Can QuickBooks Track Inventory?
In short, QuickBooks is Great for Accounting but Terrible for Inventory Management Software
Every business is looking for the perfect CRM, ERP, Project, and Accounting tool rolled into one easy solution that will meet their needs and the needs of their customers. Is there a product on the market today that will fulfil all of their requirements? For many, the answer has been QuickBooks (QB), an accounting software in the residential integration space that is used by integrators for project management and inventory management as well. But despite many integrators using QuickBooks to track inventory, is it really the optimum solution to meet all project and inventory needs?
QuickBooks – Introduction and Criticisms
Intuit launched QuickBooks Online in 2004 with the aim of offering software managed payroll, inventory, sales, and other accounting needs of small businesses. This software is now used by 683,000 businesses and has a whopping 1.3 million unique users. The list of awards the organization has received seems never ending: recently the 2013 Awesome Applications Award from The Sleeter Group, and a 2013 CPA Practice Adviser Reader’s Choice Award. Also, its iPad app received a 2013 CPA Practice Adviser Innovation Award. Even Fortune Magazine has named Intuit as one of America’s “100 Best Companies to Work For” every year since 2004, the year QuickBooks first launched online. Intuit released its new version in October, 2013 with a revamped designed aimed at offering better performance. At the same time, its iPhone and iPad apps were released as well.
With all of the accolades and achievements attached to Quickbooks, it must be a great software, right? Great for accounting, but terrible for inventory. According to customers, Intuit has compromised the functionality of QB as a project management and inventory control software over mobile friendliness. QB even has a software based and a cloud-based version; nevertheless, the original functionality of the software solution is at stake, and there are more complaints from employees and vendors than praise these days.
Why QuickBooks is a Bad Choice for Inventory Management
Despite the advantages of being able to track projects and inventory with one solution, QuickBooks is not a reliable software for project and inventory management. The bottom line is that inventory management is too important to leave to a system not designed to handle it. First of all, the cost savings are far outweighed by risks of loss and mishandled management of inventory. The upgrade into cloud accounting from desktop accounting seems to have gone against QuickBooks’ basic functionality. When compared to other similar class accounting tools, it falls behind in the important departments of inventory control, namely class and location tracking, , and unlimited number of special users free of cost.
QuickBooks hasn’t yet been able to master the art of inventory control as a cloud based program,( Unnecessary bashing unless it’s a direct quote that we can name). Moreover the negative inventory allowed in QuickBooks is also not at par, leaving your financial reports with potentially incorrect details and data files in less than perfect condition, which can be a nightmare for the people heading project management and investor control. According to Inuit itself negative inventory with QuickBooks may have a list of scare issues like incorrect profit and loss, Cost of Goods Sold (COGS), Balance Sheet inventory, errors in vendor reports, cash basis Balance Sheet out of balance, bills for inventory purchases showing up on income and expense reports, and many other discouraging issues.
In a nutshell, Intuit’s QuickBooks has a long way to go if it hopes to establish itself as the minimum error producing inventory control software, on and off the cloud. In the meantime, it isn’t a bad idea for business to switch to a software that is dedicated to inventory management.
The Good News?
TRXio is now integrated with QuickBooks Desktop and QuickBooks Online.
In full disclosure, we do use and support the QuickBooks ® accounting platform sold by Intuit. For accounting where inventory control is utilized it is a very powerful and stable platform. In short, Quickbooks should in our opinion keep doing what it does best and leave inventory control to companies who sole focus is inventory accuracy on both a physical and service and warranty liability stance.
Are you currently using QuickBooks for inventory and project management? We would love to hear about your experience.
More Information on TRXio’s QuickBooks Online Integration