QuickBooks: Should small businesses give it a try?
Starting a business can sometimes be extremely challenging, especially when you have multiple tasks to focus on. Specifically, finances are by far are one of the most crucial factors in a business, so ensuring that it is being cared for and tracked is extremely important. With this being said, in today’s article, we are going to be discussing QuickBooks, an application that assists small businesses in keeping track of their finances.
What exactly is QuickBooks?
QuickBooks is an amazing application for small businesses as it makes it easy to keep all financials organized anytime, anywhere. As a whole, this application encourages small businesses to make better business decisions, focus on growth, and take the stress out of tax time. However, QuickBooks is more than just accounting software. It allows its users to create invoices, track their cash flow, accept payments, see what’s selling, plan for the future, and much more. Through tracking financials accurately, being essential for any business, QuickBooks saves time and money by connecting business tools and making it easy to track everything you would need to make important business decisions.
With this in mind, QuickBooks offers its users a wide range of features and benefits that other finance applications fail to provide such as:
- Saving manual entry: Users are able to connect their accounts to automatically download transactions from their bank, credit cards, PayPal, and Square
- Stay organized with some help: QuickBooks automatically suggests tax categories for income and expenses based on what users did last time, and they can set up rules for recurring items.
- Find on average $4,273 in tax savings per year 1: With everything organized in one place, it’s clear to see and users can make every deduction count.
- Know what you’re spending: With key financial reports at users’ fingertips, they can get a better understanding of their cash flow and profitability.
- Keep more of what you earn: With all user’s receipts stored and attached to expenses, they will be ready to make every deduction count at tax time.
- Stay organized on the go: Users are able to take a picture with their phone and upload it to QuickBooks to keep receipts safe and organized. From there they will automatically match users receipts to existing transactions, so users are organized for tax time.
- End professional invoices from anywhere: Users are able to customize invoices or work from templates and send them from any device without skipping a beat.
- Allow customers to pay from the invoice: Customers can pay by credit card right in the invoice and QuickBooks deposits the money for them.
- Work smarter, not harder: Users can turn estimates into invoices, set up recurring invoices, and get alerts when customers view and pay.
- Invoice in stages with progress invoicing: Users are able to use full, partial, or custom amounts to invoice clients based on milestones or stages and track progress automatically.
- Give customers a new way to pay: Users are able to send invoices with a Pay Now button so it’s convenient for customers to pay by credit card right from the invoice.
- Smart payment tools: Users can set up recurring billing, track payments on the go, and get instant notifications when customers view and pay invoices.
- Make fewer bank trips: Every payment users accept appears directly in QuickBooks and they deposit the money right into their bank account, so users don’t miss a thing.
- Built-in time tracking: Users can track billable hours by client or employee and add hours to daily or weekly timesheets.
- Consolidate your workflow: Users can automatically add time and expenses to invoices and save time on payroll with employee hours ready to go.
- Let employees add time: Users can enter hours themself or give employees protected access to enter their own time.
- Do more & save more with TSheets: Users can seamlessly integrate with TSheets by QuickBooks for powerful time tracking that can save users 6% on payroll costs.
- Stay ahead of backorders: Inventory quantities are automatically updated when users buy and sell products and get notified when inventory is low.
- Bring your lists with you: Users are able to import their existing lists of vendors, customers, products, and services from Excel or sync with Amazon, Shopify, and more.
- Stay on top of purchase orders: Users have the ability to create purchase orders and keep track of what they have ordered from each vendor.
Is QuickBooks a reliable application?
Through further research, it is safe to say that QuickBooks is an extremely reliable application. When looking at its privacy and security terms, it states that they take security very seriously through ensuring that they safeguard user’s information that they share with them through some of the industry’s best practices. The innovative technology that they use helps stop fraudsters in their tracks and ensures only users can access their Intuit Account. Along with this, QuickBooks ensures that they work to create innovative ways to put user’s data to use while protecting their privacy. The information that users share with them through any of their offerings, gets saved to their single Intuit Account. Having user’s data in one place helps them complete things such as show users their insights about their financial situation, as well as help them know when they might like to connect with a live expert.
Should small businesses give QuickBooks a try?
After observing and analyzing this application, it is clear that QuickBooks is an amazing, effective application for small businesses to use. By allowing its users to create invoices, track their cash flow, accept payments, see what’s selling, plan for the future, and much more, small businesses can definitely benefit from using this application to further help grow their business as well as effectively keep track of their finances.