Question

Find one YouTube video related to Vendor management or Inventory management for QuickBooks and offer the link and summary of what you learned.

Answer 1

For Inventory Management: https://youtu.be/X-s_DyHpYDM

For Vendor Management: https://youtu.be/efyueXVlXQg

If you want more and more detailed view of vendor management, please go through this link: https://youtu.be/Oddzv7vFL_o

Summary on Vendor management or Inventory Management:

Inventory management gives us all the information about the inventory balances. It gives us information about total sales and the inventory remaining in closing stock. It also provides us the information about the inventory value totally and product wise in balance sheet.

Due to effective Inventory management, we get the following benefits:

1.Reduced set up and manufacturing lead times.

2.No overproduction occurrences.

3.Improved quality control and less material waste.

4.Easier Inventory control.

5.Less paperwork.

Due to effective Vendor management, we get the following benefits:

1. strong supplier relationships.
2. Adequate stock when ever needed. So, that we cannot face stock outs and Inventory shortages
3. Lower Inventory investments.
4. Reduces the Inventory carrying costs.
5. Reduces the risk of inventory obsolescence.

By continuing our business with all the above benefits we will reach our goals correctly.