Benefits of QuickBooks for Small Businesses
Updated: Oct 29, 2020
QuickBooks is a financial accounting software program manufactured by Intuit. Created for use by small businesses, the software and online product boasts an assortment of features aimed at helping users manage each of their accounting functions, including accounts payable, accounts receivable, credit card management and financial reporting. Quickbooks was designed to make small business accounting easy to use and accessible in one place. Your business will benefit from using an accounting software system, some benefits you will obtain while using Quickbooks include the following:
Ease of use
One problem with accounting programs is that many of them are difficult to use and burdensome to learn. Quickbooks, on the other hand, is designed to be intuitive and easy to understand, even for business owners who lack an accounting or financial background.
QuickBooks has many integrated tools that will help you increase efficiency. Quickbooks integrates over 650 popular apps, 86% of customers who use Quickbooks agree that Apps for Quickbooks help them save time. Some of these Apps include Bill.com, Shopify, Amazon, Ebay, and Expensify. Users will save lots of time and their work performance will rise significantly by using this software.
Financial Reports Access, in minutes
You can run reports such as Profit and Loss, Statement of Cash Flows, and Balance Sheet Report. For example, the profit and loss report can be run in a couple of minutes. It will show you how profitable your business is by summarizing its income minus its expenses. The report shows you the bottom-line net income (loss) for a specific time period, such as a week, a month, or a quarter. No more need to spend hours creating a report that an investor or vendor may request without much notice. Below is a sample Profit and Loss Report:
The best part about using QuickBooks is that it is integrated with QuickBooks payroll so your financial statements are always up to date as of the latest payroll run. The purchase of a Quickbooks payroll subscription is required so you have access to the latest payroll tax tables used when calculating employee and employer payroll taxes. Running your payroll through QuickBooks will allow you to: pay employees with a check or direct deposit, calculate federal and state payroll taxes automatically, have QuickBooks fill in the payroll tax forms for you, E-pay directly from QuickBooks, etc…
Save Receipts & Online Banking
Another key to making tax time a breeze is being able to organize your receipts in QuickBooks. All QuickBooks Online (QBO) subscribers can download the QuickBooks app to their mobile device for free, take a picture of a receipt, and upload it to QBO in just a few minutes. Online Banking (also known as Bank Feeds) is one of QBO’s most helpful and time-saving features. If you connect an account, QuickBooks automatically downloads and categorizes your bank and credit card transactions for you. It enters the details for you so you don't have to enter transactions manually. Then all you have to do is approve the work.
Not only can you generate financial reports with Quickbooks, but it can also help you and your business track inventory. Track what's on hand, get alerts when it’s time to restock and see insights on what you buy and sell. Quickbooks also allows you to access reports instantly to see your best sellers, what’s on hand, cost of goods, and more.
No matter what the nature of your business, keeping an accurate set of books is essential. Inaccurate business records can also make it difficult to file your taxes, or even land you in hot water with the Internal Revenue Service. Using Quickbooks to keep your business records lets you avoid those potential problems. At CPA By Choice we are committed to finding the best accounting and management tools for your business, not only do we ensure that our clients’ books are in order, but we also help our clients find the technology that works best for their business.
If you would like to know more ways that QuickBooks can help you and your business become more efficient and profitable, give us a call or send us a message. We can walk you through specifics and help you compare the different options to find the best software application for you.