QuickBooks is among the most popular in small and medium-sized businesses. This is accounting software, which is used to manage income and expenses and keep track of the financial health of their businesses. You can easily use it for invoicing customers, paying bills, generating reports, and preparing taxes. The QuickBooks product lines have several solutions that will work great for everyone, from a freelancer to midsized businesses.
In this article, we focus on QuickBooks and how it will help your business to grow but first let’s have a look at what is QuickBooks basically.
What is QuickBooks?
The first thing that comes to your mind is what is QuickBooks? So, to clear this doubt, here is a small brief of QuickBooks.
QuickBooks is accounting software that helps medium-sized businesses to manage their task in accounting, such as, invoicing, managing income and expenses, and keeping track of their accounts. This accounting software has come up with many amazing tools and features, which you can try by downloading, to make your business go smooth.
Ways to Help Your Business Grow with QuickBooks
This software is very helpful for small business owners who typically use QB to manage their invoices, bills, and all kind of expenses related to business. So here are some common ways to grow your business with QB.
- Create And Track Invoices
You can easily create invoices and print them or either email them to the customers. It will record the income and track how much each customer owes you automatically. You can also view the number of outstanding voices, also known as your account receivable A/R, as well as, how many days they are overdue by running an A/R aging report.
- Track of Bills and Expenses
QB automatically tracks your bills and expenses by connecting your bank and credit card accounts to QB, so you can easily download and categorized them. If you want to track a check or cash transaction manually, then you need to download it directly from the software within a min.
However, you can also enter bills into QB, when you receive them so that the software can help you to track upcoming payments or A/P. You can easily ensure that you pay your bills on time by creating an A/P report. This report will help you to provide the details of your account and past-due bills as well. You can easily download this software from QuickBooks download to get all your bills on time.
- Print Financial Statement
With the help of QB, managing your inflow and outflow activity is quite easy, you can also print financial statements that provide useful information about how the business is performing.
Most lenders often require financial statements when you apply for a small business loan or any kind of credit
Although, you can easily create these primary financial statements in QB within a few clicks.
- Profit and Loss Report.
- Balance Sheet Report.
- Statement of Cash Flows
- Track of Employee’s Hours and Payroll
Payroll is something that you don’t want to skimp on by trying to do it manually. Any minor mistake made in calculating paychecks can result in heavy penalties and unhappy employees. This software has its own payroll feature that can calculate and run payroll as often as you need it automatically.
It can track your employee’s hours. The hours are tracked and then flow to both your customer’s invoices ( if billable) and your payrolls. This gives security that every hour you pay your employees is considered for billing to a customer.
This feature will allow you to
- Pay your employee with a check or with direct deposit.
- It automatically calculates the federal and state payroll taxes.
- Directly E- pay your payroll taxes from QB.
- Track Inventory
This software can track the quantity and cost of your inventory. As soon as you sell inventory, QB will quickly allocate a portion of your inventory to the cost of goods sold ( COGS) automatically, which is an expense account that reduces your income. All these details are required for calculating taxable income and are very difficult to do by hand. This also reminds you to order inventory automatically when orders are low.
- Simplify Taxes
Perhaps one of the most important things QB can do for your small business is to simplify tax time. We know the largest headache in preparing a tax return is compiling your income and expenses. In the financial year, all you need to do is at that tax time is to print your financial statement with QB. although, with QB online, you can invite your tax preparer to access your account directly, so they can easily review your numbers and can print whatever information they required to prepare your return.
Wrapping Up!
QuickBooks is one of the most popular accounting software for small businesses. It comes in a variety of editions with amazing features and tools, that can help your business to grow. In the above article, we have explained the points that how can QuickBooks help your business to expand. Read the whole article carefully to know the importance of this particular software for your business.
