QuickBooks Tips for Manufacturers and Distributors

QuickBooks is an accounting software that brings together multiple accounting processes into one user-friendly system. It helps you manage your invoicing, inventory, clients, vendors, finances. As a very popular software, you can find many who offer QuickBooks help near you. Specifically, if you are in the manufacturing and distributing industry, QuickBooks can be very useful to you. How? Read on to get some basic tips!

Tracking inventory is one of the major challenges faced by manufacturing and distributing firms. QuickBooks Manufacturing, an edition of QuickBooks specially designed for the manufacturers and distributors, helps you deal with this problem and more. It:

• integrates accounting requirements like, reduction of the inventory count and count of some of the raw materials
• keeps records of what a business has in stock and the location.
• tracks inventory between locations and transfer items from one place to another.
• helps you manage overall sales order status from start to finish from one dashboard
• provides customizable inventory reports
• provides serial or lot number tracking and bin location tracking

Being a manufacturer or distributor, if you are looking for QuickBooks help near me, it is always advisable to consult experts for professional assistance. But before that, you can go through the tips below.

QuickBooks tips for Manufacturers and Distributors

• Review Month-End Inventory Numbers - Inventory management is a challenge for manufacturers and distributors. QuickBooks addresses this problem by offering multiple options to take stock of your inventory, categorize and track it. However, you would need to review your month-end inventory numbers - check the balance sheet inventory figures with your warehouse manager’s figures to see if they are matching or they are any variances. If there are small differences, you have to make adjustments to match the amounts. If there are large variances, you need to figure out why. This could be because of: 
  • the fact that you are losing inventory
  • software issues which need to be addressed immediately
• Review Inventory Quantities within your Accounting System - You need to take a look at your item list within QuickBooks to make sure there are no products with 0 quantity/cost against them. This would probably mean that the item has been sold and if it is not removed from the inventory list, it might cause problems in the ending inventory.
• Review Sales Orders with A/R - In manufacturing and distribution business, there is a time delay between ordering a product, manufacturing it, shipping it and finally delivering it to the customer. Sometimes, the delay in shipping the items are considerable - one month or even six months! Hence, it is very important to utilize sales orders in QuickBooks as using them will help streamline your operations. It provides reports that make it easy to watch out for open, unfilled orders and the backlogs in your business. It also helps track bottlenecks in your order fulfillment system. Also, the sales orders do not reflect on your Profit/Loss or Balance Sheet and you can still convert those invoices and check on your backlogs.

These 3 basic QuickBooks tips for manufacturers and distributors are very vital to help you see the correct picture so that you can take decisions profitable to your business. Edison Business Solutions are QuickBooks certified consultants who help you track every dollar and make better business decisions. Their QuickBooks consulting services include setup, integration, training, support and more! For QuickBooks help near you, schedule a consultation with the QuickBooks experts at Edison Business Solutions.

About Edison Business Solutions:

Edison Business Solutions can help you take control of your finances and better manage your business. We help you account for every dollar. We learn about your business processes and the role of each employee in those processes. Then we use this information to choose the correct software, which can show you how profitable you are, how profitable you can be, and the best way to get there. Visit us at https://edisonbusinesssolutions.com to learn more about our services.