Dawood Fabrics (QB Implementation)
Objective of Implementation:-
“The goal was to streamline financial management, improve inventory tracking, and simplify tax compliance by moving from manual or legacy systems to QuickBooks—an easy-to-use, cost-effective accounting solution tailored to our scale and trading needs.”
Chart of Accounts Setup
- Customized to reflect textile-specific categories such as:
- Fabric types (cotton, polyester, blends)
- Trading income vs. export income
- Purchase categories (raw fabrics, finished goods, dyes, etc.)
“We created a detailed chart of accounts aligned with our textile product lines and trading activities.”
Invoicing & Receivables Management
- Created professional, GST-compliant invoices
- Set credit terms for regular clients
- Tracked outstanding receivables
“Automated follow-ups helped reduce our Days Sales Outstanding (DSO) significantly.”
Vendor Management & Payables
- Entered vendor bills for fabric suppliers, freight providers, and service vendors
- Scheduled payments and tracked due dates
“We avoided late fees and built stronger relationships with suppliers.”
Inventory Tracking (QuickBooks Online Plus or Advanced)
- Tracked stock by item (e.g., fabric rolls, finished garments)
- Monitored reorder levels
- FIFO-based inventory valuation
“This was crucial for managing fluctuating stock levels and seasonal demand.”
Bank Reconciliation
- Linked QuickBooks with company bank accounts
- Imported transactions automatically
- Reconciled statements monthly
“Saved hours of manual entry and improved financial accuracy.”
Tax (GST/VAT) Configuration
- Configured GST rates for textile products
- Automated GST reports (sales/purchase register, GSTR-1, GSTR-3B)
“Simplified filing and improved compliance.”
Financial Reporting
- Monthly Profit & Loss and Balance Sheet
- Sales reports by product or region
- Custom reports for management
“We now make faster decisions based on real-time financial data.”
🛠️ 3. Implementation Process
- Initial Assessment: Reviewed legacy system and accounting practices
- Data Migration: Imported customer, vendor, inventory, and opening balances
- System Configuration: Customized settings for textile trade (GST, currency, inventory)
- User Training: Trained accounting staff and sales team
- Go-Live: Switched over from manual records
- Ongoing Support: Regular backups and occasional troubleshooting
🔚 Conclusion
“QuickBooks has helped us bring structure and control to our trading operations. From inventory tracking to automated financial reports and GST filing, it’s a scalable system that supports our growth without the complexity of a full ERP.”