There is no denying that a well-organized accounting system is a key component to growing a business. If your accounting department falls behind, it will definitely affect your business operations. This mayor aspect of your business can be streamlined thanks to software like QuickBooks®, which have completely transformed the traditional bookkeeping and accounting systems.
This advanced accounting software is used by many industries mainly to capture expenses and sales. It further helps entrepreneurs keep track of their day-to-day business transactions. It is great for paying bills, generating financial reports , creating operational budgets, invoicing customers, tax filing, planning and several more business accounting tasks.
The most interesting part of incorporating QuickBooks® is that it provides you with several solutions to run any kind of business. That means, whether you are a solopreneur or run a small to medium-sized business, QuickBooks®, with its different versions, can assist in the efficiency of your accounting system and financial management.
As mentioned earlier, there are several QuickBooks® program, it is essential to choose the right one to meet your specific business needs.
Why QuickBooks® Is Beneficial For Small Business Accounting?
If you are a small business owner, using QuickBooks® can help 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 any assistance from an outsourced bookkeeper or an in-house accountant.
Following are the ways you can use QuickBooks® for small business accounting.
Manage Your Income and sales
Managing income and sales using QuickBooks® is a breeze. With the help of invoices, you can easily track sales and get paid faster if you opt to use the integrated merchant account. It allows the customer to pay with any mayor credit card or via ACH. 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® 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 easily record them directly on your QuickBooks® then later you can match the transaction with the dowloaded information. This make the reconciliation process easier.
This is another interesting feature of QuickBooks® to facilitate small business accounting and manage their cash flow. Business owners can pay bills by creating a payable report within two minutes. The report provides you with the details of your past and current due bills and helps you address the issues quickly.
Profit and Loss Statement and Balance Sheet
This pro feature helps business owners generate profit and loss statement and balance sheet in no more than a few minutes. Showing you how profitable your business has been, it summarizes your expenses and income and/or the assets and liabilities it has. You can run these reports for any period, monthly, quarterly or yearly. A comparison report is also available for you to analyze your financial data and help you make better decisions especially if you are thinking of scaling your business and acquiring funding. Investors and banks will want to see these financial statements.
The Bottom Line
All in all, small business accounting can be hassle-free if you use QuickBooks® software with the right implementation. If you need assistance in setting up QuickBooks® for your startup, we at Franco Blueprint Inc. have experts to help you install, train, and implement the system seamlessly.