Reasons why you need QuickBooks For Small Business? Every small business right from the start is required to have a good grip on its finances. Else, there are possible chances of business going off-track without clear knowledge of growth and expenses. This makes the role of the book-keeper crucial to a small business.
With technology becoming ubiquitous in every aspect of the business, book-keeping has also become technology-driven with book-keeping software playing a key role in making the practice even more accurate and effective. QuickBooks for small businesses is a bookkeeping software that is popular among the majority of companies in the American sub-continent.
The software is known to help businesses in managing sales, expenses, creating reports, tax filing, and other associated financial activities. Now that we have an inkling about QuickBooks, let’s look at the top-5 reasons, why you must utilize QuickBooks for small business one-by-one:
Top 5 Reasons to Utilize QuickBooks for small business
Centralized Accounting: This is one of the main reasons why so many small businesses utilize QuickBooks for managing their accounts. The software allows businesses to centralize all their transactions in one place. QuickBooks syncs with your bank account, giving you a clear knowledge of all your incoming and outgoing transactions. You would have clarity on who has been paid and those are required to be paid. This feature makes tracking of transactions for small businesses that much easier. Moreover, it also allows the tracking of online purchases done through credit or debit cards.
Accuracy in Payroll: This happens to be a daunting practice when it comes to small businesses. Most often business owners tend to forget deductions or are troubled with the processing of direct deposits. With QuickBooks, you can bid good-bye to such concerns by automating the entire process and it even can help you with state and federal taxes by calculating it. During the time for paying taxes, you can easily pull data from the year to produce employee tax forms such as W-2 and 1099. This can make the entire process of accounting and payment of taxes a breeze.
Bird’s eye View of Financial Statements: All the tools within QuickBooks allows a business to have a holistic view of the entire business operation. You are readily provided with information on taxes, payroll, company growth, and opportunities for improvement. This kind of accurate representation of cash flow will improve the confidence of the business owner in making successful data-driven decisions on investments. No longer will you be in the dark on stark questions like whether your business will survive the next quarter or is the business in good financial health to see through in the prevailing market conditions.
Paperless Accounting Records: With QuickBooks no longer will you be required to maintain cumbersome paper records on accounting for managing receipts and invoices. The software allows a business the ability to produce receipts and invoices at the click of a button. These can then be sent easily via email individually or in groups. It is a function that is perfect for small businesses that are often seen billing several clients for the same service or product. Thus, by reducing paper usage, a business can do its bit in safeguarding the environment and can save costs emanating from the usage of paper.
Cost-Effective & Allows Easy Integrations: QuickBooks as accounting software is a highly cost-effective solution for your accounting needs. The software can ensure that a business is worth a few million dollars and can easily be driven by software worth a few hundred dollars. In addition, the QuickBooks software allows easy integration with about 700 third-party applications. This ensures that your business processes and workflows are connected to each other to ensure the smooth functioning of business operations.
Conclusion:
Although, we have enlisted QuickBooks as a reliable solution for accounting. A small business owner is not expected to handle accounting in-house, as there is a learning curve associated with the process and it can lead to a lot of missed opportunities in business. Rather QuickBooks for small businesses must utilize the services of a QuickBooks Certified Bookkeeper in handling all the accounting and financial aspects of a business. This will allow the business owner to focus more on business strategy and growth without getting restricted to peripheral practices like accounting and payroll which can be outsourced to a professional accounting agency. Overall, it is more about ‘working smart’ than ‘working hard’.
