Seminar Intro: Using QuickBooks' Purchase Order Management System to Control & Reduce Costs

http://buildyournumbers.com/ Expert QuickBooks and Job-Cost Solutions for Construction and Manufacturing Companies with Diane Gilson of Info Plus Accounting, Inc.

In this seminar, QuickBooks Job-Cost Expert Diane Gilson shows you how to "Build Your Numbers" by Using QuickBooks' purchase order management system to increase accuracy, control, and speed for small businesses!


Do you need to know more about your numbers -- and how to use that information to increase company profitability? For more information about the Construction and Manufacturing Accounting Program (CAMP), a month-to-month subscription-style, self-study, online QuickBooks job-cost training program click here. http://buildyournumbers.com/your-guide-to-the-construction-accounting-management-program-camp/

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Diane Gilson
Trainer, product developer, author, multi-certified accountant and ProAdvisor specializing in QuickBooks and job-cost solutions for construction and manufacturing
http://buildyournumbers.com/

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Using QuickBooks' Purchase Order Management System to Control & Reduce Costs: http://youtu.be/kIFMvIOi-fo

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Closed Caption:

Welcome, this is Diane Gilson and today weíre
talking about speed, accuracy and control
using your purchase orders.
So, the one thing that I thought about where
is it that you would want speed, accuracy
and control in the rest of your life, and
that would be if youíre out driving a race
car.
Now I havenít done a lot of that race car
driving, but Iíll tell you what, if I was
in one I would want all of those things in
place,Ö probably accuracy and control first
and then Iíd go for the speed.
It seemed like a good analogy at the time
when I put this together.
So, okay weíll go on and today what weíre
going to be talking about is why we donít,
and why we should, use purchase orders and
how to get speed accuracy and control with
purchase orders within QuickBooks.
Weíll be looking at purchase order reports,
faster cash flow using purchase orders, and
purchase orders in real life.
Weíre going to be talking about some special
techniques for special situations and what
kinds of results should we expect to see if
weíre using purchase orders.
So, weíll go ahead and get started on that.
Weíre going to look at our hand-out for today,
and again in the hand-out I have gone ahead
and included screenshots.
I will flip back and forth into QuickBooks
as we go along as well, but in the hand outs
youíll see the bigger screenshots and some
reminders of how to get to various places
within QuickBooks.
So there are a lot of reasons why mid-sized
and smaller companies donít use purchase
orders in QuickBooks.
Of course anybody who is a larger company,
and is handling a lot of materials probably
has transitioned over to the P.O. side.
But, if you havenít, letís just talk about
why we see quite often that companies are
NOT using the P.O.ís.:
First of all they might not know that itís
available in QuickBooks or even have the feature
turned on.
Itís not unusual for me to find out that
people say, ìOh, well I didnít know we could
do purchase orders in QuickBooks.î So, in
the event that you donít have that feature
turned on you can double check and see.
Ö..
You go up into ëedití.
Weíre going into that preferences screen,
then weíre going to go to the company preferences
and youíll look at the items in inventory
area, under the preferences and youíll want
to click on this box that says inventory and
purchase orders are active.
Now, if you donít deal with inventory itís
not going to hurt anything ñ but this is
the way you get those purchase orders turned
on.
Ö..
Advanced inventory is something Iíll mention
again a bit later; youíre seeing it here
because Iím working with Enterprise and that
is an option starting with Enterprise 2011
and so Iíve clicked that on because I wanted
to play with it a bit.
So you may see some things that relate to
advanced inventory as we progress.
But, thatís where you turn on your purchase
orders feature and once youíve turned that
on, youíll be able to see the icon out here
on your front screen, up here in this upper
left hand corner.Okay, so in some cases people
just havenít used them before and they donít
really know why they should or how to use
them so of course weíre going to cure that
problem today.
Sometimes people say, well we donít buy much
in the way of materials or we donít sub-contract
out a lot and we just have typical office
supplies and a few fixed assets.
And Iíd say thatís one of the only really
valid reasons that I can think of that you
might not want to use purchase orders.
So, depending upon what type of business youíre
running, then that might apply.
But, if youíre in construction or manufacturing
or a service business where youíve got sub-contractors
and materials coming and going ñ and any
kind of volume through the business ñ that
probably doesnít hold water.
Ö..
Maybe people donít want to take the time
to get quotes or bids and just say ìLetís
just get this stuff and do it!î.
And that may be appropriate for smaller jobs
but as soon as you start getting into any
quantity or volume I think youíll see that
there are a lot of great reasons to be using
P.O.ís.
Ö..
Or ìWe got the bid from the supplier, thatís
enough.î I got a quote from the supplier,
well what weíll talk about is that, that
may be great for the supplier whoís given
you the bid, but purchase orders could do
a lot to protect you as a purchaser, and weíll
talk about that.
Ö..
Or ìToo much bother and paperworkÖî Weíre
going to be talking about how you can probably
scale back on the amount of paper work thatís
involved and still have a good and effective
purchase order system.
Ö..
Another thing that comes up is ìYou know,
I worked for a company that used P.O.ís.
It was a big problem ñ you know that we had
to take care of every nickel and dime, and
I donít want to impose that on my people.
It just takes too long.
And keeps us from getting our job done.î
I think that people who are saying that might
have come out of a system that was carried
too far.