As businesses expand, so are the challenges associated with them. With an increasing customer base, competitive landscape, local laws, and technological advancements, businesses need a flexible and adaptive technological solution that automates daily processes and offers deep insights.
Various ERP solutions in the market help enterprises monitor, track, and manage their business process. However, the most preferred among them over the years has been QuickBooks Enterprise. A product of Intuit, QB Enterprise offers businesses a comprehensive solution by integrating core processes, such as inventory management, sales order tracking, vendor management, and more.
Let’s check out why upgrading to QuickBooks Enterprise in 2024 is right for your business.
Inventory Management
Inventory management is imperative for businesses, whether in retail, construction, or the manufacturing industry. It enables you to track inventory from multiple locations, warehouses, and bins. You can also transfer inventory from one site to another or receive inventory from a particular bin.
Moreover, QB Enterprise offers Advanced Inventory to manage inventory without challenges. Here are some features of Advanced Inventory:
Serial/ Lot Number Tracking
QB Enterprise enables you to assign serial and lot numbers to items. So, you can map them with the bin or warehouse location. This helps you identify if items do not exist anymore in the inventory or duplicate items.
Bar Code Scanning
The barcode scanning feature enables businesses to integrate a compatible barcode with the QB Enterprise software. You can use these barcodes to create invoices, bill of materials, purchase and sales orders easily.
FIFO
The FIFO feature, once enabled in the Advanced Inventory section, helps you switch the inventory from Average Cost to FIFO. If you are using the First In First Out method for inventory management, this feature will accurately calculate the cost of inventory in the reports.
Landed Costs
This feature enables you to calculate landed costs, such as shipping and insurance, and add them to your bills. To use this feature, you must create a new account for landed costs.
Site Operations
The site operations feature optimizes your pick, pack, and ship process. On a single dashboard, you can see the status of all sales orders—open, picked, packed, and shipped. You can also search for sales orders by site, type, and fulfillment status.
Enhanced Pricing
QuickBooks Enterprise helps you ensure the inventory is sold at the right pricing. Moreover, it keeps track of the changes in the bill of materials and other supplementary costs, so you can set the right markup. Here are some features that help you in pricing management.
Automatic Price Markup
The cost of an item fluctuates depending on the raw materials, budget, and sales. Hence, businesses must regularly update the price manually by adjusting the markup.
The automatic price markup feature automatically suggests the markup percentage when it notices a change in the cost of an item. Therefore, you don’t need to track the item costs. You can check the “Never update the cost for this item” box if no change is needed for a particular item.
Advanced Pricing
The Advanced pricing feature enables you to set custom rules that automate the pricing process. For instance, during the festive season, you can set the price of a particular item for a certain period. Or, you can set the sales tax of each item complying with a specific state. Moreover, you can create new rules and customize them based on class, vendors, etc.
The Advanced Pricing needs to be turned on in QB Enterprise. You need to:
- Go to the “Edit” Menu and click “Preferences.”
- Select “Sales & Customers” and click the “Company Preferences” tab.
- In Custom Pricing, select Enable Advanced Pricing.
Total Data Security
QuickBooks Enterprise offers multiple features to safeguard your company file from threats. These include:
Access Controls
QuickBooks Enterprise offers custom access controls and user permissions for admins to maintain the hierarchy of file access. It has pre-defined user roles that can be customized according to your requirements. These roles include Admin, View-Only, Accounts Payable, Accounts Receivable, Banking, External Accountant, Finance, Inventory, Full Access, etc. You can edit these pre-defined roles, duplicate them, and also create new roles with new user permissions.
Moreover, you can also change the permissions according to your organizational structure. Taking a granular approach to access permissions ensures that no unauthorized user has access to critical company information.
Audit Trail
QB Enterprise offers you an audit trail report to view all the changes and activities done by the users. To access the Audit Trail report, go to Reports → Accounts and Taxes → Audit Trail. You can view details, like transactions, modification date, and username. Moreover, you can click on a particular transaction and view its entire history.
Closing Password
With a large user base, it is challenging for enterprises to keep track of user access. Some users need to be given access only for a particular project, client, or period. However, admins can forget to delete the user access even if their task is accomplished.
With the closing password feature, you can set the expiry of a user’s password. After expiry, if the user wants to change their password, they can’t do it without the admin’s permission.
Backup
To prevent data loss or corruption, businesses must ensure regular data backup. Moreover, backups are also required for reference of an old transaction.
Intuit offers an online backup feature that you can avail with QuickBooks Enterprise. The data is backed up on the cloud with no storage restrictions. Therefore, you can store any volume of data and access it from any location. However, you need to opt for a backup plan not included in the QuickBooks Enterprise pricing.
Custom Reporting
QB Enterprise offers over 200 default reports to track the entire business process. Moreover, you can customize the fields, such as region, customer, sales representative, active status, and days overdue as per your requirements.
The Advanced Reporting feature offers you an intuitive graphical representation of reports with the ability to build custom reports not available in QuickBooks Enterprise.
Some important reports include –
- Cash Flow Reports
- Sales by Customer Reports
- Sales by Item Reports
- Inventory Valuation Summary by Site
- Open Sales Order Reports
- Job Estimate Reports
Sales Order Management
Here are some features QuickBooks Enterprise offers for sales order management.
- E-Commerce Integration
QuickBooks Enterprise offers integration with leading e-commerce platforms, such as Shopify, Amazon, and WooCommerce, enabling you to keep track of online sales efficiently.
- Expiration Dates
This feature lets you set and track expiration dates for items, serial numbers, and lot numbers. It enables you to manage sales orders easily.
QuickBooks Enterprise 24.0 New Features and Upgrades
Here are some new features included in the latest version of QuickBooks Enterprise.
- Data Encryption
QuickBooks Enterprise offers 256-bit data encryption to ensure no unauthorized hacker can comprehend critical accounting data.
- Customer Prepayment Management
Sometimes, customers pay businesses in advance even before the invoice is created. Keeping track of these payments manually can be challenging for businesses. This new feature lets them track and manage customer prepayments easily.
- Improved QuickBooks Update Process
Intuit will now update QB Enterprise with new features and modifications quarterly rather than annually. The update process is also improved with updates taking place in the background without hampering your work. You can either go to the “Help” section to update QuickBooks Enterprise or turn on Automatic Updates.
Take the Next Step: Move your QB Enterprise to the Cloud
QuickBooks Enterprise offers an all-in-one solution for managing your business. Whether you need sales, order, or inventory management, the above-discussed features take care of everything.
However, hosting QuickBooks Enterprise on the flexible cloud platform enhances its features further. With QB Enterprise cloud hosting, you can access the software from any device, such as your smartphone, laptop, or tablet, from any remote location. You can reduce the in-house IT dependencies and the capital cost related to it. Moreover, the cloud infrastructure scales automatically as you need to add more users and store more data.
Ace Cloud Hosting with over 15 years of experience providing industry-specific cloud solutions. We offer a 99.99 percent uptime guarantee, 24/7/365 customer support, enterprise-grade security, and flexible pricing plans.
Get a 7-day free trial now to try QuickBooks Enterprise on the cloud.
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