Managing Inventory in Connectwise?
June 2017
Is Inventory Management Right For You?
Do you have a Defined Procurement Process Flow?
A Typical High Level Product Process Flow:
- Client Requests Product
- Quote is Generated & Won
- Purchase Order is Generated
- Product is Received
- Client is Invoiced
- Vendor is Paid for Product
This high level process will include many touch points along the way that can have a significant impact on your profit and financials. Developing the best process flow will help you be successful.
How Will You Manage Inventory Products?
Distributors and Online Vendors have made it quite easy to obtain products. Just submit your order online, agree to payment terms, provide an address for shipping and product will start to move. But what is the best way to track ordered products? How can you verify you received the Product originally purchased? How do you know if you are paying the correct price and how do you ensure costs on the Client invoice are accurate for financial reporting?
The Purchase Order is the key to managing products. It allows the system to directly connect a Client product request with a Vendor product purchase.
How Are Your Financials Impacted?
ConnectWise's Inventory Module is designed to integrate with Quickbooks' Inventory Management. This integration will transfer Purchase Order Receipts, Track Inventory Counts, Impact Cost of Goods Accounts and integrate Client Invoices.
Some Benefits to Inventory Integration:
- Reduce Manual Processes and external tracking of information.
- Ensure that product costs from the Vendor Invoice match the Client Invoice costs.
- Verify you are paying the correct commission amount to your Sales Team.
- Ensure Clients are being invoiced for Product Purchases.
- Impact Cost of Goods accounts to obtain Profit reporting from Quickbooks.
UPCOMING EVENT: Speaker at the 2017 xChange Conference
To see the full agenda go to: http://www.thechannelco.com/events/xch17/agenda#agenda
Monday, Aug 14, 2017, 01:30 PM
Gaylord Palms Resort & Convention Center
RSVPs are enabled for this event.
More About CFS and Michelle
CFS offers solutions that optimize your overall business strategy and solve the "real" business issues you face daily. This translates into the right systems for your business to succeed. Our goal is to streamline processes, produce reliable analytical data to make informed decisions, increase profitability and give you a competitive edge to ensure your success!
Email: michelle@cfs-support.com
Website: cfs-support.com
Location: 1201 Third St, Alexandria LA 71301
Phone: 318-561-8323
Facebook: https://www.facebook.com/Custom-Financial-Solutions
Partner Spotlight: Virtual Sourcing
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To learn more click here!