Inventory management has always been one of those tasks that quietly sits in the background until something goes wrong.
Whether one of your products runs out unexpectedly or your stock counts suddenly stop matching up when orders are fulfilled, these issues usually surface at the worst times.
Now, of course, plenty of business owners don’t realize that QuickBooks Online has plenty of built-in tools to help you stay organized and keep your inventory updated. These options might not be immediately obvious, but once they are found and set up properly, they can make inventory management smoother and less stressful.
Here’s how you can get the most out of QuickBooks for your business.
You can manage your inventory across multiple locations
As your business grows, so does your need for storing products in different locations.
This includes stores, warehouses, and even setting up your inventory online.
Even though your accounting and bookkeeping experts will do their best to keep your books updated, without proper tracking, it’s easy to run into confusion and figure out what is being sold where.
QuickBooks Online Advanced offers a location tracking feature that can be used to organize inventory by each specific location.
With this tool, it becomes much easier to know how much stock is in each place, and decisions about where to ship from or where to restock become clearer.
Inventory tracking can be enabled and customized
As efficient as QuickBooks is, you’d be surprised to know that it doesn’t come with inventory tracking enabled by default.
This feature, in particular, can save a lot of time and resources for businesses. Because of this, many businesses end up using spreadsheets or manual lists, even when QuickBooks is already part of their daily operations.
To get the most out of QuickBooks, the first obvious step is to turn on inventory tracking through settings and establish an easier way of monitoring stock.
Once turned on, products can be added with details such as SKUs, categories, and pricing — details that will later make it simpler to know what’s in stock and what needs to be reordered.
In case you sell on platforms like Shopify or Amazon, you’d also benefit from the fact that these platforms could easily be connected to QuickBooks. This allows stock levels to be updated automatically.
Stockouts can be avoided by using reorder points
The virtual CFO services that you work with will agree that a common scenario for some businesses is that when a customer places an order and the product isn’t available, the importance of inventory tracking becomes clear.
One of the best ways to avoid this is to set reorder points for your inventory. This can easily be done with QuickBooks.
Reorder points act as quiet reminders that notify you that your stock is running low and an action is needed. Most last-minute rushes to restock inventory can be avoided by using this feature.
It has also been noticed that when suppliers’ information is added in advance to QuickBooks, purchase orders can be sent quickly, making the entire process more efficient.
You can create bundles to simplify grouped products
In case your business sells sets or kits (like gift boxes or a combination of products sold together), it’s often difficult to track your inventory.
Most times, business owners end up adjusting multiple inventory items by hand each time a set is sold, which can be both time-consuming and prone to mistakes.
To save yourself from such troubles, you can use QuickBooks’ bundling feature.
The bundling feature allows several items to be grouped into a single sellable product. Once sold, QuickBooks will automatically reduce the stock of each item included in the bundle.
This way, the need to keep manual lists and make adjustments is removed, and inventory numbers stay accurate without much effort.
Inventory can be updated by connecting QuickBooks to online stores and POS
In case your business is present both online and in physical stores, it’s often difficult to keep your current and excess inventory updated across all platforms.
There have been plenty of cases where something is sold online, only for the owner to realize later that it was already sold in the store.
In order to keep your customers aware and keep multiple selling options present, QuickBooks can be connected to popular e-commerce platforms like Shopify and Amazon, along with many point-of-sale (POS) systems.
These connections allow inventory levels to update automatically whenever a sale is made, reducing the risk of overselling or disappointing customers. By setting up these connections, time is saved, and mistakes are minimized.
Reports can offer detailed insights into your product performance
Even though most business owners check their financial reports like profit and loss, inventory-specific reports are often overlooked.
QuickBooks online solves this problem.
It (by default) includes several useful reports that can show how inventory is performing over time.
For instance, reports can highlight which products are selling well and which ones are moving slowly — helping to make better purchasing decisions in the future. Some reports show the total value of current stock, which can be very useful during tax season or when preparing for audits.
By reviewing these reports regularly, businesses can gain a clearer understanding of what’s happening with their inventory and make adjustments as needed.
It’s understandable why many small business owners feel overwhelmed by inventory management — especially when it’s handled manually.
However, solutions like FishBowl Inventory can easily streamline your inventory management solutions while reducing costs.
Book a demo with Fishbowl and discover how we can help you manage your stock more effectively and boost profitability.