INTRODUCTION
A client running an apparel company is in search of an accountant who could manage their inventory on QuickBooks. Mercurius helped them with all their problems in planned steps, to avoid any errors.
DISCUSSIONS
The client has a Lisbon-based apparel brand dealing in menswear. Their mainstream is professional attire with a vibrant and transformative wardrobe system inspired by skate and surf culture. The founder’s main idea was to empower men and express themselves confidently with a wide range of versatile outfits focusing on European craftsmanship and a fusion of sophistication and surf culture. Their clothes collection is available for purchase on online platforms only. The company is situated in the USA but operates the business in other countries as well.
REQUIREMENTS:
A reliable and proficient accountant who could maintain the books of accounts was the basic requirement. They wanted someone for inventory management in the software QuickBooks online.
The challenges were-
- recording and maintaining the inventories
- recording of sales as per SKU
- invoices and payments in the QBO
SOLUTION
Mercurius has a team of in-house experts who are dedicated to serving their clients to their best capabilities. We delegate tasks to personnel who are very well-versed in the area along with assisting them in related areas for growth. Our main purpose is to serve every client with precision and efficiency.
Our new client approached us in the year 2023 for maintenance of their books of accounts online on QuickBooks. In the first stage, we created charts of accounts and started recording the transactions of banks and credit cards. Then we prepared a process to carry out various tasks to solve their problems.
- Inventory:
Preparation of the summary report for all purchases of raw materials for identification and analysis of the total purchase quantity.
Creation of the raw material SKU on QBO and entered the purchase of raw material of each SKU.
Reconciliation of the total purchase quantity of QBO with the actual purchase quantity as per the summary report.
Creation of the bundle of the final product and mention each raw material quantity required in the final product.
- Recording bills and mapping payments:
Entering the bills and mapping the payment of each bill.
- Creating invoices and recording payments:
Entering Shopify sales SKUs as per the Shopify order ID’s on QBO. After this, ensure that the raw material quantity in hand matches with the actual quantity available as per the summary report.
- Categorizing and reconciling accounts:
Uploading the banks in multi-currency and categorizing/reconciling transactions of bank accounts and credit cards.
- Providing financial reports:
Providing clients, the accurate financial reports including income statements, balance sheets, general ledger, and transactions list by date.
We made sure that the client’s financial records were up to date by recording the entries on time. We were able to satisfy our client with our quality work and quick response to queries/concerns.
CONCLUSIONS
We provided our new client with recording and maintaining the inventories by using the bundle creation facility provided by QBO, recording Shopify sales SKU, and other tasks that were required by the client.
