Quickbooks was developed in 1992, an accounting application developed for small-sized companies and for the owners who do not have enough knowledge about accounting. There are different versions of Quickbooks available which makes it one of the versatile accounting software available in the market. Different versions have different features that a business owner can choose according to the needs of the business.
Quickbooks has a lot of users all around the world and is going to be there in the market for a long. Quickbooks is available in the online version as well as a desktop version that is also available for the windows and Mac systems. When it comes to features, Quickbooks has plenty of features and with every new update, new features are also added to the software.
Some features may be available in all the versions of Quickbooks desktop without any addons but, some exclusive features are available only in Quickbooks enterprise. These features are what make Quickbooks worth using by small businesses. Check out our top reasons to support Quickbooks Desktop for small businesses.
11 Ways A Small Business Can Use Quickbooks Desktop In Its Favour
The primary goal of small businesses to use Quickbooks desktop is to manage the invoices, track the cash flow, pay bills, and more. It can also be used to create financial statements yearly, monthly, or quarterly depending upon the need of the business. Some companies prefer to handle Quickbooks operations on their own and some may have to hire an accountant for the same.
Tracking All Invoices
With the help of Quickbooks desktop, you can also create invoices. You can then print or email them to your customer. It will automatically keep track of the money that customers owe to you and also, the income generated. Other than this, you can also check the amount for the uncleared invoices under the accounts receivable section.
Printing All the Financial Statements
As mentioned, Quickbooks helps you to manage all the financial activities of your business. Quickbooks desktop also enables you to print those documents for use in the business. For some people, a hard copy of the document is easier to understand and in such cases, you can easily print a document using Quickbooks.
Other than this, when you are applying for any loan, the lender may also need a financial statement. The following reports can be produced with some clicks on the Quickbooks.
- Profit and loss statement
- Statement of cash flows.
- Balance sheet report.
Tracking All the Expenses and Bills
You can connect Quickbooks to your bank account and then it will track all your bills and expenses automatically. With the help of the account and credit cards, Quickbooks will categorize all the transactions that you can download when needed. Other than this, if you wish, you can also record checks manually in your Quickbooks.
Moreover, it is up to you if you wish to add the bills to let Quickbooks keep track of your bills and the upcoming payments. You will also be able to create an A/P report to make sure that you have paid all the bills on time and to view the billing history.
Managing your inventory is a tedious task to do. Often people get confused while keeping track of the inventory. With Quickbooks, it has become easier than ever. It will keep track of the number of items and quantity of items present in your inventory. Also, whenever you will sell a product, a new column with the name cost of goods sold will be created. With this column, you can easily calculate the payable taxes and also, it will notify you whenever you will need to reorder a product from your inventory.
Enable Online Payments
You can also enable online payments in Quickbooks. It enables your customers to pay their bills and invoices online. Online payments can be tracked effectively. For this, you can also add Quickbooks payment to enable your customers to pay directly through the emailed invoices. There is no difference between other payment merchants and Quickbooks payments. Because this is integrated into Quickbooks, all the sales, credits, cash deposits, and credit card fees are tracked automatically whenever they occur.
Make Taxation Easier
One of the most important and difficult things for most business owners is to file a tax return. The main struggle that a business owner has to face while filing a tax return is to combine all the income and expenses. But, Quickbooks can help you through the process. At the tax time, all you have to do is to print all the financial documents for your company and then you can call your tax preparer to check out all your accounts and prepare the sheet.
Scan All Your Receipts
Now, at the time of tax return, you need all your receipts. With the help of the Quickbooks, you can organize all your receipts together and then use them. If you use Quickbooks online, you can directly download the application, click a picture of the receipt and upload it to Quickbooks online. So, there will no scope of losing any of your receipts and they will be present at a single place for your future use. You can also attach the picture with each transaction. Moreover, there is no limited number to upload pictures on the Quickbooks cloud.
When your business grows, the data entry also increases. Quickbooks enables you to create multiple batches of invoices in a single place. This feature is great when you have to save time that you would generally spend while creating invoices for the customers. This feature can save up to 37% of the time of users.
If you are using the application, you can store your data either locally or on the cloud. Other than this, you will be able to choose the permissions that you wish to grant your employees. These cloud options are compatible with computer systems, Macs. Tablets, or smartphones. Irrespective of the way that you are using to grant access to your employees, your employees can still access files any time and anywhere. They do not have to sit at a single place to access the file.
Customized User Permissions
Now the next reason for which we suggest a small business should use the application is that it allows you to choose which user can see what and what changes they are allowed to make to the file. In such a way, you can protect the sensitive data and make other employees see what is enough for them.
Different Packages for Different Business
What we like about the application is that you can choose what you want from the software depending upon your needs. You will come across different versions of the Quickbooks offering you different features so that you choose the right product for your business.
Quickbooks make all the business processes easier for a lot of people. It is used by many mid-sized and small companies and the users of this application are growing with time. In this post, we have explained to you all the reasons for which we think using Quickbooks for a small business is beneficial. We hope that this article was helpful.