- What is QuickBooks- the Business Finance Software?
- The 9 benefits of QuickBooks as A Useful Accounting Software for business
What is QuickBooks- the Business Finance Software?
The most widely used Business Finance Software for keeping track of revenue, spending, and the financial health of a company is called QuickBooks. It can be used to create reports, pay bills, prepare taxes, and invoice clients. Numerous options in the QuickBooks product range are excellent for everybody, from a freelancer to midsized enterprises.
Although QuickBooks has a number of choices, we advise QuickBooks Online for the majority of new businesses. A 30-day trial of QuickBooks Online is available without requiring a credit card.
The 9 benefits of QuickBooks as A Useful Accounting Software for business
QuickBooks is frequently used by small business owners to handle their invoices, pay their bills, and monitor their cash flow. They furthermore employ it to produce month-end and annual financial reports and to get ready for quarterly or yearly business taxes. While some business owners prefer to utilize an internal or external bookkeeper, others run QuickBooks themselves.
1. Produce and monitor invoices
2. Monitor Bills and Expenses
By linking your bank and credit card accounts to QuickBooks, all of your spendings is downloaded and categorized, allowing QuickBooks to automatically keep track of your invoices and outgoing funds. You may quickly record a manual check or cash transaction in QuickBooks if you need to keep track of it.
In order to use QuickBooks to manage upcoming payments or A/P, you can also enter bills as soon as you receive them. By making an A/P report, you may make sure that you pay your invoices on time.
3. Create financial reports for your company.
- Report of Profit and Loss
- balance sheet analysis
- Cash Flow Statement
4. Monitor employee time and costs
You shouldn’t try to cut corners by trying to perform payroll manually. Paycheck calculation errors can lead to harsh fines and disgruntled workers. As frequently as you need, QuickBooks’ own payroll function can automatically compute and run payroll. As was mentioned previously, when you enter employee time, the hours flow not just to your invoices but also to the payroll module. You may be sure that every hour you pay your employee is taken into account when billing a customer in this way.
6. Make taxes simpler
Simplifying tax season may be the most crucial thing QuickBooks can do for your small business. The task of gathering your income and expenses is by far the most difficult part of filing a tax return. Printing your financial statements around tax time is all you need to do if you utilize QuickBooks throughout the year. Even better, with QuickBooks Online, you can give your tax preparer direct access to your account so they can review your financials and print the documents they require to complete your return. Pay staff by direct deposit or cheque.
- Automatically determine federal and state payroll taxes
- Allow QuickBooks to complete your payroll tax forms.
- Payroll taxes electronically right from QuickBooks
7. Monitor Stock
Your inventory’s cost and quantity can be tracked in QuickBooks. QuickBooks will automatically allocate a percentage of your inventory to the cost of goods sold (COGS), an expense account that lowers your income when you sell inventory. This allocation is necessary for determining taxable income and is exceedingly time-consuming to complete manually. When inventory numbers are low, QuickBooks can also remind you to order inventory automatically.
8. Make taxes simpler
Simplifying tax season may be the most crucial thing QuickBooks can do for your small business. The task of gathering your income and expenses is by far the most difficult part of filing a tax return. Printing your financial statements around tax time is all you need to do if you utilize QuickBooks throughout the year. Even better, with QuickBooks Online, you can give your tax preparer direct access to your account so they can review your financials and print the documents they require to complete your return.
9. Accept payments online
Offering consumers the option to pay their invoices online is one of the finest methods to increase your cash flow. You can incorporate QuickBooks Payments, formerly Intuit Merchant Services so that clients can pay online from an invoice they get via email. Similar to other merchant services, QuickBooks Payments. However, since it is fully linked to QuickBooks, the sale, credit card fee, and a cash deposit are all automatically recorded as they happen.