How QuickBooks Can Help Run Your Small Business?
Created#More Posted time:Jun 19, 2020 15:58 PM
What is QuickBooks?
QuickBooks is accounting software used to manage small business expenses and accounting tasks as well as keep track of the overall financial health. The QuickBooks software has various features and solutions to maintain the overall working of SMBs and also huge enterprises. Major businesses prefer QuickBooks cloud hosting to have multiple advantages like remote access and multi-user collaboration.
How do businesses use QuickBooks?
There are different QuickBooks solutions available for different business purposes. Businesses use QuickBooks for managing sales and income, keeping track of insights, evaluating profit and losses, balance reports, managing cash flows and completing other major business activities.
Here is how QuickBooks helps you to run your business:
1 QuickBooks improve business cash flow
Rather than using online banking services, users can update QuickBooks files regularly and understand cash flow in the business.Keeping the financial statements updated in QuickBooks can help in handling better cash flow as the user has clear bank status.
2 Create invoice for customers in QuickBooks Desktop
Creating a customer invoice in QuickBooks decreases the customer’s accounts receivable. When the businesses accept payments from customers, sending an invoice helps them to rely more on the business which surely improves cash flow.
3 Manage Pay bills in QuickBooks Desktop
Entering bills and managing vendors with accurate terms and due dates always help the business to succeed. It is also possible to pay all the bills directly using QuickBooks and print checks which reduces manual data entry steps and increases productivity.
4 Track employee time in QuickBooks
The QuickBooks has the option for entering employee time that is every single event or weekly update. This helps to measure productivity and checks employee work hours accordingly.
5 Customized Chart of Accounts in QuickBooks
Having a customized chart of accounts speaks for the business and provides all the valuable information related to tax and accounting. The user gets a better business insight with a customized chart.
6 Memorized Transactions in QuickBooks
QuickBooks helps the users with memorized transactions and automatic transactions. The users can record invoices, bills, payments or entries as well as set them to be done later using QuickBooks. This boosts productivity and also increases work efficiency.
7 Printing checks in QuickBooks
Printing checks in QuickBooks is a great way to increase efficiency as well as update cash flow. Since the checks are printed automatically, the cash flow is maintained. Also, the bank only deposits when the payee allows and printing checks with QB reduces unnecessary data entry stress.
8 Online banking with QuickBooks
Online banking is one of the major advantages of using QuickBooks. The users can set up Online accounts for online banking and have automatic financial data downloads.
9 Have organized questions with QuickBooks
The QuickBooks ask my accountant code can be used to ask questions about all the financial statements and transactions. This allows the users to enter transactions as well as answer necessary questions.
10 QuickBooks allows journal entries
QB allows journal entries to fix issues and create year end entries. The CPAs can also match their tax returns and input journal entries using QuickBooks software.
11 QuickBooks helps in online payments
The users can turn Intuit payment network services to allow customers to pay invoices easily. Also, QuickBooks helps in online payments as well as handling financial transactions.
12 Scan receipts using QuickBooks
QuickBooks allows users to easily scan receipts. Using QuickBooks Scan manager, the users can scan receipts and all documents as well as add them to invoices, bills, sales receipts, and transactions.
13 Managing payroll through QuickBooks
QuickBooks allows businesses to manage payroll easily and help in multiple tasks. The employees can be paid directly with checks or direct deposit, fill in payroll forms and e-pay directly from QuickBooks.
14 QuickBooks class tracking
QuickBooks class tracking is one of the most powerful tools of the software and is used to track data meaningful to the businesses. Some of the examples of QuickBooks classes are departments or locations.
15 Financial reporting with QuickBooks
A majority of the businesses use QuickBooks for financial reporting in QuickBooks for bookkeeping processes, run financials and also to analyze financial statements. Whenever the businesses have financial query, they can use the financial reporting feature in QB to get perfect flow with analysis and financial transactions.
16 Custom importing using QuickBooks
Even if the businesses do not offer import capabilities in the QuickBooks, it is possible to have custom importing. The users can add a CSV converter to QuickBooks which makes it possible to import data in the software. Also, the users can add Intuit Importable files or IIF files which import into QB.
17 QuickBooks have web applications
QuickBooks have different apps working for it and the user should choose one that is approved by Intuit. It is a good idea to use these apps as they simplify different business processes. One of the examples is Time Tracker by eBillity, which is an application that allows users to track and enter time for their computer, tablet or mobile phones.
18 Track inventory
QuickBooks helps businesses to keep a track of major financial transactions and track inventory. Additionally the users can also create and customize inventories using QuickBooks.
19 Constant reconciliations
One of the major things to handle a bookkeeping system is to make sure the constant reconciliation of QuickBooks. The users should reconcile every applicable account not only the bank accounts. Reconciling credit card, loans, lines of credit and bank accounts is mandatory.
20 QuickBooks ensures project profitability
QuickBooks is one of the most preferred software when it comes to profitable projects and project management. It has various features like Integrate QB payroll with projects to allocate costs and aslo time to the projects.
QB can be used as a tool for the majority of small businesses. From bookkeeping to better accounting, it is all possible with QuickBooks. The users can do hassle free work, manage payrolls, create invoices and perform major tasks using QB.
1st Reply#Posted time:Jun 23, 2020 20:29 PM
QuickBooks has always been one of the most ideal and recognized business accounting software for small and medium-sized businesses. It is imperative that the accounting software should be loaded with features like easy accessibility, automatic backups, integrations and able to handle all the financial transactions with lesser efforts.
QuickBooks Desktop Enterprise Hosting Service has been a great tool in managing cash flow statements and daily reconciliations. Small accounting businesses often require fast bill functions and printing checks that reduce unnecessary data entry and increases the productivity of accounting firms.
The small businesses often need to access their QuickBooks application and data from remote locations. However, the QuickBooks Desktop lacks the remote accessibility feature. QuickBooks Online and QuickBooks Hosting variants like QuickBooks Enterprise, Pro , Premier allow the same. They both provide remote access to the QuickBooks application and data along with multi-user collaboration.