Often, the key to “making it” lies in the basics. More specifically, when you manage your business so well, everything else just seems to fall into place. This is the foundation you build your company’s future on, so it’s vital you get it right.
For this reason, and many others, many businesses turn to QuickBooks.
We’ve put together an in-depth look at the software, as well as how it can be integrated into your business, even if you’ve never used it before.
What is QuickBooks?
QuickBooks is an accounting software package that helps you manage the various aspects of accounting, including income and expenses. But there’s so much more to it than just this alone, and there are a variety of packages available to cater to different customers’ needs.
- There are more than 42 million QuickBooks users across the globe. This proves its value, but also its versatility, as it works in different environments.
- Using QuickBooks rather than traditional methods and spreadsheets can limit your carbon footprint. The infrastructure makes it possible to implement a paperless office.
- In the U.S., more than 85% of small businesses pick Quickbooks as the accounting software of choice.
- QuickBooks is known to provide the most comprehensive paper trail.
What Is the Purpose of QuickBooks?
QuickBooks is all about streamlining the accounting process. The brand incorporates almost all aspects of accounting, which means you can operate everything from one platform. The motivation behind it is to help document and manage a company’s accounting responsibilities, as accounting departments do, but without using tables and spreadsheets.
QuickBooks is also designed to assist businesses in filing tax documents and even planning for the future.
What Are the Benefits of Using QuickBooks?
If you’re going to change from your current accounting process to using QuickBooks, you need enough reason to make the investment:
- QuickBooks Is User-Friendly – Instead of it being suited for professionals only, the brand caters to the general public and business owners who don’t have accounting backgrounds.
- Customer Service – The brand is known for excellent support to customers, so if you get stuck, you’ll have someone to help you out.
- Accountants Know QuickBooks – No matter which accountant you employ, the chances are he or she will be comfortable using QuickBooks. Most professionals know the software, which makes learning curves of new employees very short.
- Prevent Integration Problems – Businesses that use third-party accountants or auditors won’t have challenges because you can give them access to your QuickBooks account. You don’t have to waste time reformatting reports so that they are compatible with their systems. You can also integrate with other relevant business apps and software, including time trackers, email marketing apps and CRMs.
- Versatile and Compatible – Depending on the version, you’ll be able to access your QuickBooks account from almost anywhere, as long as you have Internet access. It also works on Windows and Mac computers. Thanks to the latest technology, there are even mobile options so you can access information no matter where you are.
- Saves Time and Money – Quickbooks comes with many automated features, which means you or your accountant will spend less time doing things manually. This frees up time for other responsibilities so you’re more effective and productive.
Is QuickBooks Free?
Your budget is probably a determining factor in the accounting software you’ll use. The benefit of QuickBooks online is you can use it for a trial period of a month without paying anything. If you continue using it after that, you’ll be responsible for monthly fees.
If you plan to purchase the desktop version of QuickBooks, there is a one-time fee of either $219.95 for Pro or $379.95 for Premier.
Note: Discounts often apply, but if you opt for the free trial period, these discounts are sometimes forfeited.
QuickBooks and Your Business – Is it Your Best Option?
When you’re making business decisions, you must ensure a product aligns with your goals. Here’s how QuickBooks gets this right. With a QuickBooks package, you can manage all accounting processes via one program.
- Document Sales and Income – All your paperwork can happen on the QuickBooks platform. You create invoices, which will be allocated to certain customers. That makes it easy to see who still owes you money, and it’s effortless to get a report of these outstanding payments.
- Track Expenses – The QuickBooks platform can be connected with your bank account. What happens in real life will reflect on your QuickBooks interface. That makes it easy to categorize your expenses and keep your records up to date. The software also helps you pay on time, as it’s easy to download an accounts payable report.
- Quick Reporting – Of course, detailed reports are characteristic of quality accounting. You need them to give feedback on the current state of affairs, but they also help you plan for the future.The moment you enter a transaction, it becomes part of the QuickBooks records. So, as long as you keep your records up to date, reports will reflect real-time data. This helps to make better, more accurate decisions relevant to your situation. QuickBooks facilitates various types of daily, month-end or financial year-end reports including:
- Profit and loss
- Balance sheets
- Cash flow statements
- Accounts receivable
- Accounts payable
- Inventory valuation summary
- Track Your Inventory – The great advantage of QuickBooks is the real-time feature. You can enter transactions on the system and they immediately become part of reports you request, such as inventory you have on hand. You can easily use this to manage your stock on a daily basis and make proactive decisions based on the data. This is much easier and more accurate than using spreadsheets. Reports can provide details about:
- Inventory value
- Inventory on hand
- Average cost
- Payroll is Integrated – Here’s the benefit of using a payroll system that’s part of your general accounting infrastructure: Your accounts will always be accurate. The moment something changes due to payroll movements or payments, the QuickBooks reports will reflect it. This minimizes misunderstandings and improves accuracy. This is important when you need to make quick decisions.
- It’s also advisable to opt for this automated system rather than manual processes. Digital systems prevent human errors, so there will be fewer unhappy employees complaining about mistakes on their wage checks.
- You can even trust QuickBooks with calculating employees’ tax. With a payroll subscription, you can integrate current tax tables with your accounting software.
- Do Your Taxes – QuickBooks can do even more regarding your taxes. In addition to helping to calculate employee tax, your business’ tax season will also run smoother than before.
- Statements and receipts are tracked on the system, so nothing is done manually anymore.
- Your accountant or auditor can access the system to compile your tax returns. All the information is on hand.
- Tax returns are more accurate because the professional can easily ensure all relevant details are taken into account.
QuickBooks Works for All Types of Businesses
- Different Options – QuickBooks aims to cater for all types of businesses, and that’s why you’ll find different packages. The brand even added customized options for unique entities such as non-profit organizations and contractors.You can also decide which options to add, such as the payroll feature. This allows you a customized experience, plus you can manage your software budget.
- Scalable Products – In addition, enjoy the benefit of tailoring the software to your business’ size and function. Even growing businesses find it easy to use because you can adjust it as your company changes.
Be Prepared— More Tips
Of course, no product is perfect. We want you to be prepared so you’ll benefit optimally when you pick QuickBooks for your business. Here’s what you need to know:
- Remember the free trial period for the online versions prevents you from using a six-month 50% discount option. Luckily, they also have a free demo. It will give you less experience with the program, but if you can use that discount, this option would benefit your budget long term.
- You can’t upgrade to a business plan if you pick the self-employed plan. Make the right decision from the start if you plan on expanding.
- Plans have guidelines regarding the number of users that have access. Depending on who you want to have access, this may force you to pay for a higher-tiered plan.