As the business operation is increasingly getting smarter with feature-rich enterprise software solutions, today’s companies need more advanced accounting and sales and expense management systems in place. QuickBooks by many parameters is an answer to these modern enterprise software needs. Ever since it’s beginning software development companies around the globe particularly embraced it as their favourite solution for payment, accounting and transaction needs.
Basically, it is a well-equipped business accounting software program capable to manage a variety of business-specific tasks including sales and expense management and keeping track of regular transactions for a business. From generating an invoice for customers to making a bill payment, tax filing, generating reports, QuickBooks is capable to take care of all the day to day tasks for a business.
If you think it is a single software payment solution that offers the binary choices of accepting or rejecting the software for your purposes, you are wrong. It is actually a cluster of solutions and you can choose one from the available options depending upon your specific requirements. The QuickBooks software offers actually a complete series of product line comprising several solutions. The best thing is, you can always go for a fully operational trial version before actually deciding to choose the solution you need.
Once you are through the trial period, you need to pick one solution that perfectly fits your requirement. It is always important that you pick the right solution that covers all the features you need. It is advisable to go for a 30 day trial period first and then pick a solution.
Let us now explain through the length of this text the key benefits and capabilities of this software.
What Does This Mean For Your Business?
Whether you are a large IT company or just a startup with all the prospect of growth and expansion, you may find QuickBooks helpful. It is a scalable software package with different custom solutions for a variety of payment and accounting purposes. Any company that is on the growth track and has all the capabilities of scaling up the business with the power of innovative products and development projects, can find QuickBooks more than helpful. Thanks to QuickBooks, most businesses no longer need to hire a software developer to produce custom engineered accounting software with all the payment and taxation features.
There are certain things that make it easier for businesses to opt for QuickBooks. For example, if you already have a payment account with the software, then the same account will automatically be used by QuickBooks for payment. But there are few hardships for transferring your existing IPN accounts to the payment account of QuickBooks.
What Small Businesses Use QuickBooks For
If you are a small business and if you still do not have an accounting software in place to take care of all your payment needs and tracking of transactions, this software solution can give your business the push of modern automation and intelligent accounting. Typically, small businesses want a software solution to take off the load of daily tasks from their shoulders. They want to finish all the daily accounting tasks as effortlessly as possible. In that respect, QuickBooks offers several befitting features to address such needs.
Here we are going to explain the top reasons for small businesses to use QuickBooks.
1. Sales And Revenue Management
QuickBooks allows you to track the sales and revenue corresponding to the business by generating invoices. You can easily get a quick evaluation of your credits and present and past invoices that remained unpaid through the Aging Report furnished by the software.
2. Tracking The Expense And Bills
QuickBooks keeps track of the company’s expenses and bills automatically. This is done by the software by bringing onboard banking and credit card account data. This helps the software to access and categorize all the different expenses. Whenever you need to monitor any particular transaction, you can just record and track it effortlessly through the software.
The software also helps you clear the overdue bills automatically. By generating an Accounts Payable Report almost instantly it helps you to remain informed and process the payment without delay. The same report will also help to access detailed information about your present and past bills including the paid and overdue ones.
3. Get Valuable Data-Driven Insights About Your Business
When you allow the QuickBooks to manage and track all your accounting and cash inflow and outflow activities, it has a lot of valuable business data. Utilising this granular level business data the software produces reports with key insights about the business and its revenue growth. Such reports are generated in real time as and when you save the transaction data.
These reports come to aid in several crucial occasions in the lifecycle of a business. When the management or promoters of a company try to evaluate the business growth and future prospects, they will find these reports more than useful for decision making and future planning. The investors of a company when considering to put money into a business and for the same reason want to evaluate the prospects, they find such reports as most useful.
Some of the key reports provided by the QuickBooks include profit and loss report, balance sheet report and statement of cash flows. Let us explain each type of these reports briefly.
Profit and Loss Report: This report can be generated just in a few minutes and it summarises the income of a business after calculating all the expenses. It can generate a report for any specific duration of the year according to your needs.
Balance Sheet Report: This report shows the primary financial aspects of a business like the assets, liabilities and equity. It takes less than two minutes and only a few subsequent clicks to produce a balance sheet report through this software.
Statement of Cash Flows: The software also allows you to create a quick statement of cash flows reflecting all the respective business activities corresponding to the operation, investment and finance of cash inflow and activities for cash outflow.
4. Payroll ManagementMost businesses no longer do payroll management manually as it involves a lot of chances for unwanted errors. This software comes with its own software function for processing paychecks. The best thing is, this integrated function allows you to stay updated with the financial statement just by running the payroll function. But for this feature, you need to subscribe to any of the QuickBooks plans as the payroll management requires getting access to the latest tax tables.Here are some of the key benefits of QuickBooks payroll function.
