QuickBooks, an accounting software developed and marketed by Intuit, is primarily intended for small and medium-sized businesses (SMBs). It’s a proprietary software that can be used as a typical locally-installed or cloud-based application and comes with functions for accepting payments, managing bills, and handling payroll. Not many may realize it but this accounting software package can contribute to the success of SMBs. How? Go over the points below:
1. QuickBooks helps create a going concern and expansion mindset.
A small business that invests in business software is one that is most likely investing in its future. It is a company that is meant to continue operating and expand. It is one that is meant to be a going concern. After all, why would a company spend on software if it does not intend to commit to long-term goals? It’s arguably a better mentality to invest on ensuring efficient operations to drive success instead of holding back on spending for fear of failures to minimize the potential losses.
2. QuickBooks ensures efficiency.
As one of the leading accounting software at present, QuickBooks is without a doubt a tool for efficiency. It makes accounting way easier as compared to doing things manually or traditionally. With less paper to track, QuickBooks prevents the need for more storage space for physical documents while making access to business information faster and more convenient. It makes it easier to record and calculate the financial aspects of business operations. Similarly, it makes it easier to generate reports or presentations useful when analyzing or discussing various issues or decision points. Also, QuickBooks makes it possible to create invoices instantly. Even better, QuickBooks also supports integration with several other business software to make it easy to share and process business data. QuickBooks integrates with a lot of accounting apps such as TSheets, Shopify etc. and with Office apps such as Microsoft 365 apps for Enterprise for enhanced efficiency. For those who are dealing with a lot of checks for their business, using QuickBooks can lead to a simpler and significantly faster process. As some users testify on QuickBooks’ web page, they save 5 hours or more a week in managing their accounts by using QuickBooks.
Moreover, the benefits of QuickBooks are not limited to just a few industries. It can be used in virtually every type of business as it can work with various specialized software for added efficiency. For instance, those in the heating, ventilation, and air-conditioning business can enjoy the advantages of this top accounting software through the ability to integrate with QuickBooks HVAC software to ensure fast and accurate accounting.
3. QuickBooks facilitates informed and dynamic business data analysis and decision making.
With all business information easily accessible through QuickBooks (and with automatic backups at that!), business owners or managers can more quickly make decisions especially when it comes to addressing urgent matters. Businesses today need to be highly dynamic and be capable of adapting to the constantly changing business environment. QuickBooks makes sure that SMB owners or managers can easily access the information they need to arrive at informed and well thought out decisions.
4. QuickBooks can provide warnings for financial troubles.
No, this is not to say that QuickBooks has a feature that flashes an alert or notification for potential financial problems. The point here is that QuickBooks is a great way to see the bigger picture of a company. It makes it easy to have an overview of the financial health of a business, promptly informing business owners or managers about possible problems. QuickBooks comes with the Company Snapshot function which quickly provides a summary of a company’s financial trends so potential problems can be anticipated before they evolve into a full-blown crisis.
5. QuickBooks reduces workload through automation.
Businesses that rely on the usual paper-based documentation of transactions and business records will greatly benefit from using QuickBooks. Similarly, those who are still using Excel to record transactions will find their workload becoming significantly easier with QuickBooks involved. QuickBooks Cloud Hosting is an example which hardly involves any paperwork as everything is on the cloud with multi-user mode for accountants. QuickBooks can automate several aspects of the accounting and record keeping process in a business. Business data can be automatically sourced, copied, stored, and backed up with the use of this leading accounting software. Paper checks, bills, invoices, and other documents can be easily generated and maintained while automatically keeping all pertinent details in the company’s database for access anytime they are needed.
6. QuickBooks helps ensure compliance.
Government requirements for businesses can be major encumbrances. If you do things manually, you may miss a thing or two, which can affect your compliance and pose serious problems later on. By using QuickBooks, you get to record everything that needs to be recorded and be reminded of the important documents your business should maintain. With all your data and records properly kept and reflected in reports, it becomes easier to meeting regulatory requirements, especially when it comes to taxation.
It’s also worth noting that you may be billed lower by a CPA if you simply give the CPA your QuickBooks file instead of handing out stacks of receipts and other business documents. Additionally, if you are applying for a loan, the process should become easier as all details needed are already in your QuickBooks file.
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There certainly are many advantages in using QuickBooks. Essentially, for small and medium-sized businesses, the advantages of using QuickBooks can be summed up by the following words: efficiency, informed decision-making, automation. This accounting software makes it easier and faster to handle business record keeping and accounting.
