QuickBooks is a piece of accounting software designed specifically for small businesses. Companies use it to keep tabs on their revenues and expenditures and monitor their overall financial health. You may generate invoices for your clients, pay your bills using it, generate reports, and utilise it to get ready for tax season. The QuickBooks product line offers various solutions adaptable to the needs of a wide range of businesses, from sole proprietorships to medium-sized enterprises.
Learning to use Quickbooks is easy for someone familiar with accounting concepts and how the accounting software works, but it can be hard for someone tech-challenged or with no bookkeeping knowledge. While Intuit, the company behind Quickbooks, markets Quickbooks as ready to use – it all depends on the end-user.
Because there are several options for QuickBooks, it is essential that you select the one that best meets your needs. Then, take QuickBooks for a test drive by signing up for a free 30-day trial of the software. The trial edition of QuickBooks is a fully working version of the software, so you will be able to test all of the features before making a final decision. The best part is that you don’t need a credit card, but if you do decide to buy it, you can get it at a discount of fifty percent right now.
In order to successfully manage a business, one of the most important requirements is to be able to handle the numerous bookkeeping responsibilities in an effective manner. This is true regardless of the form of the business being run. Any company would face unimaginable difficulties if its business actions are not properly or accurately recorded. The first problem resulting from improper invoicing is that the firm’s activities will be documented wrongly. It might cause many projects’ funding applications to be delayed as a result.
Keeping documents of your company that are inaccurate or not organised might make it more difficult for you to file your taxes and could even get you in trouble with the ATO. Using QuickBooks to maintain track of your company’s financial data can help the business sidestep any potential management hiccups.
QuickBooks possesses practically all of the functions that are found in other software, in addition to a few appealing new features that have been built in response to the requirements of businesses. Furthermore, the programme comes in a variety of different versions, each of which is adapted specifically for the company and the sector in which it competes. As a result, there will be a variety of different types of industries available for companies to select from, such as:
The most significant problem with bookkeeping software is that many of these systems are complicated to use and need a lot of work to maintain. On the other hand, QuickBooks is designed to be intuitive and simple to understand, especially for companies that do not have the accounting or financial information about the firm that is required for bookkeeping.
A significant advantage of using QuickBooks is that the software can be easily integrated with a variety of other systems. For example, after utilising the software to take into consideration all of the costs and money generated by sales, the senior management of the firm is able to effortlessly export that data in order to file taxes in an effective manner. In addition to this, QuickBooks has the capability to integrate Microsoft Excel for the purpose of gathering all of the relevant data from a variety of sources for practical bookkeeping.
Invoices, business plans, charts, and spreadsheets may all be created with the help of QuickBooks’s assortment of pre-made templates, which are ready to be used by companies. Additionally, it makes it simpler for the QuickBooks application to personalise the look and feel of the papers that are used for bookkeeping. Users have a variety of options at their disposal to modify their invoices to meet the specific requirements of their companies, thanks to the customization option. QuickBooks has the capability to assist owners of businesses in arranging the information they have concerning the actions of their companies, and it records each activity on its own.
Every day, companies have to sign a number of checks to cover a variety of various expenses and operations. When owners of businesses use QuickBooks, the process of writing checks to cover a variety of costs is simplified. In addition, the bookkeeping process in QuickBooks may be automated, which not only helps save time but also creates signature checks in a way that is straightforward and easy to understand.
QuickBooks has a sizable user base since the software is widely used all over the world and has been rigorously evaluated by a large number of industry professionals. QuickBooks has a large user base, which is indicative of the software’s usefulness and dependability. QuickBooks is a business accounting software that may save firms money because to its many useful features. However, when it comes to bookkeeping, there is no other solution on the market that even comes close to matching the comprehensiveness of QuickBooks.
Since QuickBooks is interoperable with a variety of other apps, it is much simpler to export and import data between QuickBooks and these other programmes. This approach is perfect for smaller companies who do not have the financial resources to maintain many applications. For example, in order to produce online bills, they need to input the necessary data from an Excel document. In addition, the premier version includes capabilities that make it possible for a corporation to develop its own specialised software tailored to a certain sector’s requirements. For instance, the version of QuickBooks used by a hospital and the version used by an engineering business will be very different from one another.
QuickBooks enables its certified users to take care of their company activities in a highly effective manner, which is one of the benefits offered by QuickBookscence payment, up to three people can use the programme s with only one licence payment simultaneously. In addition, a company that uses the support for multiple monitors can maintain the list of its clients on one screen while simultaneously monitoring the invoices and payments received from customers on the other two displays.
