Quickbooks Bookkeeping Software: Features And Benefits

Being an entrepreneur of a small business, you have many things to do, including the following: purchasing stocks, promoting a good or service, facing customers, paying workers, and so on. Because today, a woman is a woman of many hats, it is not rare for the finances and bookkeeping to suffer. However, small business owners should be keen when it comes to their financial coffers to ensure their business is healthy and growing. Enter Quickbooks bookkeeping software; a tool that ensures all bookkeeping activities are accounted for.

Quickbooks is the most popular tool for handling accounts and bookkeeping in small businesses. Having been adopted by over five million individuals and companies, Quickbooks makes it easy for you to manage your finances, thus allowing you to concentrate on your business. In this particular blog, we will look at some of the features as well as advantages that you can get from Quickbooks for your small business accounting.

Key Features of Quickbooks

Accounting and bookkeeping infrastructure can be regarded as rather sound at the moment.

In essence, Quickbooks offers all the needed tools for accounting and managing of finances of a small business. It can assist in monitoring income and expenditures, preparing balance sheets and statements, invoicing clients, payroll processing, and performing many other functions from a single software solution.

Some key features include:

- In this system, generate invoices for products/sales made and monitor sales and accounts receivable.
- Expense and monitor spending for and on accounts receivable
- Payroll preparation and remunerations to the employees and contractors
- credit card and online payments are acceptable
- Keep track of your stock, be in charge of the sales report, and track the value of the inventories.
- Set up general cost and time recording.
- Prepare reports such as Profit/Loss, Balance Sheets, Cash Flow and among others

This explains why Quickbooks is complete with rich accounting features that fit your accounting needs in one package.

Easy Invoice Creation

It is great to make professional invoices within the shortest time possible when you are using Quickbooks. These options include the ability to edit templates for invoices, expense and mileage tracking, time and bill entries, and tax addition. To add a cherry to the cake, you can simply generate invoices for customers electronically and receive payments through the internet with a few clicks. This automation is highly helpful in saving a lot of time compared to drafting invoices by hand.

Powerful Reporting

Quickbooks allows you to compile and analyze reports for every aspect of your business, including sales, profit and loss statements, expenses, cash flow, employees, customers, and many others. The reports themselves can be edited, converted into Charts/graphs, and copied to Excel for further manipulation. Concisely presented reports enable you to keep a keen eye on the overall performance of your business.

Inventory Management

For those who sell products, Quickbooks has all the features needed to effectively and efficiently manage inventories. Using it, you can generate purchase orders to order for inventories, record inventories when they are received, monitor the sales of inventories, and generate reports on inventories. This provides complete transparency on the various inventory items on the platform and their performance.

Managing Payroll

Quickbooks also do it easily with a payroll feature where one can pay employees and contractors. Most of the tools have features such as writing cheques or direct transfers for payment for employees, computation of payroll taxes, filing of payroll tax forms, payment for contractors through 1099 forms, etc. This is advantageous in that it saves you time that would otherwise have been spent in managing the payroll manually.

Benefits of Using Quickbooks

Now that we’ve outlined some of the major features, let’s explore why Quickbooks is so beneficial for small business owners: Now that we’ve outlined some of the major features, let’s explore why Quickbooks is so

Saves You Time

Some of the accounting and bookkeeping services that Quickbooks provides include setting up invoices, paying bills, calculating the amount of taxes on the payroll, and expenses, among others While Quickbooks provides most of the accounting and bookkeeping services, it does not require manual bookkeeping which is very time-consuming. The Quickbooks software provides you with hours of your time which you can invest in other important business tasks.

Increased Organization

Quickbooks is far less unstructured compared to spreadsheets since all your financial and accounting information is centralized in Quickbooks. It will mean that you get insight to the amount of money coming in or going out and can therefore track all financials. According to the survey, most small business owners state they feel more relaxed and manage their finances better after using Quickbooks.

Insightful Reporting

Recall from earlier, Quickbooks provides flexibility in tracking, analyzing, and reporting virtually all areas of the business including sales, profits, expenses, inventory, employees, customers, etc. These guidelines enable clients to make better decisions about their growth and profitability in the future. Small businesses most of the time operate with their wings folded – no financial reporting – Quickbooks to the rescue.

Scales With Your Business

Over time, most small businesses go through cycles of growth and Quickbooks is a software that grows with your business needs. If you hire employees, start selling physical goods, grow your business into having multiple locations, or simply outgrow the limitations of Quickbooks they offer tiered pricing and additional solutions to fit your needs. It’s not essential to change accounting systems every time your company undergoes expansion.

Integrates With Other Software

By any chance, you most probably engage with other software applications in your business (such as e-commerce stores, point-of-sale systems, payroll services, etc). Quickbooks is now partnered with hundreds of business software solutions that are the best in the market. This is because Quickbooks must be capable of interfacing with these systems to integrate and share data with them, making information to pass between systems.

Quickbooks Online or Desktop?

Quickbooks can be used as an installed application where it is hosted locally on computers, or as an online at any web browser. Quickbooks Online is more beneficial for start-ups and modern businesses that embrace digital technology, while Quickbooks Desktop can be suitable for businesses that have experience using traditional desktop applications. Please consult one of our accounting experts to find out if you should use Quickbooks Desktop or Quickbooks Online.

Affordable Pricing

In light of the accounting capabilities of Quickbooks, it is quite reasonably priced for small businesses. The cost difference can also dictated by the type of Quickbooks used; Monthly subscription for Quickbooks Online Essentials costs as low as $25 per month. It should be noted that Quickbooks pricing for the Desktop version does not follow a subscription model, as it starts from $299 and goes up to $1,649 which is a one-time payment. Non-profit and starter, contractor pricing are also available at relatively lower prices.

Getting Started With Quickbooks

In the following chart from the QuickBooks website, you can see that QuickBooks offers a highly comprehensive range of accounting, bookkeeping, payroll, and financial management tools for small businesses at quite reasonable rates. Quickbooks is advisable for any small business owner who wants to exercise control over their finance and increase their business’s profitability.

For more information about Quickbooks options, please feel free to reach out to our staff at Acme Accounting and enlighten us to know whether Online or Desktop is ideal for you. We can also offer help in Installation, setup, training, and configuration of Quickbooks as per your requirements. We, as your partners, can assist you in the efficient management of your small business finances using the most effective Quickbooks software!

Contact us here for Bookkeeping With Quickbooks Online now!