By using an inventory database feature, you can add your entire inventory to your accounting package. Then as you buy and sell new products, the materials are automatically added and removed in the inventory database. Using inventory reports, you can see exactly what you bought, when you bought it, what it cost, and when you sold it. By keeping an accurate list of your inventory, you can make sure you never run out of anything. Plus, you can compare the database to your actual inventory to check for waste or theft.
Most businesses have to generate estimates as part of getting jobs.
And, once the jobs are done, most businesses have to bill for the work and handle collections. By integrating the inventory database with an estimating feature, the accounting software allows you to create detailed cost estimates based on existing inventory and labor. Usually, the estimating feature includes the ability to add customized information like your company logo, address, special prices, and so on. Once the actual work is done, you can use the same estimating information to automatically create an invoice. What s more, the invoice is automatically entered into the accounts receivable, which means your accounting package helps you track your collections and balance your books when the money comes in.