Insightful Accountant is back with "Warehouse Wednesdays" at least once or twice monthly during 2023. Sometimes these features are product specific; other times, they are warehouse, inventory or e-commerce in nature.
This week, we examine an inventory solution you can visit first-hand at "Scaling New Heights."
Finale Inventory (aka Finale) offers a cloud-based, versatile inventory solution that operates and supports multiple selling channels and warehouses. Finale accommodates businesses of all sizes, from small-scale inventory-based companies to large-scale, high-volume inventory-centric enterprises.
Finale is trusted by leading businesses worldwide, including electronics manufacturers, fireworks distributors, pet suppliers and solar component producers. Its cloud-based platform can help with inventory and warehouse management, no matter what inventory-related business you're in.
While its cloud-based architecture is just one of many features, it is among the most important because "running in the cloud" provides flexibility, security and convenience aimed at driving your success.
Finale's home screen (shown above) is organized with module icons for Purchasing, Inventory management, Selling and Accounting, offering convenient access to the diverse feature set.
Finale's centralized inventory takes the busywork out of tracking your inventory levels and the guesswork out of knowing its value. Instead, you will get an up-to-date count for all your products in one place and easily control your inventory in multiple warehouses.
Finale's inventory stock screen (shown above) displays your active SKUs, stock levels and locations. Complete customization allows you to personalize it to your needs.
Finale's inventory accounting functions and reports provide a complete picture of each financial transaction to ensure accurate financial reports, tax-related information or regulatory compliance records. And with its landed cost feature, you will always know precisely what your inventory is worth.
Finale helps ensure your inventory is managed effectively and efficiently, no matter where it is. There will be no more delays caused by looking for inventory in multiple locations. Its multi-warehouse inventory management capabilities allows you to coordinate your inventory across all your warehouses, locations and online sales channels.
Speaking of multichannel sales, with more than 40 integrations (and counting), Finale allows you to keep all your Amazon, eBay, Shopify, and all other marketplace listings in sync and up to date by continuously updating the stock levels automatically, ensuring you never oversell your products again.
And you might be wondering how all these inventory capabilities come into play in the day-to-day routines of sales, order fulfillment, purchasing and stocking inventory.
Finale provides advanced order management capabilities that help maintain your stock from purchase to sale. You will prevent costly stock-outs with dynamic reordering and consolidate your sales.
And the stock status of your items can be customized with Finale's serial and lot tracking capabilities providing complete traceability.
Your order-picking efficiency will significantly increase when you incorporate the wireless barcode inventory management solution designed to increase warehouse productivity built on Android OS. Finale's advanced batch picking methods, such as wave picking, and pick and pack will significantly reduce costly picking errors.
Finale even allows you to customize barcode labels to meet your warehouse requirements fully.
And I know you are wondering about Finale's manufacturing capabilities. Finale not only supports the creation of bundles or kits including managing their material requirements and costs, but it also makes it quick and straightforward to create finished products using the Builds for Light Assembly or Manufacturing feature.
This feature is ideal if you need a way to track finished goods without the complexity (and cost) of a full-blown ERP.
Finale's Bundling & Kitting screen (shown above) provides a user-friendly interface enabling effortless assembly, and management of bundles and kits.
And if you think that sounds too lightweight for your needs, Finale Builds provide full traceability of the finished product when lot IDs or serial numbers are assigned. And every Build is securely stored along with its critical data, so the information you need is immediately accessible.
Perhaps best of all, Finale Inventory offers accounting integration exclusively with QuickBooks Online to ensure your financial picture is always up-to-date with your inventory status. When Finale is integrated with QuickBooks, you can run your operations in less time and eliminate costly errors, improving your inventory accuracy and lowering costs.
Finale's QuickBooks Sync screen (shown above) provides an overview of transaction synchronization between Final and QBO. Data synchronized includes asset valuation, cost-of-goods sold, consolidated transactions, manual invoices, vendor purchase orders and vendor bills.
Now, let's dive deeper into some of Finale's features.
In today's ecommerce environment, one of the most common configurations for Finale is where customers place orders on various selling platforms such as Amazon or Shopify or through a B2B platform like Faire. These orders are then synchronized with your shipping software.
Once the orders are received within the shipping platform, they sync to Finale.
Finale directly connects with the selling channel when no shipping software is used. In other cases, sales orders might be placed directly within Finale.
Regardless of the front end, once a sales order is in Finale, the necessary stock is automatically reserved across all your selling channels. This ensures the inventory is allocated correctly and prevents overselling.
And, because Finale updated the stock quantity on your selling channels, all your channels remain up to date with the latest stock availability information in real time.
These multichannel integrations run in five-minute intervals, enabling Finale to pull sales orders and push stock updates every five minutes.
In addition to Finale's seamless integration with selling channels and shipping software, it syncs bi-directionally with QuickBooks Online on a five-minute interval.
Finale offers multiple sync options allowing you to segment sales by source or exclude certain transactions from specific accounts. This flexibility ensures you can tailor the integration to meet your business requirements.
As seen in the Finale Chart of Accounts Mapping screen (shown above), users can seamlessly map accounts between Finale and QBO, thus enabling a smooth integration between the two.
When journal entries are created in QuickBooks, Finale accurately posts them to the appropriate accounts, which guarantees the entries are correctly recorded and reported within your accounting.
Finale's analytics overview screen (shown above) provides dynamic real-time data that can be adjusted to the user's needs. Data displayed can be filtered and grouped by days, weeks, months, quarters or years.
The analytics include a holistic view of the business's health and financial status. Real-time inventory valuation, gross sales, cost of goods sold (COGS), and gross margin are presented. Users also can quickly assess purchase totals, pending purchases, average units per sale, number of sales and other vital indicators.
Information is presented in user-friendly charts, ensuring a seamless and intuitive viewing experience, while Finale's key metrics provide valuable insights into the overall performance of your business.
If this sounds like the solution you have been looking for, visit the Finale Inventory website for more information.
And while you will find Finale in the QBO App store, I suggest you check it out by stopping at the Finale booth while attending "Scaling New Heights" next week.
Disclosures
Feature content, including graphic materials were adapted from source content provided by Finale Inventory. Content created or otherwise adapted by Insightful Accountant is furnished for educational purposes only.
Finale Inventory is a privately held, for profit, cloud-based inventory software developer located in Palo Alto, California, USA.
As used herein, QuickBooks® and QuickBooks Online (QBO) refer to one or more registered trademarks of Intuit® Inc., a publicly-traded corporation headquartered in Mountain View, California.
Other trade names or references used herein may refer to registered, trademarked or copyrighted materials held by their respective owners; they are included in our content for informational and educational purposes only.
This is an editorial feature, not sponsored content. The vendor(s) associated with this article hasn't paid Insightful Accountant or the author any remuneration to be included within this feature. The article is provided solely for informational and educational purposes.
Note: Registered Trademark ® and other registration symbols (such as those used for copyrighted materials) have been eliminated from the articles within this publication for brevity due to the frequency or abundance with which they would otherwise appear or be repeated. Every attempt is made to credit such trademarks or copyrights within our respective article footnotes and disclosures.
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