A Quick Look into QuickBooks

A Quick Look into QuickBooks

QuickBooks is an accounting software that can help you track the financial health of your client’s businesses. Creation of invoices, bills and financial reports like Income Statements, Balance Sheets and Cash Flow Statements can be easily done using Quickbooks.

QuickBooks accounting software can certainly keep an eye on the account receivables and even the taxes. This means that you do not have to do all the cumbersome calculations of the financial costs by hand. Everything is fully synchronized, even the payrolls. QuickBooks payroll can easily track the hours each employee has worked, helping you remain stress-free as it integrates well with other systems of your business. What makes the software even better is that you can access it from your computer, tablet, or mobile phone.

5 Ways to Use QuickBooks App for Your Business

QuickBooks is an accounting software that helps keep track of your client’s financial health. It helps in increasing the profitability and operating efficiency of small businesses. There are multiple things you can do on this app, including invoicing customers, generating financial reports, paying expenses, and more.

So, let’s look at the 5 ways you can use this app for your client’s businesses. We will also look at the QuickBooks software cost later in the blog.

Preparing taxes and tracking the invoices

Tracking customer invoices and taxing can be time-consuming. Thankfully, QuickBooks comes to the rescue! QuickBooks acts as a tax calculator, helping you record and track account receivables. You can even easily print these invoices. More so, the app helps in streamlining the taxes. Using this software, you can review the figures and print all the needed information.

Tracking the expenditures and bills

Keeping an eye on the bills of a business is essential to see if your client is making or burning cash. It should come as no surprise that QuickBooks comes in handy here as well! You can connect your bank and credit card accounts, which helps keep track of expenditures. You can also manually enter cash transactions into the software, which keeps everything synchronized and organized. Subsequently, you can even easily download all the information regarding the expenses according to the different categories.

Tracking the stock

Excellent inventory management is vital for the success of any business. QuickBooks is a tool that automatically helps manage your inventory cost, and it doesn’t stop there. You do not have to do all the bulky calculations of the cost of goods sold by hand. The accounting software also orders inventory automatically when it is running low.

Tracking the payrolls

Payroll is significant as it affects employee morale, further affecting a firm’s financial stability. One mistake while calculating the payroll can be fatal for a business. Here, the QuickBooks payroll function is quite useful. Using the accounting software, you can easily track each employee’s hours and make the customer invoices and employee payrolls. Further, as it is integrated with all the financial statements, the payroll figures can be updated automatically.

Creating financial reports

Financial statements are essential to internal as well as external stakeholders. It can help provide information regarding the revenue, expenses, profitability, and debt load. QuickBooks creates three types of financial statements:

  1. Income Statement
  2. Balance Statement
  3. Cash Flow Statement

Income Statements show the firm’s profitability after subtracting the revenue from the firm’s expenses. The Balance Sheet Report is the summary of the firm’s assets, liabilities, and equity. In contrast, Cash Flow Statement shows the operating, investing, and financing cash inflows and outflows of the firm. Using QuickBooks accounting sofware, you can save a lot of your valuable time by automating all the complex calculations.

Available pricing options

There are different pricing options for the different versions of QuickBooks:

In a nutshell, QuickBooks is a very affordable accounting software, considering how beneficial it is to your firm. It integrates well with other systems of your business. QuickBooks provides excellent accounting reports, and you can access the software from your computer, tablet, or even your mobile. It is extremely useful in finding customer information and synchronizing everything in one place. Overall, the system helps increase the efficiency and profitability of your client’s businesses.

 

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