QuickBooks is considered the best accounting software for small businesses. Also known as QuickBooks Accounting Small Business software, it seamlessly manages the sales and expenses of the business and keeps a track of the regular financial transactions. It is the most preferred software by the small businesses across the globe. Small business owners face a lot of problems and have many limitations. Due to the insufficiency of funds, there is not a proper office set up. QuickBooks software is intelligently tailored with a simple and easy to use interface that carries out the accounting and financial tasks of the business automatically.
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Why Do Small Businesses Prefer Using QuickBooks?
Income & Sales Management: Owners can track their sales made by customers and manage accounts receivable balances.
Tracking Bills and Expenses: Owners can track vendor purchases and manage your accounts payable balances.
Generate Reports to Gain Business Insights: Owners generate latest reports quick and easy to get a picture of the business productivity, the net cash flow into the business and total worth of the business.
Run Payroll for Employee Payment: Quick and easy payroll access in QuickBooks small business owners to calculate payroll checks, send payroll tax payments electronically, and file payroll tax returns.
Tracking Inventory Quantity and Costs: With the set up of inventory items in QuickBooks, the business owner can monitor all purchases and sales for each item.
Tax becomes Breeze: With QuickBooks, the owner saves the time involved in organizing receipts and paperwork. It becomes easy to set up with the accountant to access your QuickBooks account to make tax time very simple and easy.
Major Benefits of QuickBooks to Small Businesses
Managing of Sales and Income:
• Track sales that help to gain insight over products and services that the customers are more interested.
• Locate the customer invoices that are due.
• Create Accounts Receivable Aging Report that gives a clear picture of the past and present dues.
• Track both cash and credit sales in QuickBooks.
• With spreadsheets or sales receipt pad, easily track incomes and sales.
Track Bills and Expenses:
• Easily connect your bank and credit card accounts to QuickBooks.
• Directly print checks from QuickBooks and pay bills.
• On-time payments of bills by creating accounts payable report. This report provides you with details of current and past bills due.
Gain Business Insights with a variety of QuickBooks Reports:
• Manage business cash inflow and outflow activities in QuickBooks.
• Review a variety of reports and gain insights of your business.
• Three main reports give the outline of your business:
- Profit and Loss Report
- Balance Sheet Report
- Statement of Cash Flows
The above reports are predefined in QuickBooks. There is no need for building a report again. These reports are updated as you enter the transactions and save them in QuickBooks. It is automatically updated by QuickBooks on the reports and helps when you need a bank loan or line of credit.
There are major benefits that you get running the payroll:
• Pay employees with a check or directly to the bank account through the direct deposit method.
• Automatic calculation of Federal and state payroll taxes
• Automatic payroll form filled up by QuickBooks
• Prefer to e-pay directly from QuickBooks
In a small business QuickBooks will keep track of the following inventories:
• Items you purchase from vendors
• Items received into inventory
• Payment for the inventory items
• Sale of those items
Easy Tax Filing and Preparation
QuickBooks manage entire business accounting and taxes. Set up tax professional with a user id and password to access our QuickBooks data and extract information that is essential to file tax returns. QuickBooks tracks everything saving a lot of time. It also ensures that we have accounted for all income and expenses and improves accuracy.
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