In today’s article, we will try to uncover the fact that – is QuickBooks good for small businesses? Why it is the best solution for your business?
Running a business, regardless of its size, can be quite a challenging task. However, you can simplify your journey if you are equipped with the right tools and know-how to use them correctly.
The tool can help you with an insight into the financial information or the spreadsheet and help you with your financial reports. It will minimize manual data entry and can accelerate finance operations.
One such accounting software is QuickBooks which has been developed by Intuit – a leading American business company that specializes in financial software.
In this article, we will try to understand what QuickBook is capable of, and how it can help you save time, and why you can consider using it to offload some of the business’s operations.
QuickBooks – What can it do for the business
One of QuickBooks’s prime advantages or features is its tax-compliance offering. Processing the payroll can be a time-consuming and complicated task.
Before calculating the tax portion, you need to assess the hours, enter the hourly wage, understand the employee’s withholdings, decide the applicable pay schedule, and make the adjustments as needed.
On the other hand, if you have QuickBooks, you can have all of it and more handled. It will calculate the business tax payments and the employee tax withholdings on both a yearly and quarterly basis.
Often, the payroll taxes can be quite a task to figure out, and processing them will only happen later. If that is what you are struggling with, you can seek refuge in QuickBooks’ Payroll solution feature. It can help you with every aspect of the tax situation for your business.
The popularity of QuickBooks can be assessed by the fact that it is one of its kind and provides businesses with a no-penalty guarantee.
Tracking expenses and cash flow
Usually, businesses face a huge challenge when it comes to maintaining and tracking cash flow. So, regardless of whether you are a seasoned veteran or a new startup, cash flow maintenance can be a bit tricky.
The best way to understand the cash flow of your business is visibility into where the funds are. That is when the tracking feature of QuickBooks comes into play.
Dan, an accounts manager with a platform where you can find online math tutors, says that they use QuickBooks because it helps them understand the income, invoices, expenses, and other vital aspects of their financial condition and business.
QuickBooks integrates your business accounts and credit cards. It will download the data and then categorize it. In addition to this, you can also create reports that can help you gather more in-depth insight into your business.
For instance, you can draft accounts payable reports with the software and then verify them with the vouchers. This can result in better tracking for your business.
Noah, an economics homework help provider, says that they religiously use QuickBooks to build accurate budgets in their company. For a business, budgeting is quintessential. It can give you an understanding of your business’s financial standing. QuickBooks’ TSheets feature offers reliable embedded time tracking.
Availing of online payments
For a small business, online logistics is always a challenging experience.
However, with QuickBooks, you get a solution that enables small businesses to join the e-commerce market. With the inclusion of the feature, QuickBooks Payments, a small business can accept both credit and debit card purchases and ACH bank transfers.
It also offers next-day payment delivery, something that you may not find with the competitors. Such flexibility enables small businesses to have a standing for themselves in this tech-forward and complicated market.
For a business, the payment method should always be the most hassle-free of all its aspects, states Faizal, an educator who offers accounting assignment help.
Owing to QuickBooks’ commitment to providing small businesses with a seamless platform for exchanging money, the small businesses’ payment mechanism is now streamlined and simplified.
General reporting features
The primary highlight of this tool is that it offers visibility to your business. With QuickBooks, you have a convenient and hassle-free way to organize your financial information, from tax compliance to receipt filings.
When you have a thorough understanding of the business’s financial condition, it is easier for you to make more informed business decisions.
Moreover, with the mere awareness that you are backed by one of the largest providers for small businesses, you feel a sense of relief and calm.
Why pick QuickBooks over competitors?
More than a few time and payroll and attendance providers are available in the market. However, we recommend QuickBooks over others because of some of the notable attributes of QuickBooks, which makes it inarguably the best.
- In-built advanced time tracking
- Zero penalty guarantee
- Automatic payroll
- QuickBooks Online
- Same-day direct deposit
QuickBooks holds the ability to minimize the legwork involved in running a business. With this tool, you can offload several tasks, such as tax compliance, payroll processing, online payment acceptance, and budget tracking.
So, QuickBooks can help you with all the vital financial information that can make or break your business. The tool can also integrate with 500 applications to allow you to keep using the different programs that can enable you to run your business seamlessly.
QuickBooks is not a tool that you pay for once, and you are sorted. It is a tool wherein you will have to bear a monthly fee.
However, the tool does come with a free trial, but its basic plans have a chargeable fee applicable per month.
But is it worth it?
Well, most definitely, yes! In addition to the QuickBooks Payroll, QuickBooks is one of the most effective business tools. The software integrates with over five hundred other applications meant for small businesses and allows you to operate its back-end operations.
The software has more than a few noteworthy features, making it much more superior to its competitors. The tool has been designed, keeping in view the requirements of a small business owner.
Thus, to cut a long story short, QuickBooks presents a host of features that enable a smooth run for your business. Hence, if you wish to build a healthy and successful business, you ought to invest in solutions that will allow you to better your company.