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Which QuickBooks Version Supports Inventory Management?

Which QuickBooks Version Supports Inventory Management?

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Which QuickBooks version supports inventory management to track all your inventory products? This is a question many wholesale distributors and manufacturers ask before deciding which version of QuickBooks to use. In this article, you will learn best practices for determining which QuickBooks version is best for handling inventory.

 

Managing Inventory in QuickBooks Online & Desktop

 

QuickBooks Online vs Desktop, Which One Should I Use for Inventory Management?

QuickBooks, widely known as the industry standard for small to medium-sized business accounting software, provides two main types of products: cloud-based QuickBooks Online and locally hosted QuickBooks Desktop.

QuickBooks Online is an excellent choice for most small businesses, thanks to its four plans, robust features, and user-friendly interface. On the other hand, QuickBooks Desktop is an excellent choice for businesses that prefer desktop software, require advanced inventory tracking and reporting tools, or need an industry-specific solution.

Here is the comparison between QuickBooks Online and QuickBooks Desktop.

 

QuickBooks Online (QBO) QuickBooks Desktop
Suitable for Most small to medium-sized businesses seeking a cloud-based solution.  The QBO inventory management software is very lite and basic. Small to medium-sized businesses looking for a desktop solution or who require advanced inventory and industry-specific features.
The maximum number

of users

1-25 1-40
Ease of sharing with accountants Excellent. You can send email invitations to your accountant directly from the software. Good. You can send your accountant a copy of your company file and import their changes.
Scalability Excellent. QuickBooks Online’s four plan tiers allow it to grow with your company. QuickBooks Time add-ons may enhance your functionality Good. As your needs change, you can upgrade to any version of QuickBooks Desktop. Converting your data from one desktop solution to another, on the other hand, can be a difficult process.
Ease of Use Good. QuickBooks Online is simple to use, but it does require some prior accounting knowledge to make the most of it. Fair. QuickBooks Desktop’s user interface is more outdated than that of some cloud-based products, and it requires prior accounting knowledge to get the most out of the product.

 

Why QuickBooks Online is a Better Choice for My Business

Here are some good reasons why QuickBooks Online is the right choice for your business.

 

Easier to use

If you’re unfamiliar with the fundamentals of accounting or accounting software in general, getting started with QuickBooks Desktop—particularly the Enterprise plan—will be more difficult than with QuickBooks Online. QuickBooks Desktop Enterprise is more powerful and detailed than other QuickBooks products, but it’s also less approachable if you’re new to accounting.

 

Affordable Price

Since QuickBooks Online is a monthly subscription service, there is no need for a contract, and you can cancel your account at any time. QuickBooks Desktop pricing is more complicated and is determined by the plan tier, the number of users required, and whether or not you need cloud access. Furthermore, the desktop products are only available as annual subscriptions, requiring a larger investment than QuickBooks Online.

 

Easier to access

QuickBooks Online is accessible from any computer with an internet connection, and because it is web-based, you can collaborate with your accountant in real-time. The QuickBooks mobile app is also free and allows you to manage your account while on the go.

QuickBooks Desktop is more restricted. If you want to use it on multiple computers, you must purchase additional licenses. While you can add cloud access to QuickBooks Enterprise, it costs extra.

 

The Benefits of Using Quickbooks Desktop for My Business

If you prefer using desktop software, Quickbooks Desktop might be the right choice. The following are the reasons why.

 

Advanced Inventory Management

Inventory tracking is included in both QuickBooks Online Plus and Advanced. However, QuickBooks Desktop’s Enterprise plan includes more industry-specific capabilities designed for businesses such as manufacturers, wholesalers, and retailers. Among these are the ability to track inventory quantity, track raw materials and finished products, as well as automate order management. It also has barcode scanning capabilities.

 

Industry-Specific Reports

QuickBooks Desktop Premier Plus and Enterprise plans provide industry-specific reports for manufacturing and wholesale, retail, nonprofit, general contractor, and professional service businesses. Nonprofits, for example, can use QuickBooks Desktop to generate donor contribution summary reports, while manufacturing, wholesale, and retail businesses can forecast product sales. The software allows contractors and professional service businesses to compare revenue by city, customer, and job type. Although QuickBooks Online provides a wide range of reports, they are not industry-specific.

 

Using OIS Connect & QuickBooks Integration for Managing Inventory

We created a cloud-based mobile application (OIS Pro) that easily integrates with QuickBooks, providing a unified platform from which to run your business.

Here are some of the main benefits of using OIS Connect and QuickBooks integration.

 

360-Degree Client View 

Management and sales reps (presales or DSD) have a 360-degree view of customer interactions at their fingertips. With OIS Connect and QuickBooks integration, you can quickly access all customer profiles, including order history, sales, returns, credits, debts, and top-selling items per store.

 

Greater Inventory Visibility

Management and sales reps now have greater inventory visibility, which updates in near real-time, allowing reps to create orders directly from the app with visibility into available inventory items. Management can also easily add new products or stock and synchronize it so that reps are ready to sell in the field.

 

Sales Rep Tracking

Management gains a better understanding of salesforce productivity, including access to KPIs, daily routes, and store visits. Set sales targets and assign stores to each rep, as well as share marketing or product documentation with each customer and rep. Reps can access this information directly from the app on their phones.

 

KPI Monitoring

Our seamless integration enables you to quickly view the KPIs for the day, week, or month in order to make informed decisions as needed. Advanced reporting is available to see your sales reps’ productivity, sales goals, and inventory all in one place.

 

Final Thoughts

QuickBooks Online has advantages such as ease of use, lower cost, and accessibility that allow you to manage inventory efficiently. However, if you require advanced inventory management software, QuickBooks Desktop is the better option. If you need software to track inventory while also having better visibility into your salesforce’s productivity, consider using OIS Connect and QuickBooks integration. For more information about this integration, please contact us.