In QuickBooks, inventory items are items that you purchase and sell for growing your business. that’s why I am here with the topic of how to set up inventory in quickbooks online? In Quickbooks, you can add and track your inventory items for your records. so you can able to recheck if there are any mistakes and faults in your inventory items list. Set up your inventory in QuickBooks will help you to stay on top of what you have in stock so that you can ensure fulfill any pending or upcoming customer orders.
Suppose we have a bike/scooter shop and we need to keep track of how many bike/scooters we have sold or purchased from a certain brand and certain company, so we need to just turn on the inventory tracking in Quickbooks online.
Why we should set up inventory in QuickBooks online?
It is a very essential part to grow or run our business successfully, to keep track of the product that is desired is available or not.by doing this company can achieve real-time data according to inventory items level and condition.
Accurate order accomplishment–
If the product is in demand it is available or not & if it is not in demand do not restock that product or item.to keep the accuracy of the inventory items.
Better preparation and planning-
As you know before starting any type of business we should learn about the pros and cons, we need to learn about it, we have to do proper planning so, in the same way, we have to do this for our inventory. if we do not manage and measure the inventory then the products already we have in stock we will overstock them when it is not needed, some of these items are not in demand, not strong sellers .detailed inventory management planning allow depository to refresh inventory when it’s needed and reduce all the other issues.
Client gratification and reviews-
Clients who purchase our products do not want to wait for long they eagerly waiting for their products and if the product arrives on time they become happy and if the product material satisfies their level they become happier and gives you a good review and it gives a good impact on your company as well as on brand,but if the product arrived late, broken and damaged it gives bad impact on your company as well as on the brand of the product also. if you want to protect from these issues you refund the amount this process helps to build a strong relationship between client and company, they come back to you for more products if you satisfy them.
Improved and accurate inventory orders–
The product orders, status and keeping a record of inventory must be accurate because it is very pivotal for business.
Well organized stockroom–
An organized inventory system leads to achievement.it gives you results in more efficient plans this also includes cost-cutting and improving product satisfaction for businesses using the well-organized stockroom.
Keeping a proper record of the clients-
If you properly keep records of the purchasing information of your customers which he provides on the time of placing an order so when he reorder the item through Quickbook online the program will automatically update you and give you a record to track its quantities.
Saving time and money by using efficiency and productivity-
Users must update and manage their inventory properly on time so that less time and resources be used in managing inventory and can allocate to other areas, exact, methodical and best inventory results in saving time and cost.
Setting and tracking inventory-
Activating the inventory features-
1.select the settings buttons and select company settings.
3.select edit in the product and service section.
4.turn on show products column on sales forms.
5.turn on both track quantity and price.
6.select save and done.
Now setting is done so you have to add your inventory items.
Not everything you buy or sell is part of your inventory items, there are non-inventory items that you can add, these are things which you can sell or buy but do not keep track of these items as inventory. Example nuts & bolts used in the installation.
There are two processes to keep track of your sell.
1.create an invoice if you get paid later.
2.add a sales report if your customer pays for the item on the spot.
Use reports to check the status of your inventory.
To see your bestsellers, your regular clients, product availability, cost of goods, trends in the market you should regularly check and update your reports.
I still recommend you to discuss it with your accountant or a certified QuickBooks pro advisor for setting up your inventory or learn more about it there are many videos available on youtube or you can simply go through google search engine before starting it.
In this way, you can add and set up your inventory correctly. Now you can proceed for further things as per your requirements
in my blog, how to set up inventory in quickbooks online? As you can see the aspects of inventory management are very serious. If you want to grow your business and want to be established in this field. You have to complete the requirements and needs of your clients. With better preparation and planning, improved and accurate records. Product detailed knowledge of clients set up inventory in QuickBooks online. Organized stockroom to restock and refresh the products on their availability and nonavailability. Also, save time and cost. The aspect of this part of the inventory is whether we satisfy our clients or not.