Intuit Inc. has rolled out enhanced e-commerce features designed to aid small businesses in managing a myriad of sales channels from a unified platform. This move is particularly significant as the company’s research indicates customers plan to spend 35% more this holiday season, with half of the budget earmarked for small businesses.
The traditional, labor-intensive methods of inventory tracking—ranging from spreadsheets to manual logs—are set to be supplanted by QuickBooks Online’s automatic syncing of sales and inventory data across various channels like Shopify, Amazon, and eBay. This automation is not only a time-saver but provides a ‘single source of truth’ for business owners, enabling better-informed decision-making thanks to centralized product, stock, and financial data.
Here’s what small businesses can look forward to with QuickBooks Online’s new e-commerce tools:
- Synchronized Sales Channels: Businesses can now automatically sync products, orders, inventory, and payout data, reducing manual entry and invoicing errors.
- Growth Opportunities: QuickBooks Online will offer insights into sales trends across channels, helping identify which products perform best.
- Accurate Inventory Management: The platform allows for individual or bulk stock adjustments, ensuring inventory accuracy.
- Low Stock Alerts and Reordering: Users receive notifications for low inventory and can effortlessly create purchase orders.
- Profitability Tracking: With detailed tracking of goods costs and business expenses, profitability reports are now more accurate than ever.
Joe Black, Director of Product Management, Commerce, at Intuit QuickBooks, highlighted the diversity of sales channels as both a boon and a bane for small businesses, noting that while they open up revenue avenues, they also complicate order fulfillment and inventory management. “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,” said Black.
This strategic development by QuickBooks Online could be a game-changer for small businesses gearing up for the end-of-year shopping frenzy. It’s not just about surviving the holiday rush but thriving in it by maximizing efficiency, spotting growth opportunities, and maintaining the fidelity of inventory and financial data.
The new e-commerce features are in the process of being introduced to new QuickBooks Online customers. They will soon be available to existing customers, signaling a timely enhancement as small businesses enter one of the most crucial quarters of the fiscal year. With this upgrade, QuickBooks is reasserting its commitment to equipping small businesses with cutting-edge tools to scale operations confidently and easily manage commerce.
Image: Quickbooks.intuit.
