Regardless of your business type, thriving in today’s accounting battlefield requires embracing the best-fit accounting software. An ideal accounting software, such as QuickBooks, enables you to automate many transactions involving payables and receivables, inventory and employee payroll, etc.
Since its introduction, QuickBooks has revolutionized the accounting scenario for small and medium accounting firms, especially in the United States. It saves time and money by helping businesses streamline their accounting, monitoring, and reporting processes.
But that’s just scratching the surface! Let’s dig deep into the various reasons why businesses need QuickBooks.
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QuickBooks is a top-rated accounting software among accounting professionals in the USA. It is perfect for businesses of any size and takes care of all their accounting needs.
Let’s look at the top 10 reasons you need QuickBooks for your business.
As a business grows, need for several third-party add-on integrations also grow. QuickBooks connect with over 700 integrations – a major advantage of the accounting software. Users can feed all of their business income and expenses, and quickly export that data to their most preferred tax preparation software. Businesses can also integrate QuickBooks with MS Excel. They can seamlessly import data from other sources and use it in QuickBooks.
2. Automatic Tracking of Expenses and Bills
Another significant advantage of QuickBooks is that it enables businesses to keep track of their expenses and bills automatically. They can connect bank account or credit card details with QuickBooks to categorize and download all their expenses.
Businesses that prefer checking transactions manually can record it directly in the software quickly. Similarly, they can enter bills upon receiving them and also track any upcoming payment (s). As a result, businesses can ensure timely payment of bills by creating an A/P report.
User-friendliness is one of the most significant reasons why QuickBooks is so popular amongst businesses. Easy navigation and intuitiveness make the accounting software an easy-to-use product even for newbies who doesn’t need any financial expertise.
Upon successful login to the QuickBooks account, the first thing that a user sees are the most critical information. It includes profit and loss data, expenses, bank account details, sales, invoices, and tips. The menu on the left allows users to access various pages such as reports, taxes, tools, banking, sales, etc.
4. Automated Backup
Businesses’ financial data is secure with the automated backup service of QuickBooks. If ever a business encounters a problem, the feature enables them to restore the data quickly. They can save everything in the company file, including your logos, photos, letters, and related files.
Accounting and finance staff working in SMBs finds the automated backup service of QuickBooks useful, especially because they have less budget for cybersecurity.
5. Pocket Friendly
Most businesses work within a limited budget during their early operational days. As a result, choosing an affordable accounting program that provides a quality service is important.
QuickBooks Bookkeeping feature is one of the most cost-effective options businesses can use to simplify their accounting processes. As their business grows, they can switch to a higher plan to add more users and get additional features.
QuickBooks ensures that running a business becomes pocket friendly; you can run a business worth millions of dollars in just a few hundred dollars.
6. Generate Reliable Reports
Businesses can ensure accuracy and reduce accounting errors by using QuickBooks. The accounting software provides businesses with:
- Invoice reminders
- Report frameworks
- Chart of accounts
- Invoicing support
Besides, QuickBooks provides users with a wide range of reports. These include:
- Balance sheet comparison
- General ledger
- Account list
- Balance sheet
- Profit and loss
- Recent transactions
- Cash flow statement
- Trial balance, and more
In addition to the above, users can draft management reports which comes with some pre-existing templates and custom reports.
7. User Community
QuickBooks is a tech-driven accounting solution. Hence, accountants and CPAs may face difficulties performing or upgrading software tasks. The benefit of using QuickBooks is that it is a widely-used software in the USA and has a large community where users and tech enthusiasts can help solve various concerns.
8. Digital Payments
How do you take payments from clients who do not carry cash? Do you wait for checks from them? If yes, QuickBooks solves such problems with the help of its online billing component, taking your payment system to the next level. You can send invoices through emails and charge your clients through their debit and credit cards.
9. Payroll Processing
Manual payroll processing may lead to mistakes, and no company wants that. It is a sensitive field where a tiny mistake can result in unhappy employees. QuickBooks can handle payroll activities and automate the whole process.
Another cool feature is that QuickBooks Payroll is integrated with QuickBooks so that all your transactions are updated, and you can see all the relevant information while paying your taxes.
10. Simplifies Tax Filing
Tax season is among the most challenging times for accountants. QuickBooks makes tax preparation easy for them and small businesses. Users can monitor income and file tax reports error-freely.
Furthermore, QuickBooks allows you to store all your data in a single place, enabling anytime access. Every transaction detail and bank statement will be there for the accountant to see and verify, making the tax filing process straightforward and precise.
Do I Need QuickBooks for My Small Business?
Whether or not you need QuickBooks for your small business will depend on several factors. These include the size of your business, your bookkeeping needs, and your personal preferences.
Here are some factors to consider when deciding if QuickBooks is right for your business:
- Size of your business: If your business is small, with only a few monthly transactions, you may not need sophisticated accounting software like QuickBooks. A simple spreadsheet or free accounting software might be sufficient.
- Bookkeeping needs: If you have a lot of monthly transactions and need to track expenses and revenues in detail, QuickBooks can help you streamline the process and save time.
- Personal preference: Some small business owners prefer to keep their accounting in-house and may feel uncomfortable using online accounting software.
- Legal requirements: Depending on your location and business structure, you may have legal requirements for bookkeeping and financial reporting. QuickBooks can help you stay compliant with these requirements.
Ultimately, whether or not you need QuickBooks will depend on your specific business needs and preferences. It may be worth considering if you want to streamline your accounting processes, save time, and have access to detailed financial reports.
QuickBooks, A Window into the Future
Placing QuickBooks at the center of an accounting transformation strategy will allow businesses to take their accounting capacity to the next level. QuickBooks has been a slogan for many leading companies in recent years. It’s a modern-day solution that caters to the needs of every business. However, companies can try hosting QuickBooks on the cloud to get enhanced features of the software.
Hosting QuickBooks on the cloud enables users to unleash the full potential of the desktop version of the accounting software. These include anywhere, anytime access, data security, high uptime, disaster recovery, round-the-clock customer support, and more.
Want to know more about QuickBooks? Get in touch with a Solutions Consultant at 855-781-8934.