- The feature allows you to pay directly to employees either through check or through the online deposit.
- The function automatically calculates the different taxes both at the federal and state level for processing individual payment.
- You do not need to take the pain of feeling up forms for payroll taxes as the software itself does it automatically.
- It also allows companies to process payment electronically for direct deposit to the account of the employee.
5. Monitoring Inventory
QuickBooks comes with robust features for inventory management. Whenever you need to track certain inventories in the sales process such as unit costs and ready-in-hand amount, the software will calculate and update the information for the transactions. In fact, the software comes with a range of reports to track inventory. The best thing about inventory management through QuickBooks is that it takes away the entire pain of doing the same through the time-consuming Excel spreadsheet.
6. A Much-Simplified Tax Calculation
Every business just gets nervous when the tax season approaches. Especially, the small businesses hacked by the limited manpower and resources find it really hard to go through the entire tax calculation and making the spreadsheet on their own. They need to approach the professionals who are equally overburdened with tax season clients. QuickBooks take all this pain and bring you complete peace of mind with integrated tax calculation and processing feature.
QuickBooks is now used by many small and medium enterprises to manage the entire task of calculating and processing federal and local taxes for a business. As the software is meant to organise all business data down to every single transaction and financial information, the tax professional of your company gets everything in one place and can help the company filling out tax forms and fulfilling the tax responsibility quickly.Pricing Of QuickBooks Software
Before getting into the intricacies of the pricing of QuickBooks it is important to know that the software comes with 4 specific versions for different device and OS platforms. The versions are respectively as QuickBooks Online, QuickBooks Desktop, QuickBooks Self-Employed, and QuickBooks Mac. Based on the features you need each of this products will cost an one time fee ranging between $299 to $1500. The per month subscription fee for the software product starts from $10.
What Are The Key Advantages Of Using Cloud-Based Accounting Solutions Like QuickBooks?
Now that you have a clear idea of what QuickBooks software is capable of, it is time to evaluate the key advantages of this software as a robust payment and accounting solution. The best thing about QuickBooks is that it doesn’t create a disruptive effect with a new solution that needs too many adjustments. In fact, it is so accommodating that you can easilyintegrate the .NET application with QuickBooks software for a more consolidated output.
QuickBooks is a cloud-powered solution that in quick time received huge popularity from small business owners and tax professionals worldwide. It is mainly because for small businesses cloud solutions never fail to come without the benefits of enhanced productivity, streamlined processes, automated accounting and payment solution without painful delays, glitch-free security, high level of customisation and robust scalability. No wonder in the fact that a vast majority of businesses will use cloud-based solutions within a couple of years from now.
Let us have a look at the key benefits of the QuickBooks software for business accounting and payment processing.
-> A Boost To Productivity
The cloud-powered solution allows you to remain in sync from wherever you are accessing the solution. Naturally, it causes no obstacle to remaining productive with the change of locations. QuickBooks in a business environment spaced across several locations allows the management, investors, key employees and promoters to stay informed through cloud-synced reports and features.
-> Streamlined HR
With the integrated payment solution, the QuickBooks software allows the business functionaries and the HR professionals to stay informed across the ranks about payment information, billing and paychecks corresponding to birth in-house employees and freelancers. This helps to make the process more streamlined for the Human Resource backend.
-> Automated Accounting
Bookkeeping, revenue tracking and cash flow management requires serious resources and continuous inputs from dedicated manpower. For small businesses, this often becomes tremendously challenging given the lack of resources they suffer from. QuickBooks came as a robust solution for them. It provides the ease of automated accounting requiring least manpower efforts and regular inputs.
-> Least Security Vulnerability
As of now just like most cloud-powered solutions, QuickBooks also proved to be tremendously secure with the least vulnerabilities and loopholes for data breaches and security compromises. The software solution churning out valuable reports for the business establishments never compromises with security features to safeguard the company information comprising crucial insights and financial data.
-> Robust Scalability
One of the biggest advantages of opting for any cloud-based solution is the ability to accommodate the increased volume of transactions and finance data. In this respect, QuickBooks looks to be an ideal solution with unmatched ability to accommodate an increased volume of transactions and reports keeping itself in sync with increased business needs.
Do you need expert advice as for how to utilise the advantages of QuickBooks for your bookkeeping and cash flow management needs? Well, we are one of the early adopters of QuickBooks solution and helped several businesses implement the solution for the specific business needs. We are waiting to hear from you.