How to Manage Inventory with QuickBooks Online
Whether your clients are running an online business, selling through a physical store or running a wholesale business, accounting and preparing for tax time is always a time-consuming task.
QuickBooks Online and third-party apps allow retailers, e-commerce and wholesale small business owners to manage their inventory and sales channels easily – so they can see how much inventory and how much cash they have available. We are actively working towards improving the core inventory functionality in QuickBooks Online, as well as improving our app integrations, to reduce the need for cumbersome manual data entry and unlocking new insights to help grow the business.
Here’s an overview of what QuickBooks Online can do for you:
Core Inventory Features within QuickBooks Online – The core inventory tracking functionality, couple with new features such as product categories and support for SKUs and images, make it easier than even for small businesses to track and manage inventory. For example, small businesses can now create an invoice and then immediately see how much inventory remains, helping them make informed decisions about what they can sell and when to record new stock.
Robust App Integration with e-commerce Platforms like Shopify and Bigcommerce – QuickBooks now integrates with Shopify and Bigcommerce to sync sales orders, products, customers, taxes, discounts, refunds and shipping charges automatically across both e-commerce platforms. In cases where small businesses sell on marketplaces like eBay, Amazon, Etsy or other e-commerce platforms, apps like Unify and Stitch Labs could help keep inventory and sales in sync. Visit Apps.com to learn more.
Simple Data Sync with PayPal, QuickBooks POS & Square – For businesses who sell products through a physical store, QuickBooks Online integrates with QuickBooks Point of Sale and Square. QuickBooks Point of Sale works seamlessly with QuickBooks, automatically syncing and reconciling sales, inventory costs, received inventory, vendors, items, and payments into QuickBooks. It saves time and makes managing your operations easy. The new Sync with Square app pulls in all sales, taxes, fees and discounts on a daily basis, saving a lot of manual entry. The Sync with PayPal app automatically imports all PayPal sales, fees and taxes, saving a ton of time and improving data accuracy.
Automatic Sales Tax Calculations – QuickBooks Online now integrates with Avalara AvaTax to automatically calculate the sales tax on invoices. Avalara also takes care of managing and responding to your tax notices. Small businesses no longer have to keep track of thousands of tax jurisdictions on their own.
Easy Access to Financing with the Click of a Button – QuickBooks Financing enables small businesses to unlock their QuickBooks data to apply for the full spectrum of financing solutions – everything from short- and long-term loans to lines of credit and invoice financing. Fundbox is another fast and easy way to get an advance on outstanding invoices to help with cash flow. Your clients can create an account in seconds, get approved in hours and receive the full value of the invoices as early as the next business day. No need for any paperwork or credit score.
We know managing a product-based business can be tough, but these tools can help. Identify which clients would benefit from better inventory tracking, and help them take advantage of QuickBooks Online and its comprehensive suite of app integrations to meet their financial management needs.
Additional features are in development, so stay tuned as we add more inventory functionality tools in the future!