QuickBooks is a new age small and medium scale business accounting software program which lets you manage all the expenses as well as sales to keep a track on the daily transactions. QuickBooks is really helpful in generating daily reports, tax filing, etc. QuickBooks is reliable for anyone starting from solopreneurs to mid and small-sized businesses.
Why small and medium businesses prefer using QuickBooks?
Quickbooks is extremely helpful, especially to the small and medium scale business. This helps them to track their cash flow, manage all the invoices, and also pay the bills on time. Through QuickBooks, these businesses can create monthly or annually financial reports based on their quarterly business taxes or annual taxes. Often businesses prefer QuickBooks to manage their daily transaction and use it for their in-house bookkeeping.
Following are the top reasons why Small and Medium businesses prefer using QuickBooks:
QuickBooks help in managing sales and income
One of the main reason why businesses prefer using QuickBooks is that it can create invoices easily which helps in tracking down the number of sales business have generated. Through QuickBooks, you will also stay on top by reviewing the accounts receivable report. This will give you a clearer picture of your past and current due invoices.
QuickBooks lets you track all the expenses of bills
With QuickBooks, you will no longer have to run after each and every receipt to track down your expenses and bills. QuickBooks will take care of everything automatically. You can link your bank account as well as credit card account to QuickBooks and it will download all the expenses and bills and will categorize it. Also, if you wish to track a cheque or any cash transaction you can manually enter the details onto QuickBooks and it will be uploaded within a couple of seconds.
QuickBooks not just helps you track down all your bills and expenses, but it can also remind you and help you to pay your bills too. You can create an accounts Payable Report and make sure that you are paying all your bills on time. This process will hardly take a few minutes. This way you will have full control over all your current as well as past bills, you can access it and address the issue in no time.
Get insights about your business
Managing the cash inflow and the outflow is crucial for any business. QuickBooks enables you to generate several kinds of reports which help you to gain deep insight into the performance of your business. These reports are pre-built and can be gained access to within just a few minutes. Also, new reports are added on a regular basis to help you with save and enter transaction the way you want.
This process is particularly beneficial when you need to create reports and send it your investors or potential lenders for a small credit or credit line. Other than the major two reports which are the Accounts Receivable and the Payable Reports, you can use QuickBooks for the following three reasons to know more about the insights of your small or medium sized business.
Create profit and loss report for your business
Create a balance sheet report
Also, generate a statement of cash flows
Quick descriptions about all the above-mentioned reports that you can start working on:
Create Profit and Loss Report for your business
You can start working on the profit and loss profit report and you can be done with it within a few minutes. Through this report, you will get to know the amount of profit your business is making and also the amount of loss your business is incurring. QuickBooks shows you the net worth of your company which you can check weekly, monthly, and even quarterly.
Create a balance sheet report for your business
Next is the balance sheet report, now the balance sheet report is necessary for any business, no matter how big or small your company is. Through this, you get to analyse the assets, liabilities, and also the equity. With just a few clicks you can make your balance sheet report.
Generate the Statement of Cash Flows
Creating a Statement of Cash Flows on QuickBooks is easy too. Through the Statement of Cash Flow, you will get to analyze what is affecting the operations, investments, and also manage the financial cash inflow and outflow both.
QuickBooks helps in running Payroll
Creating manual payroll can be a bit of a headache, you have to be certain that you have entered the right details else you will end up creating the wrong paychecks and this can result in dire consequences. You might have to pay penalties and no one would want to make their employees unhappy. That’s when QuickBooks Payroll facility comes handy. QuickBooks will calculate all the details of automatically and will give you the exact figures without letting you worry about anything.
The best part about using this service from QuickBooks is that it is combined with QuickBooks, hence all your financial statements are on top and ready for the payroll to run. Now, you will have to purchase a QuickBooks payroll subscription through to gain access to all the latest payroll tax calculation tables.
Merits of using QuickBooks payroll are as follows:
• Through QuickBooks payroll service you can directly pay your employees either through cash deposit or check.
• Automatically calculates state and federal payroll taxes
• No need to fill in the payroll form manually, QuickBooks will do that for you automatically
• You can also directly e-pay using QuickBooks.
QuickBooks lets you track Inventory
Another benefit of using QuickBooks service to track down the inventory. As you enter a transaction, QuickBooks will keep on automatically track down everything that you sell, like any on-hand amounts and also unit costs. You can access several types of reports on QuickBooks to prepare these reports.
Now, you might think that the same can be done on an Excel spreadsheet, but you will have to agree to the fact that it’s time-consuming.
QuickBooks simplify taxes
Taxes are never easy to calculate. Every year business has to run down every income and sell to calculate their tax levied upon each transaction. QuickBooks can simply it. Whether you want QuickBooks to consolidate your several Excel sheets or manage your box full of receipts, everything costs us a lot of time and also every business would like their tax sheet look professional to prepare in order to submit it for the tax return. A simple mistake can cost us a lot.
But now most of the small and medium scale businesses are now using QuickBooks to create their tax report error free and also professional. You can let your tax professional gain access to every data that you have stored on QuickBooks by offering him a user id and a password to get all the information required in order to create the tax return file. QuickBooks tracks everything, starting from every item a business has sold, receipts, and bank statements too. Each and every data that you store on QuickBooks is helpful and will be beneficial to calculate the total amount of expenses your business incurred and also the amount of revenue generated.
QuickBooks lets you pay for your invoices online
One of the best quality about QuickBooks is that it lets you pay for the invoices on time and via online payment mode. You can avail the Intuit Payments feature and pay for all the invoices with just one click.
Once the feature gets activated, you will get an option to include ‘Pay Now’ to all the customer invoices that you have been sending through email. This will help the customers to pay for the invoices with just one click. They can pay using any debit or credit card, all they need to do is enter their bank account details and authorize it for the direct payment.
QuickBooks doesn’t have any hidden fees rule. Whatever you pay is for the invoice and also the bank charges you extra for using this service. Following is the chart:
Direct bank transfer: No fees
Card swiped: 2.4% + 25 cents
Card Keyed-in: 3.4% + 25 cents
Card Invoiced: 2.9% + 25 cents
QuickBooks scan receipts too
In order to make your business run smoothly the best way to get started is to organize all the receipts. Receipts are important for any business. What you can do is download the QuickBooks application on your mobile phone, it’s a free application, take a picture of the receipt, upload it on the QuickBooks application. This way all your receipts will be scanned and stored in one particular space and you will never lose a receipt from now on. Also, QuickBooks lets you attach a receipt that you have to the similar bank transaction. QuickBooks has plenty of space and you can upload as many receipts as you want to. This feature is particularly helpful for businesses who need to track their expenses