In this article, we will discuss everything regarding Quickbooks, apart from the reasons why you need to use QuickBooks Tool for your business.
When you own a small or medium scale business, you have to step into multiple shoes for different roles. One integral role is accounting, where you need to take care of finances, manage payroll, miscellaneous expenses, etc.
It can put two necessary resources at stake: Time and money.
That’s why well-known accounting software, such as QuickBooks, Akounto are gaining popularity day and night. Intuit has updated QuickBooks with different versions and functions, which has made this software perform complex tasks in time.
What is QuickBooks?
As mentioned earlier, QuickBooks is an accounting software meant for small and medium businesses. It helps them keep track of expenses, invoicing, income, and financial indicators of their operations. Some of its functions include:
- Generating, tracking invoices, scanning receipts
- Managing bills, expenses
- Generating financial statements (P&L, Balance Sheet, Cash Flow Statement)
- Tracking working hours and payroll
- Monitoring inventory
- Managing Taxes
- Accepting Online payments.
What are Quickbooks Errors?
In case you aren’t aware, QuickBooks is a widely used product. However, it also suffers from some issues, which we call QuickBooks Error. When there are issues with license, payroll, technical setup, machinery, etc. these errors might appear. Some of the popular examples are QuickBooks Error 3371, QuickBooks Error 100, etc.
Here are the reasons why you must use QuickBooks for your business
Accurate Financial Reports
Financial Statements (P&L, Balance Sheet, Cash Flow Statements), are not just an obligation for big corporates. For small businesses, it plays a more phenomenal role.
QuickBooks helps small, medium businesses to track their financial positioning, inform their stakeholders of their financial health, forecast business growth, and keep documents up-to-date when applying for loans or other forms of funding.
Users can also prepare income and forecast reports with some clicks, and it will transport this data to excel sheets for better understanding and sharing it with others. Such availability of reports helps small businesses grow, boost sales, stay up to date with documents, and be better prepared.
Approving user permissions quickly
You may be witnessing rapid growth in your business, hiring more financial professionals to help you manage it, and needing user permissions. QuickBooks offers lightning-fast licenses that the management team can configure for new joiners. Therefore, they have access only to what’s required while protecting sensitive data from being seen or shared without permission.
You don’t want your employees to be unhappy when it comes time for them to be paid, do you? It’s a delicate topic and any mistake can lead to employees mismanagement.
That is where QuickBooks comes in. It can handle all aspects of payroll processing from start (or rather – end) dates until taxes are filed depending on what type(s) of the employee are working at this company since last year! Since the payroll tool is integrated into the main QuickBooks, you will always see updated transactions.
Hiring an accountant or bookkeeper will involve costs, and still, the business owner has to be involved in the accounting matters for complete knowledge of the affairs. However, by using QuickBooks, the sole proprietors, freelancers, or small business owners save a lot of money and time. Spend only a few hundred dollars to save thousands of dollars.
Facilitates flexibility of payment by accepting online payments
Limited payment methods can be a bottleneck in smooth business operations. To tackle this, QuickBook offers QuickBooks Payments, with which customers can pay directly through an emailed invoice.
Even though this feature is alike other merchant services, it has an upper hand as it is integrated into QuickBooks. Hence, you have information about the sale, credit card fees, and liquid deposits. All transaction details are quickly registered as soon as they occur.
No need for manual entry and paperwork
With QuickBooks Pro, the business owner can fulfill commitment towards nature, and at the same time, save time on manual entry of records. Due to automation, it produces receipts and invoices and emails them to clients (individually, in groups). This way, organizations will avoid billing different clients multiple times for the same product/service.
The QuickBooks user can also avoid numerous paper receipts or manual entry of transactions during credit & debit charges, direct deposits, etc.
Giant user base
QuickBooks has a large user community across the USA. It is a great way to get help when using the software. As an accountant or CPA, you might find yourself in need of assistance when using the application. The good news: there are plenty of others going through the same issues, or have resolved these issues.
File your tax hassle-free
For accounting, you always need to keep your slips, receipts, and bills in an organized manner. Even if you manage to organize them, manually recording them may leave scope for mistakes, resulting in faulty tax returns.
The tax process can be simplified when you have accurate details about bank statements and transaction data. QuickBooks Online lets you prepare tax statements directly from your accounts.
Flexibility of operations
QuickBooks online has received good reviews from all its users because of the flexibility of operation this application offers. Users who have switched to this platform have praised its smoothness of accessing their accounts from different devices.
Doing administrative tasks, such as generating invoices is easy. The businessperson can access its QuickBooks account from the phone, PC, laptop, and any other device, as it allows up to 5 devices from one account.
Other operations that make QuickBooks a flexible tool are:
- Sync data from other applications (e.g. Square, TSheets)
- Sync multiple files (real-time) and work on them simultaneously.
- Users don’t have to worry about saving their recent tasks into a USB, as it saves work across all the devices.
Even though accounting involves complex terms and jargon, QuickBooks is free of that. Since Intuit launched QuickBooks keeping in mind users who don’t have any bookkeeping knowledge, it employed simple language and an easily navigable interface. On top of that, users can also access tutorial videos, that will help them go through the software with ease. Therefore, both accounting professionals and limited experience holders can use this software alike.
Get tax deduction easily by tracking mileage
Sole proprietors and small business owners use private vehicles for their business operations. Thus, they are eligible for tax deductions. However, this deduction is only available when they have a proper record of their usage. It may include the purpose, date, and time of your trips.
Here QuickBooks Online makes this task easy and save your time and money. Since you can install it on a smartphone, it will use the GPS and sense whenever the vehicle is being used for business operations. Review your trips at the end of the day and mention the purpose behind every trip to keep a track of the cost, time, and save tax on it.
QuickBooks, with its different versions, is a handy accounting tool. Whether you have the budget to employ an accountant or not, you must use QuickBooks for your accounting and bookkeeping needs because it brings accurate results to the table. Its endless benefits make it a must-have in the accounting world.