What is Quickbooks?
Quickbooks is a SaaS accounting solution aimed at providing small businesses with an easy way to keep their books without spending so much on hiring accountants or accounting firms. From its introduction in 2002, it has grown more efficient, adding a lot more features that make it a more effective business tool in today’s business climate. To get a full description of this accounting solution read this article here.
Why Do Small Businesses Need Quickbooks?
No business can succeed without proper bookkeeping. Large businesses understand this so they invest in an efficient accounting department, supported by auditors and tax consultants. Sadly, small businesses cannot afford all of these yet they need these services as much as the bigger companies.
Quickbooks provides options that make it possible for businesses of any size to be able to afford effective accounting solutions through its SaaS (Software as a Service) platform.
What Exactly Can Small Businesses Gain from This Solution?
There are tons of features that come with this solution. We will just look at a few of them.
This is the most basic feature it offers. You can manage all your transactions – sales, purchases, etc. It keeps everything clean and easy to view.
You can quickly and easily generate invoices, track invoices, and record invoice payments. You can also use custom invoice designs that will be totally unique to your business.
With invoices created, you can track due and overdue invoices, send reminders and take any other actions you may want to take.
You can never know how well or how badly your business is doing if you do not have an efficient reporting system. You need to be able to see at a glance what is going on in your business. This is an important feature offered by this platform. You can at any time click to see different reports that will help you understand exactly how well you are doing or not doing.
To learn more about the importance of reports for small businesses, read this: https://smallbusiness.chron.com/important-financial-report-small-business-18400.html.
This can be a pain. However, Quickbooks makes it very easy. All your payroll management needs can be incorporated into your accounting platform, taking away all the stress of manually keeping track of everything.
Point of Sale:
You can get various payment options both online and offline. The payment solution this platform offers is an all-in-one solution. This also makes your general accounting pretty straightforward. Everything is automated, reducing the risk of accounting errors or even fraud.
Tax Statement Preparation:
You certainly do not want to default in your taxes. Preparing your tax statements can be a headache. But with this solution, everything is done automatically so you never have compliance issues. Simply print your tax statement and you are good to go.
Aside from the self-hosted solutions, there is the cloud-based solution which will allow you access to your accounting interface from anywhere you are. All you need to do is have an internet-enabled smartphone. This ensures that you can monitor your transactions from wherever you are.
The above are just a few of the solutions that this platform can offer businesses everywhere.
How to Get the Best from Quickbooks:
It’s one thing to get this software but it is a totally different thing to use it effectively. Actually, because of the many different solutions, Quickbooks offers, you may find it difficult to decide which option best suits the unique needs of your business.
This is where you may need to use the services of a Quickbooks proadvisor. How much success you can record from your use of this platform begins right from the point of choosing the plan that will best fit your needs. A proadvisor will start by finding out what your business needs are and then based on these, help you figure out which plan will work best for you.
In addition to this, you will also get all the help you need to get the most out of the varied functions that this solution will offer you.
If you’re just about to start your business then you need to start right. This will help you do just that. If you’ve already started but want to take it to the next level, the tools on offer in the Quickbooks solution will make it much easier for you to achieve your growth objectives.
- 4 key differences between bookkeeping and accounting
- The role of accountants in Luxembourg and accounting law fundamentals
- 6 Tips for Small Businesses to Use Marketing Automation to Its Full Extent