We’re often asked, what are the best practices for managing inventory across multiple stores and warehouses in QuickBooks?
With QuickBooks Enterprise Platinum Edition, you can actually segregate the on-hand quantities of inventory by specific warehouse. That allows for full visibility as you’re syncing sales. Of course, with QuickBooks, Webgility makes it even easier. This feature allows you to keep an eye on your inventory in all locations in real time. For even more control, you can set the reorder points for each location so your stock is always replenished. Alerts on low stock help make sure you have time to contact vendors and receive shipments.
When you’re selling on multiple channels, mapping your inventory and setting up reorder details up is absolutely key. Inventory accuracy prevents overselling. Because overselling can lead to bad reviews or loss of customer trust, it can be the kiss of death for an online business. With the right version of QuickBooks as your system of record for both finances and inventory, it’s possible to make a large portion of your business far more efficient and free up a great deal of time, effort, and energy. #Ecommerce reports are only as good as the data behind them, so give your multichannel inventory the time it deserves. @QuickBooks #Webgility #Automate Click To Tweet
Because new customers who are onboarding Webgility are excited to start right in on the order flow, we’re always careful to point out the importance of properly setting up inventory. Fair warning: Sometimes this takes a good bit of work! In fact, we’ve found that if you pause and do a bit of heavy lifting, so to speak, around inventory, you’ll be much more organized once sales start to come in. For example, if you set up order flow before mapping out inventory, the reports you run will be missing crucial information and you’ll have no idea what’s in stock.
The necessary work around inventory requires you to standardized your product naming and map each product by store and warehouse location. We often see businesses whose inventory has been set up by one individual who then carries all institutional knowledge about how products are named and organized. If this naming is standardized and mapped in QuickBooks and to and from stores and warehouses, businesses are less at risk of creating a bottleneck by adding or changing products manually and potentially introducing inventory errors that translate into lost revenue. For a deeper dive into this topic, check out our handy guide for inventory naming and organization.
In QuickBooks, there are ways to streamline inventory changes and improve the way you work in the item list, and it’s easier than you think. The benefits of a clean inventory are really seen in your reporting after you transition to automating your sales workflow with Webgility. Because your reports are only as good as the data behind them, it’s absolutely worth it to spend time on setting it up right.