Bookkeeping with Quickbooks
Maintaining financial accounts manually can be a challenge, particularly for small businesses. It is tedious, and time-consuming and can cause accountants to make human errors leading to inaccurate financial records. When records are maintained in paper format, there’s a high chance of misplacing documents. So, what’s the alternative? As a small business owner, you can use software that automates accounting tasks and provides you with important company information and time to concentrate on the other aspects of your business. A great software solution is QuickBooks.
What is QuickBooks?
Quickbooks is one of the most popular accounting software for small businesses. The software is easy to use and automates many of the accounting tasks such as VAT tax management, invoicing, budgeting, inventory management, time tracking, and many more features and benefits. By automating accounting tasks, you eliminate manual data entry and free-up time that can be spent on growing your business.
Let’s have a look at how QuickBooks can help businesses like yours.
How Can QuickBooks Help Businesses with Accounting?
Connects Seamlessly With Various Banks
QuickBooks connects with your bank accounts, and as a result, you will get a complete picture of all your finances and cash flow. You don’t need to juggle between different bank applications to check the status of your finances, QuickBooks has everything you need in one location.
Helps In Creating Invoices Instantly
As a small business, you require invoices to be generated instantly so that you can received owed monies, paid quickly, from your customers. Even with a slight delay, your financial accounts can suffer. QuickBooks shines in this regard. With QuickBooks, you can generate personalised and professional invoices instantly and keep your cashflow flowing. It also allows you to track invoices so you can easily send reminders to customers to settle monies owed.
Automates Expenses
QuickBooks automatically organises your receipts and bills in one place. All that is needed is take a photo of the receipts or bills and the app automatically arranges and stores them in one place. This is a great time saver, which is just not possible with manual data entry.
Assists In Making Tax Digital
You may have heard of “Making Tax Digital” (if not, you can click the link). It has been introduced by HMRC to help businesses and individuals report tax easily. In the UK, Making Tax Digital is about submitting VAT returns. In the future, it will include Income Tax and Corporation Tax as well.
Currently, QuickBooks assists in submitting only VAT returns to HMRC. It collects the data for VAT returns, and once approved by you, Quickbooks submits the returns to HMRC directly from the app.
It helps In Payroll Management
QuickBooks makes it easy to calculate pay for you and your employees. Payslips are automatically generated and can be shared with your employees.
Generates Accounting Reports
QuickBooks generates accounting reports enabling you to assess your business financial performance over any given period so that you know where the costs are and where your business is making money. Aside from reporting, you can also access cash flow statements, profit and loss statements, and many other useful features too.
QuickBooks Pros And Cons
Pros
- Easy to use software application.
- Integrates with third-party applications.
- Can be accessed from any device.
Cons
- Access is limited to a certain number of users.
- Lack of invoicing design tools.
QuickBooks Offers Different Pricing Plans
QuickBooks offers varying pricing plans for businesses like Simple Start, Essentials, Plus, and Advanced.
To summaries, QuickBooks simplifies the accounting process and makes it much easier to manage your company’s finances. Its robust features, easy-to-use interface, and security features make QuickBooks a must-have piece of software for businesses of any size.
Penny’s Bookkeeping is very well versed with Quickbooks, and if you are looking to use Quickbooks, we can help you to set up the software and getting started, so that you can manage your accounts efficiently.