With more than 4.2 million users, QuickBooks is one of the best online accounting applications that provides online bookkeeping services for small businesses.
QuickBooks Online is Intuit’s solution for small businesses, freelancers, start-ups, bookkeepers, and independent accounting firms for managing their accounting task.
It offers robust tools for expense tracking, invoice management, sales monitoring, and tax calculation.
- Uses of QuickBooks
As an accounting program, QuickBooks used for automating bookkeeping and other financial tasks that are done manually before. Following are the uses of QuickBooks
- Tracking records of sales and accounts receivable.
- Keeping records of purchases and accounts payable.
- Generate reports to determine profits, wealth, cash flow, etc.
- Managing payroll electronically.
- Management of inventory.
- Prepare for tax season and simplify the tax return process.
Benefits of Using QuickBooks:
The primary purpose of QuickBooks is streamlining the bookkeeping process. QuickBooks is timesaving because instead of spending a few hours a day, you need to spend a few hours every week doing the bookkeeping tasks. It also provides automatic downloads of daily banking and credit card transactions. It can upload your signature to the computer and automatically put the sign on cheques with that uploaded signature. The business owner can perform other tasks in that time rather than signing multiple cheques.
- Generate financial reports instantly
As a business owner, you may want to know your financial status at any moment. QuickBooks can generate your financial reports instantly with just a click. You can see your sales figures, outstanding invoices, employee salaries, etc. from these financial reports.
- Assists in creating a Business plan
QuickBooks can assist you in creating a business plan for your business. If you are a small business owner and looking to apply for a small business loan. Then QuickBooks can help you secure that loan by providing a projected balance sheet, statement of cash flow, and profit loss statement.
- Customizable software and templates
You can customize the in-built templates of QuickBooks as per your requirements. You can customize their invoice template by adding your business’ logo and list of your products. You can customize the total accounting software as per your unique business requirements.
- Reliable Software
With more than 4.2 million users, QuickBooks has proven itself to be very reliable software. Small business can trust such software that has active users worldwide. The updates of QuickBooks are released regularly, so additional features are continuously added to make your accounting service easier.
- Compatible with hundreds of business applications
QuickBooks is compatible with hundreds of business applications and software. You can integrate your bookkeeping software with your tax preparation software through QuickBooks. This improves productivity and decreases errors created by manually sharing financial data.
- Easy-to-use Software
Anyone without having proper accounting knowledge can use QuickBooks. The interface of QuickBooks is automatic so you can learn the basic tasks very quickly. It also auto-corrects data-input and asks for confirmation if it finds other input errors. It generates accurate reports, so if you are inexperienced in accounting, you can feel confident about the tasks that you completed.
- Advances the payment system
QuickBooks provides an online billing component that allows you to send the invoices and statements via email. The customer can quickly pay the invoices through credit card or bank transfer. With the Go payments service of QuickBooks, you can accept payment through VISA, Mastercard and American Express.
- Training comes with the software
Since millions of users use QuickBooks, there is a considerable number of training resources available online. You can even access to online training classes or can take training from a QuickBooks expert.
If you don’t keep track of the financial reports or finances of your business correctly, then your account books will be a nightmare. It will be harder to get funds through loans and investors. It will be difficult and costly to file taxes. QuickBooks assists small businesses to keep track of their finances in the best possible way. It is ideal accounting software for small businesses to simplify their accounting. It is an Editor’s Choice for small business accounting software for its user experience, functionality, and extensibility. This software is the best-in-class software built to simplify the accounting firms and financial management of small businesses.
Therefore, its interface is instinctive, and you can learn the necessary tasks quickly.