Ilene will be speaking that the Intuit Conference QuickBooks Connect in San Jose, California, Monday October 20, 2014 she will be presenting Mastering QuickBooks Inventory in Pro and Premier. This session will highlight the inventory features and strategies that Ilene uses when working with client to create an efficient workflow and accurate reports. The session complete description is:
Managing Inventory can be quite complicated in any business! QuickBooks has features and tools that will help non-accountants manage the process. This course covers inventory concepts to help you understand the process and then introduces features and tools to purchase inventory, sell Inventory Parts, and enter Inventory adjustments.
Management should also understand the concepts, and use the tools provided, review reports, and be an active participant in the process to enhance internal controls. For this reason, we will also discuss reports, the reconciliation process, and an evaluation tool to easily identify errors and issues.
There are various versions of QuickBooks and we will discuss the inventory features that are available in QuickBooks Pro, QuickBooks Premier, and QuickBooks Accountant version so that the user can assess their needs and purchase or upgrade to the version that is best suited for their Inventory needs.
This month I moved out of the office space I had rented for the last 8 years! In the last year I have worked from the office, hotel rooms, airport lounges, my kitchen table, and anywhere else with an internet connection when I had to get work done. I found that the only advantage to being in my office was multiple monitors! For efficiency over the years I have moved more services and data to the “cloud” and this has significantly reduced my costs and increased flexibility!
Remote Access Software – This service allows me to log in with clients to work remotely on their desktop for training and problem resolution.
Webinar Software – This software gives me the ability to present webinars to large groups of people regardless of location.
Voicemail – This online service sends me an e-mail with my messages included in a sound file and a transcribed conversation that I can read easily.
QuickBooks – This software lets me e-mail invoices and estimates and the merchant services link allows customers to pay their invoices online.
Office 365 – This subscription gives me full Microsoft functionality anywhere any place. I also store my files using the SharePoint which is included in the service and synchronize the files with my desktop and laptop so I have all my files with or without an internet connection.
Internet Fax Service – This service accepts my faxes and sends me an e-mail with an attached PDF of the fax.
These services and software also allow me to more responsive and flexible to client needs. They have also made my business more convenient for my clients.
Lately I’ve been working with clients on their budgets. I notice they spend a lot of time on maximizing the income section and then they treat the expense section like a ball and chain and feel they have no options. I suggest clients review monthly expenses at least once a year. Call vendors to see if they can reduce fees or change service plans.
I will call my vendors and ask about plan changes for cell phones, internet, software contracts, website hosting, and fax service. I often find that my usage is examined and a plan change will save me money or provide additional benefits that I need. These calls take time, but the benefit is ongoing savings. Many times we wait until a contract expires to re-negotiate. Sometimes these contracts auto renew or we are too busy to make changes when they expire. Calling the vendors on your schedule gives you time to consider the options and make better choices.
I also suggest that clients call their banks about fees. Quite often clients are paying numerous fees or keeping minimum balances on a large number of accounts. One client had a credit line that he was using to maintain minimum balances in numerous accounts at the same bank. The banks want to keep business accounts and are often willing to write off fees or update the account to a different fee structure.
If you schedule a call once a year for multi-year and recurring expenses and you will be surprised at the ongoing savings that you can achieve. Also look at the vendor and see how their services are meeting your needs. I often find that changing vendors can also save me money, however this involves more time and unless you see significant advantages, this may not be the best strategy.
Many clients have inventory and struggle with how to manage the inventory effectively and easily. Although QuickBooks does have inventory functionality in QuickBooks Pro/Premier and Enterprise, there are various add-on solutions that are also be helpful for your specific needs. To determine the correct version and add-ons I’ve created the summary below. Retail businesses should also review the Point of Sale section.
Quick Books Pro
Inventory functionality is very basic.
Inventory features are designed for businesses that buys and sells the same items over and over again (ie Antique Shops buy and sell different items).
These businesses do not assemble items or repackage them and only have one location.
Inventory functionality of QuickBooks Pro and
Ability to assemble items (remove raw materials from inventory and replace with finished goods or repackage in smaller quantities.)
Create Sales Orders to manage partial shipments of goods and manage unfulfilled orders
QuickBooks Enterprise Solutions
Inventory functionality of QuickBooks Premier and
Ability to use custom fields in transaction to configure orders
Ability to add-on Advanced Inventory (annual fee)
Use Multiple Inventory Locations
Track Lot and Serial Numbers
Bar Code Tracking
QuickBooks Point of Sale (POS)
This is a separate program that integrates with the other QuickBooks programs mentioned but is designed to work in a retail environment and function as a cash register.
Ability to run daily cash register reports.
Ability to track individual cashiers
Bar Code Tracking
Styles view to see inventory availably by 2 designated features (i.e. size, color)
“ie SOLUTIONS” of Monterey was named as a “2008 Pacesetters, the Select 100” in the Accounting Technology Supplement “. Ilene Eisen, CPA. CITP was given special recognition for Accounting Software sales and support of MAS90/200 & Quick Books Enterprise Solutions Software.
“ie SOLUTIONS” is a Monterey-based consulting firm that specializes in providing integrated accounting software and organization information systems solutions. By specifically targeting accounting software, ie SOLUTIONS provides a greater efficiency, higher quality, and timeliness of information for its clients. “ie SOLUTIONS” currently installs, supports, and provides training for Quick Books Enterprise Solutions, Quick Books Point of Sale, Quick Books , MAS90, MAS200, , and Business Works Gold. Owner Ilene Eisen has combined her formal education in Information Systems with over 30 years of accounting experience to create a solid foundation for her company and accounting software consulting practice.