These innovations aim to help small businesses manage their inventory across multiple sales channels from a centralized platform, the company said in a Wednesday (Nov. 1) press release.
For product-based businesses, tracking inventory can be a challenging task, often relying on inefficient methods such as spreadsheets and pen and paper, according to the release. QuickBooks’ new eCommerce capabilities are designed to address these challenges and lessen businesses’ workloads when it comes to order fulfillment and inventory management.
QuickBooks Online now offers automated inventory accounting processes and connects sales channels, providing business owners with a tool for product, stock and bookkeeping information, the release said. This visibility enables informed business decisions and helps identify growth opportunities.
With the new features, customers can automatically sync products, orders, inventory and payout data across various sales channels, including platforms like Shopify, Amazon and eBay, directly to QuickBooks Online, according to the press release. This eliminates the need for manual entry work, streamlines invoicing when sales orders are placed, and helps businesses track sales trends across channels.
Accurate inventory quantity management is also made easier with QuickBooks Online, the release said. Businesses can manage stock adjustments individually or in bulk, ensuring that inventory quantities are always accurate. Additionally, the platform notifies users when inventory is running low, allowing them to effortlessly create purchase orders to replenish stock.
QuickBooks Online also enables businesses to track the costs of goods and business expenses, providing accurate reports that help businesses understand profitability, per the report.
The new eCommerce capabilities are currently being rolled out to new QuickBooks Online customers and are expected to become available to existing customers soon, according to the release.
This launch comes on the heels of the introduction of some other new tools for small- to medium-sized businesses (SMBs), including a generative artificial intelligence (AI) tool called Intuit Assist and an all-in-one payments and banking solution called QuickBooks Money.
“We want Intuit to be looked to as the key authority for what’s happening in the [SMB] space,” Intuit CEO Sasan Goodarzi said in September during the company’s quarterly earnings call. “Our strategy [is] to be the global AI-driven expert platform powering prosperity for consumers and small businesses.”