Starting or running a small business is a daunting task. Most of the accounting tasks, when done manually, are time-consuming and require a lot of effort, even for the simplest of tasks such as data entry. This is where QuickBooks can be your best friend. It helps in managing the accounting tasks.
But, is QuickBooks good for small businesses?
There are rumors that QuickBooks is only valid for large enterprises and is not a beneficial investment for small businesses.
QuickBooks is one of the leading accounting software in the USA. As per reports by Datanyze, it has seen positive growth since its inception and currently holds a market share of 56.99%. QuickBooks software helps in accounting processes such as preparing taxes, invoicing, creating reports, and more.
Here’s a list of reasons that prove the rumors wrong.
1. Money management
QuickBooks comes with features that are designed especially for startups and small businesses to manage their funds. For instance, it comes with a feature to connect your bank accounts with the application and check all the financial records. This way, they can also minimize the use of paper and contribute towards green accounting.
QuickBooks also comes with a feature where you put in key due dates of invoices that come around now and then. You can also print the checks directly from QuickBooks. Also, every transaction is recorded, and you can easily retrieve the details during audits.
2. Enhanced client management
To grow any small business, you need to offer superior services. Superior services result in good business relationships and loyal clients. This also creates a good reputation in the market which means your customers may also refer your services to other potential clients.
Similarly, QuickBooks helps you build a strong relationship with your clients by offering centralized access to your client’s QuickBooks accounts. This way, you can send emails, reports, messages, and more from a single dashboard. In the long term, it helps upsell your services and build long-term business relationships.
3. Efficient accounting
As the name suggests, QuickBooks automates your accounting processes and improves your organizational productivity. It helps you complete data-entry tasks seamlessly. Also, Intuit offers training videos for the users to make it more user-friendly.
This way, the users can learn the functionalities if they are stuck at a given point. QuickBooks also offers multiple functionalities for efficient accounting. It helps you create invoices, manage payroll, generate reports, and much more.
4. Add-on integrations
One of the best features of QuickBooks for small businesses is its ability to integrate with other programs. This ability makes it unique and one of the most loved accounting applications across the world.
For instance, it can easily integrate with Microsoft Excel and help you import its data for better management. Also, it can integrate with inventory management tools such as Acctivate for better inventory management and seamless data transfer.
5. Sales invoicing
QuickBooks offers another time-saving feature that keeps track of sales and generates receipts and invoices instantly. You can send these receipts and invoices to your customers via email.
For instance, you can create a batch of customers that avail of the same service. This way, you can easily bill all of them by sending the invoices to the whole batch.
6. Paperless accounting
Startups and small businesses also concentrate on becoming environmentally friendly and reducing their carbon footprint. For accounting firms, QuickBooks helps manage documents and receipts. With features such as:
- Automatic invoice production
- Digital file storage
- Depositing checks
- Accepting debit/credit cards
QuickBooks also allows businesses to email the receipts and invoices to their clients in groups. This feature is essential especially for small businesses because they mainly offer the same services to several clients.
7. User-friendly UI
QuickBooks offers an extremely friendly UI with features such as simple UX language, easy navigation, tutorial videos, and more. Intuit has also tried to eliminate jargon to ensure that people with limited accounting experience and small businesses can efficiently perform accounting tasks.
The instructional videos teach the users to perform tasks simple tasks such as generating sales orders. Such videos eliminate the hassle of looking into lengthy user manuals. Small businesses can also use these videos to train their staff.
QuickBooks has been a market leader since its inception. It provides features suitable for small businesses and allows them to complete accounting tasks with ease.
QuickBooks comes in various versions, and you need to choose the correct version depending upon your business needs.
Need guidance in choosing the right QuickBooks version for your business? Get in touch with our Solutions Consultant at 855-321-6576.