November 17, 2023
QuickBooks Online’ Plus and Advanced plans offer Price rules to help you reprice products based on who they are sold to, in what quantity, and when. You can also set up time-limited fixed prices or discounts. The downside is that QuickBooks Online won’t share this data with third party apps, which, in case you’re using an app paired with your accounting software, creates data silos. To ensure changes to prices are made through the central hub for your inventory control, HandiFox offers the convenience of automated price adjustments for returning customers, a promo or as a response to changing trends.
Why automate pricing?
Adapting the price structure to an ever-changing market takes up a lot of time and time isn’t something we have an unlimited supply of. By automating pricing, you can:
1. Incentivize returning sales
The Sales by Customer Summary report in HandiFox Online is there to tell you who your most long-term and buying customers are so you can extend special prices to support their loyalty. If you analyzed your customer pool (long-term, seasonal, non-profit, etc.) it would help determine price tiers for each group. This creates a more personalized and, eventually, strategic approach in terms of business relationships.2. Be flexible in the face of changing consumer trends
If you start seeing less buying power or interest towards specific SKUs, you have to respond with a pricing adjustment that will help you get rid of the slow stock that ties up your budget. You can go and quickly create a price rule that says these specific products will be discounted for a set period.
3. Eliminate the complications of selling in a foreign currency
In HandiFox Online, you can set up a custom price for specific items that are sold in a foreign currency. It provides a more flexible pricing policy for your foreign customers that doesn’t necessarily follow the immediate exchange rate.
4. Simplify and accelerate the sales process
No matter which platform your sales team is using - web, Android or iOS phones, they won’t have to scratch their heads over which price to give and how to reflect it in a sales order or invoice every time a customer places an order. The software will automatically update the rates according to the price rules and show which one of those was applied in each given case.
5. Prevent errors
If not deactivated on time, price rules could lead to a conflict of multiple price levels upon the attempt to save a sales transaction. In this case HandiFox Online will display conflicting rules from which you’ll need to pick one to be applied to a given transaction. This safeguards you from losing revenue by giving wrong prices at the wrong time.
How to create Price Levels in HandiFox Online
In HandiFox Online, Price Levels can be found under Sales->Price Rules. To make one, click on . You can set up a custom price per item or by a percentage/a fixed amount.
To make a pricing rule per item, you have to handpick items whose rate you want to change and also customers you intend to apply this to for a select time period. You can start with the “Customers” tab. In the field next to Customers choose “Select individually” and click “Add line”. Pick clients from the drop-down menu or click on “Add from list” and mark those to be added to the price rule.
Then, switch to Items and do the same.
Enter the adjusted prices by hand. Make sure the new price rule has a name and a set time period before saving it.
Alternatively, there is an option with a fixed amount or percentage for which you have to choose the “Change price by fixed parameter” radio-button. Select customers and items, set up a percentage value or a fixed amount, and finish off by tweaking the rounding.
A more detailed instruction on how to generate Price Levels can be found here.
Maintaining different price points for different customers sounds like a lot of work. However, it is not so with automation. Automated pricing in HandiFox Online helps small businesses be more hands-off while enhancing their sales processes. Take a free 14-day trial to start your automation journey now.