms: Our integration support also includes marketplace platforms like Etsy, Amazon, eBay and more. You can directly connect an Amazon marketplace to Finale Inventory, allowing you to make sure your listings are always up-to-date and keep track of changes in quantity.
- Shopping cart software: We can also work with shopping cart software like Shopify and Magento. We help consolidate data across multiple sales channels. You’ll always have an accurate count of your inventory available when you sync your orders to our product.
- Channel management software: Our integration support applies to channel management software like ChannelAdvisor and Zentail. Your inventory stock will be automatically updated when a sale is made. The data will then be synced back to channel management software to ensure an accurate count of your inventory stock is presented.
- Accounting software: Our integration support includes accounting software like QuickBooks and QuickBooks Online. When you sync your QuickBooks company file with Finale Inventory, your customer and transaction data will be automatically imported. This reduces the need for manual data entry and makes reconciling your accounts easier.
- Shipping software: Shipping software like Inventory Source, ShipRush and ShipStation are also included in our integration support. Finale Inventory can complement ShipStation or other cloud-based shipping tools through integration with accounting software, marketplace platforms and other systems. Dynamic reorder points are also calculated to ensure users don’t run out of stock.
Additionally, we also support offline sales channels. If your business sells products over the phone, for example, you can manually enter this data and sync it with your other software and platforms. When your systems work together and are integrated seamlessly, you can increase the efficiency and effectiveness of your business’s inventory management. Explore our website or get in touch with a representative to learn more.
Use QuickBooks for Bookkeeping With Finale Inventory
Managing inventory with QuickBooks is simple when you work with us at Finale Inventory. We know that every business is different. Our product was designed to meet every company’s different needs by working with a wide variety of enterprise platforms. When our customers sync their inventory with Finale Inventory, they will enjoy the following benefits:
- Centralized database: With Finale Inventory, you have access to a cloud-based central database that holds all of your inventory and sales information.
- Less staff training time: Your business will benefit from less staff training time and fewer hassles when you hire new staff members.
- Reporting tools and robust forecasting: The reporting tools and robust forecasting we offer can help you make more informed decisions for your business.
- Inventory ordering and planning: With proper management of your inventory, you can easily and quickly track the inventory of your warehouses. By using detailed inventory statistics, you will know exactly where and when your inventory needs to be refreshed.
- Better order fulfillment: Inventory management can also help you ensure that your warehouses are providing each of your customers with the right product at the right time. You will have better order fulfillment by tracking and managing your stock and restocking low supplies from one hub.
- Enhanced customer satisfaction: Because our system ensures that your customers’ orders are damage-free, accurate and ship on time, your business will enjoy increased customer satisfaction.
- Increased efficiency and warehouse productivity: Proper management of inventory in your warehouses will optimize your company’s productivity and efficiency. By assigning tasks from one easy-to-navigate platform and managing all of your warehouse operations, your entire warehouse will become more productive.
Our team is happy to assist with setting up your system in a way that makes the most sense for your company. We offer our customers world-class service and support. Every new account is assigned a customer relationship manager, who is responsible for providing training, consulting and any customization. During your trial period, training and consulting are free.
Every paid plan is on a month-to-month basis. You won’t have to deal with any long term commitments or set-up and start-up costs. Finale Inventory is a fast, highly adaptable inventory management system that can scale as your business grows. Because we collaborate with thousands of customers, we know each inventory management application is unique. As such, our experienced domain experts will partner with you to craft a solution that meets your specific business needs. We aim to exceed your expectations with our personalized approach.
Incorporating QuickBooks inventory management in your company so accountants can obtain accurate financial information while also ensuring that your business operates efficiently isn’t an easy task. Fortunately, Finale Inventory is the solution for your business.
When you choose Finale Inventory, you can allow and encourage your financial team to continue using QuickBooks for bookkeeping. Start your free 14-day trial from Finale Inventory today or request a live demo.