QuickBooks is the standard software used by small business owners to handle their invoices, pay their bills, and track their cash flows. In addition, they utilise it to compile financial reports at the end of each month and year and prepare for quarterly or yearly company taxes. It is usual practice for owners of businesses to either run QuickBooks on their own or make use of an in-house or external bookkeeper.
By generating invoices to keep tabs on sales on a customer-by-customer basis, you may use QuickBooks to monitor your revenue and sales. By examining your Accounts Receivable Aging Report, you can stay on top of what customers owe you (also known as your accounts receivable balance). This report includes the data of both current and overdue bills, so you can keep track of both types of financial obligations. A sample of an Accounts Receivable (A/R) Aging Report may be seen below. QuickBooks Online generated it.
Connecting your bank and credit card accounts to QuickBooks lets it track your bills and spending automatically. When you do this, all of your expenses are downloaded and sorted according to their respective categories. You may record a check or cash transaction immediately in QuickBooks, and it will only take a few minutes to do so. This is useful if you need to keep track of the transaction.
In addition to this, QuickBooks will assist you in making timely payments of your invoices. By making use of an Accounts Payable (A/P) Report, for instance, you may guarantee that you will meet all of your financial obligations on time. In addition, this report will give you with the specifics of your outstanding bills, both those that are now due and those that have been paid in the past, so that you may promptly handle any concerns that may arise. Please see an example of an A/P Aging Report generated by QuickBooks below.
You may get useful insights into your company’s operations and overall financial health by using QuickBooks to manage your cash input and outflow activities. QuickBooks enables you to view a number of reports that give this information. QuickBooks comes with all of the reports already prebuilt so that you can run them with just a few clicks; the reports are updated in real-time as you input and save transactions.
If you need to give financials to a possible investor or your lender for a small company loan or line of credit, this might be useful for you. You are able to run not only the Accounts Receivable Report and the Accounts Payable Report, but also the other three essential financial reports that you require in order to evaluate the current state of your company overall, which are as follows:
QuickBooks is the company accounting software that is most recommended for owners of small and medium-sized companies. Here are some compelling arguments in favour of your choosing QuickBooks.
You are aware that you ought to be monitoring your figures… The problem is, now that you have the numbers, if you don’t use them to take the right action, you might as well have wasted the money or used it for something more valuable like marketing to get more customers. You just made the purchase of Quickbooks Online, and you’re now subscribed to the monthly fee. You figure that you’re “paying to get that problem out of the way.” But the problem is, now that you have the numbers if you don’t use them to take the right action,
You log into Quickbooks no more frequently than once every 30 days. It is not exactly a mobile-friendly arrangement, and with all of the numerous dashboards, it might be tough to determine any obviously beneficial information. I’m starting to get a headache from trying to strike the right balance between this and that. Just provide me with the opportunity to work on my company without requiring me to get a more advanced degree.
Suppose you are eventually successful in learning how to use Quickbooks. In that case, it has the potential to be an incredible tool that will assist you in a variety of endeavours, including the creation of a more lucrative business, the management of your monthly or quarterly budget, and the timely filing and payment of your taxes.
The learning curve on software like this may be so high at times that you might feel like you need a degree in accounting or a certification in bookkeeping simply to be able to use it efficiently and to its maximum capacity. Doesn’t anybody else have better things to do with their time? In the name of everything that is holy, you have a company to manage. You should be out there pursuing new clients, establishing marketing campaigns, and doing everything else that nobody in your firm can do except for you. This is not something that you can pay any assistant or intern (i.e., an undergraduate student a little income to perform for you) to do for you. (I am not suggesting paying college students with student debts less than they are worth since they are already struggling financially.)
In a manner analogous to the second concern, the majority of the labour in Quickbooks is administrative. Undoubtedly, the work done in the back office is essential to the overall health of your company. But if you’re forced to continue doing that, who’s in charge of navigating the ship? In the event that your ship hits an iceberg, no amount of administrative effort will be able to save you.
In order to be successful as a company owner, you need to always be selling your goods or services, whether it be in person, over the phone, or online. So not lost in the depths of Quickbooks, searching for X, Y, and Z from the past three weeks.
You need a business tool that allows you to get out of bed in the morning, check your email, and see what’s going on with your company if you’re the owner and operator of your company, as most business owners would agree.
