There is no denying that a well-organized accounting system is a key component to growing a business. If your account department falls behind, it will definitely affect your business operations. Thanks to software like QuickBooks, which have completely transformed the traditional bookkeeping and accounting systems.
The advanced accounting software is used by many industries mainly to manage expenses and sales. Not only this, it further helps entrepreneurs keep a track of their day-to-day business transactions. It is great for paying bills, generating reports, invoicing customers, tax filing, planning and several more business accounting tasks.
The most interesting part of incorporating QuickBooks setup is that it provides you several solutions to run any kind of business. That means, whether you are a solopreneur or run a small to medium-sized business, QuickBooks setup, with its different versions, can assist your accounting system.
As mentioned earlier, there are several QuickBooks program, it is essential to choose the right one to meet your specific business needs.
Why QuickBooks Setup Is Beneficial For Small Business Accounting?
If you are a small business owner, using QuickBooks setup will manage your cash flow. Plus, you can also use it to generate monthly and yearly financial reports. You can prepare annual and quarterly business taxes. Small business owners usually manage QuickBooks themselves, without taking any assistance from an outsourced bookkeeper or an in-house accountant.
Following are the ways you can use QuickBooks setup for small business accounting.
Manage Your Income and sales
Managing incomes and sales using the QuickBooks program is a breeze. With the help of invoices, you can easily track sales. By reviewing business accounts and receivable aging reports, you can track customers’ payment details. It includes both past and current due invoices.
Track Your Expenses and Bills
QuickBooks setup is extremely beneficial when it comes to tracking your expenses and bills. To keep track of your accounts, it connects your credit card accounts and bank accounts to QuickBooks software. This way you can download and categorize your account details.
To track cash transaction or check, it enables you to record them directly on your QuickBooks setup within few minutes.
This is another interesting feature of QuickBooks setup to facilitate small business accounting. Business owners can pay bills by creating payable report within two minutes. The report provides you the details of your past and current due bills and helps you address the issues quickly.
Profit and Loss Statement
This pro feature helps business owners generate profit and loss statement in no more than ten minutes. Showing you how profitable your business has been, it summarizes your expenses and income. Moreover, it makes a net income report for you for a certain period of time, such as two weeks, six months or a year.
All in all, small business accounting can be hassle-free if you use QuickBooks software. If you need assistance in setting up QuickBooks for your startup, we at Franco Blueprint Inc. have experts to help you install and run the system.