Inventory Management with QuickBooks
AFB Business Solutions
Where your inventory goes, so goes your production capacity and ability to deliver timely products to your customers...  
Go with the equation that works for you and your business...
QuickBooks + AFB Business Solutions = Successful Inventory Management!
Call today for an free initial consultation  at (866) 314-0344 or e-mail us at info@afbbusinesssolutions.com.  You will receive thorough training in all the
features of QuickBooks.  We also offer optional training in accounting practices.
Manufacturing, Distribution,
Retail
If you are a manufacturing, wholesale,
or retail business, inventory has great
importance to you.  You need to keep
an eye on what you have in inventory
so you do not come up short when it is
time to deliver product.  

Quantity and cost management
becomes a high priority.  If you blow
through your budget, you will send
your business bottom line into a
tailspin, a position no business can
afford for a given time.  Additionally, if
your lead time for materials or goods is
far to long, your ability to deliver could
also short change your revenue
stream.  You must pay close attention
to both ends of the inventory stream -
quantity and cost.
 A Business Case

I once consulted with a manufacturing business whose R&D had free reign
relative funds.  During the course of 10 months, about 70% of the business
funds were allocated to R&D inventories with very little allocated to actual
production.  Additionally, the Materials manager for production had five
inventories under management on the general ledger.  One was a
consignment inventory not belonging to the company.  These remained off
the books until the company made purchases from this stock.  The purpose
of this consignment inventory was to reduce lead time for materials.  

However, he had insufficient resources for managing all six inventories -
three raw material inventories,  two work in process inventories, and one
finished goods inventory.  He performed transactions on spreadsheets and
had an extremely difficult time not only tracking quantity but also costs.  He
also had no systematic method for taking physical inventory or cycle counts
because of the manual system he used.  

Consequently, the company's cash burn rate failed to last, and the business
ultimately liquidated.

Don't allow your business to sink because of insufficient tools and processes.
QuickBooks
Premier -
the better way for
inventory
management.
Two areas of control are essential in
managing inventory:
  1. The tools - Your hardware and
    software
  2. The processes - The steps you
    take to deliver your product to
    your customer.
The Tools and Processes


For the small business (according to the SBA, that is any
business under $75 million in annual revenues), having
the proper tools in place becomes critical.  The tools you
use and the processes you apply go hand in hand.  You
can have the best software tools available, but unless
you have sound management control processes, those
tools will do you little good, and will give you unending
frustration.

QuickBooks allows you to set up a control process and
aids you in developing a work flow for goods you produce
or maintain for sale.  There are also compatible third
party solutions available for increased management as
your grow as a business.  Identifying the work flow of your
inventory and other processes feeding into inventory is a
critical step for putting in place sound financial controls.  
Such financial controls will prevent you from coming up
short for fulfilling customer demand and provide sound
management of your costs associated with your
inventories.
 Need Training in QuickBooks
Inventory?

Training in inventory management is more
than setting up your accounting software and
using it.  To exercise sound control over your
inventory requires well thought out processes.  
Inventory management training integrates
QuickBooks with processes to give you well
rounded training in inventory management.

  1. Overview of the inventory process
  2. Setting up inventory items in
    QuickBooks
  3. Purchasing and receiving into inventory
  4. Work in process
  5. Inventory adjustments
  6. Taking a physical inventory and
    performing cycle counts
  7. Inventory reports
  8. Closing the books and inventory
Contact us for more information on
QuickBooks training at (866) 314-0344 or at
info@afbbusinesssolutions.com.
 QuickBooks Enterprise -

Outgrown your existing
accounting application?  
Need a more robust financial
management application?
QuickBooks Inventory Reporting

Stay on top of inventory with QuickBooks
standard reports.  You can also customize your
own reports!

  • Stock Status Report
  • Inventory Valuation Report
  • Inventory Reorder Report
Call us today for a free initial consultation at (866) 314-0344 or e-mail us at info@afbbusinesssolutions.com.  We are here to help
you succeed.