Plain and Simple: Bright Business Insights Winter 2019 | Page 7

• Track inventory between locations and transfer items from one place to another. • Control inventory with serial or lot number tracking and bin location tracking. • Use average cost or first-in-first-out accounting. • Manage demand, purchase orders, fulfillment, backorders and • Move the Needle With KPIs Reports can help you track your key performance indicators (KPIs), which are vital to gauging the overall health of your business. These tools measure how your business is progressing toward your goals while helping you make better informed and strategic business decisions. Your accounting software can be used to track the following KPIs: assemblies. 1. Revenue  Develop an array of customizable, key reports. 2. Cash Flow 3. Gross Profit Margin  4. Net Profit 5. Current Ratio: The ability to pay your bills. 6. Cost of Goods Sold: Direct costs incurred from producing This QuickBooks Enterprise software is available as a desktop version. However, for those who use QuickBooks online, standard operating sheet (SOS) inventory software is available. SOS inventory is geared to help small to medium-sized businesses with better inventory, order management and manufacturing than using just QuickBooks Online alone. This software offers many capabilities such as sales orders, products that were sold during a specific timeframe. assemblies, serial inventory, multiple locations and more. The software is also flexible enough for use in hundreds of different industries beyond manufacturing. 7. Net Profit Margin: Determine what percentage of your revenue was profit. 8. Aging Accounts Receivable: Amount your customers owe you, sorted by date. 9. Total Inventory:  All of the products your company has: raw materials, work in progress and finished goods that are ready to be sold. 10. Profit and Loss Statement: Snapshot of your company’s income (sales and revenue) minus expenses, during a specific period of time. While the desktop and online software are both user-friendly and offer guides and tutorials, our team of CPAs, bookkeepers and Certified QuickBooks ProAdvisors are available to help you with the set up and implementation of these programs and can show you how to get the most out of the software. by: Maura Zace Senior Associate 545 North Market Street Wooster, OH 44691 234.249.3460 [email protected]