Question

Explain the complete inventory and payroll process when using QuickBooks

Answer 1

QuickBooks, one of the most preferred accounting and tax software comes with many features and options. It easily manages all business-related tasks. From managing files and reports to creating invoices, with QB each work becomes less complex. It helps to manage all the business needs and increases productivity while saving time and effort.

Being one of the QuickBooks users, I can assure you that using this software will ease up almost all your business essentials. There are various sections like the accounts section, inventory management section and others. However, one of the most important ones is the payroll section.

The payroll section has various features like:

• Run payroll reports in QuickBooks
• Filing tax made easy
• Run payroll on the go with a mobile app
• Handle vacation pay and deduction to ease up your work

Moreover, you can also get all your payroll information and updated at regular intervals. The payroll section allows you to share real-time payroll and accounting data with the other accounts as well

QuickBooks online works fine with tracking your inventory for offline sale. If you manage Inventory with QB, you will be able to,

- add product images along with its details and SKU

- choose multiple products at once and make appropriate changes

- create a purchase order and a bill for products

- create Invoice of products to send it to your customers

- get basic inventory reports.

Few features you should look out for are,

- One click QuickBooks integration

- Barcode generator

- Centralized inventory management with real-time sync

- Multiple shipping partners integration (USPS, DHL, UPS, etc)

- Insight marketplaces analytics reports with profit/loss percentage

- Inventory forecasting and PO management.

- Reconciliation report for returned or damaged products from marketplaces and etc