Intuit Inc, the globally renowned technology platform behind Intuit QuickBooks, TurboTax, Credit Karma, and Mailchimp, made a groundbreaking announcement earlier in November, revealing a suite of innovative e-commerce tools designed to enhance inventory management for small businesses on QuickBooks Online.
The new features, set to redefine the landscape of small business operations, come at a crucial time as the holiday season approaches, with customers expressing intentions to increase spending by 35% compared to the previous year. Recognizing the challenges faced by product-based businesses in tracking inventory through outdated methods like spreadsheets and manual recording, Intuit’s new e-commerce capabilities aim to streamline the process, allowing businesses to manage orders and inventory seamlessly from a centralized platform.
In an era where businesses operate across multiple sales channels, from online platforms to in-person outlets, the complexities of order fulfillment and inventory management can be overwhelming. Joe Black, Director of Product Management, Commerce, Intuit QuickBooks, highlighted the significance of these innovations, reported Bakersfield.com. He said,: “Small businesses that sell products have many sales channels to consider, and while this can lead to greater revenue opportunities, it can also lead to more headaches when it comes to order fulfillment and inventory management.”
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Key Features of QuickBooks Online’s New E-commerce Capabilities
1. Sync Across Sales Channels
QuickBooks Online now enables businesses to automatically sync products, orders, inventory, and payout data across various sales channels, eliminating the need for manual data entry. Invoices are automated when sales orders are placed on platforms such as Shopify, Amazon, and eBay, providing a seamless integration of commerce data into the accounting books.
2. Spot Opportunities for Growth
By syncing commerce data to QuickBooks Online, businesses gain valuable insights into sales trends across different channels. This functionality allows business owners to identify top-performing products easily and make informed decisions to drive growth.
3. Maintain Accurate Inventory Quantity
The platform allows businesses to manage stock adjustments individually or in bulk, ensuring that inventory quantity is accurate. This feature is crucial for preventing stockouts and optimizing order fulfillment.
4. Seamlessly Replenish Low Stock
QuickBooks Online notifies businesses when inventory is running low, facilitating the effortless creation of purchase orders to replenish stock. A comprehensive view of products and variants helps businesses stay ahead of inventory management.
5. Know Where Money Is Going
The platform allows businesses to track the costs of goods and other expenses, providing accurate reports that aid in understanding profitability. This financial visibility is essential for making informed business decisions.
Joe Black emphasized the significance of these features, stating, “By automating key functions throughout the commerce process and seamlessly integrating commerce data into the books to streamline accounting, we are arming product-based businesses with the valuable insights they need to help succeed in this year’s holiday season and beyond.”
The rollout of these new e-commerce capabilities has commenced for new QuickBooks Online customers, and existing customers can expect access in the near future.
What is Intuit about?
Intuit is the global financial technology platform that powers prosperity for the people and communities it serves. With 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, and Mailchimp, Intuit believes that everyone should have the opportunity to prosper. The company continues to explore new, innovative ways to make this possible.
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Please note that the information provided outlines the general product direction and represents no obligation. It should not be solely relied upon in making a purchasing decision. Additional terms, conditions, and fees may apply to certain features and functionality, and eligibility criteria may also apply. Product offers, features, and functionality are subject to change without notice.