So you are not buried in a sea of statistics attempting to determine whether or not you have met the budget forecasts you made three months ago.
Because of this, you should definitely look for an app that provides you with a more direct link to the ground rather than to the clouds. You can’t just take a high-level perspective of how well you’re doing compared to some notional annual targets; you need to know the specifics of who needs what.
Yes, having a different point of view is beneficial, and it can be the difference between hitting an iceberg and reaching the land that God has promised us. However, if you simply pay attention to the statistics, you won’t be able to fulfil the few important obligations that the CEO of your company can only fulfil. These responsibilities include, at the very least, sales and marketing.
The number of add-ons, integrations, and payment processors that are compatible with QBO is impressive. However, there is an extra cost associated with each product.
Payroll is by far the most popular add-on for QBO. Customers can choose between the Self-service function, which costs $35 per month, and Full-service Payroll, which costs $80 per month.
The cheaper payroll option gives you the structure you need to process payroll through your Quickbooks Online account, but it requires you to conduct the payroll yourself and submit your own payroll taxes. If you subscribe to its full-service pay plan, QuickBooks will take care of everything for you, but doing so would cost you an additional $80 each month.
Regardless of whether you go for the DIY or full-service payroll plan, you will be forced to pay an additional $4 per employee each and every month, in addition to the monthly payroll membership fee. Depending on how many people are on your staff, the total cost of these items might soon become prohibitive.
Several QBO clients like the instant connection of their payroll processor with their accounting software; however, there are alternative firms that offer payroll integration at a price that is far more reasonable.
You can use QuickBooks to conduct your payroll, and if you do so, you will also be able to obtain your tax forms from them. Blank forms start at $17.99 for ten forms. Prices start at $57.99 for ten forms if you wish to pre-print your tax forms utilising information from your Payroll account.
QBO now has integrations with a variety of third-party services, including Shopify, TSheets, and MailChimp. Nevertheless, a separate monthly membership charge is required for each service in addition to the cost of QBO itself.
Payment processors such as PayPal, Stripe, and Square are among those with whom QuickBooks has formed partnerships. There are different prices for each product. On the other hand, the costs are standardised if you link your QBO account with QuickBooks Payments, formerly known as Intuit Merchant Services. Users of QBO do not need to pay a monthly subscription fee; rather, they must pay a processing charge for each transaction they complete.
Cloud accounting provides you with real-time updates and does not charge you for each desktop update as traditional accounting does. In addition, your information is kept in a safe location, is accessible from any location, and is undergoing continuous improvement. As a result, goods based on the cloud for software should be flawless, bug-free, and user-friendly. Regrettably, the most common criticisms against QBO centre on the company’s deficient customer support and its unstable software.
If you are going to demand such outrageously high costs for your product, then it had better be flawless. And it appears like QBO isn’t anywhere near ideal. When you take into account all of the optional extras for which you are charged additional fees, it becomes difficult to determine whether or not the investment is worthwhile.
DISCLAIMER
THIS WEBSITE IS ONLY INTENDED TO PROVIDE GENERAL ADVICE; IT DOES NOT PROVIDE PERSONAL FINANCIAL OR INVESTMENT ADVICE IN ANY FORM. ALSO, CHANGES IN LEGISLATION MAY OCCUR FREQUENTLY. BEFORE TAKING ANY ACTIONS DEPENDING ON THE CONTENTS OF THIS INFORMATION, WE STRONGLY RECOMMEND THAT YOU SEEK OUR OFFICIAL ADVICE FIRST. THE INFORMATION CONTAINED IN THIS DOCUMENT HAS BEEN OBTAINED FROM SOURCES THAT EWM ACCOUNTANTS & BUSINESS ADVISORS BELIEVES TO BE RELIABLE; HOWEVER, WE MAKE NO REPRESENTATIONS OR WARRANTIES AS TO THE ACCURACY OF SUCH INFORMATION AND ACCEPT NO LIABILITY IN CONNECTION THEREWITH. WE RECOMMEND THAT YOU CONSULT WITH A TAX ADVISOR, a CPA, a FINANCIAL ADVISOR, an ATTORNEY, AN ACCOUNTANT, AND ANY OTHER PROFESSIONAL THAT CAN HELP YOU TO UNDERSTAND AND EVALUATE THE RISKS THAT ARE ASSOCIATED WITH ANY INVESTMENT.
Guest post by : team Form -
Like this? Share it...
