08 Feb The Advantages of Using QuickBooks for your Business
The manual accounting system is old-school. Many businesses nowadays are leaning toward the automated system as it help them sustain the functionality of growing industries. Most businesses also give priority to achieving an efficient, robust, and effective accounting system.
It is essential that every business keeps an accurate set of books regardless of the nature of the company. It will be tough for one’s business to succeed if it’s lacking reliable and accurate financial records. These records will become a gateway for investments and funding to come in because these are what the investors and lenders will consider to validate the company’s financial standing. Businesses also need to deal with regulatory and statutory compliances that’s why good financial and business records are vital.
With the various system available in the market today, QuickBooks is one of the most used tools for businesses. It’s the ideal accounting software that caters to small and medium enterprises.
What are the advantages of using QuickBooks?
1. Easy to use and set up
You may choose the specific QuickBooks version and programs that would be suitable for your business needs.
QuickBooks has Desktop and Online version. Nowadays, many businesses prefer the Online Version because of its cloud capability and accessibility.
The QuickBooks Online version allows you to set up your bank accounts (QuickBooks compatible) and have them linked to your QuickBooks system. This will sync auto-feed transactions from your bank statements to the online system by clicking the refresh button. It will easily facilitate the bank reconciliation processes and update bank balances on a real-time basis.
If your bank account is not QuickBooks compatible, but it can use a CSV( comma-separated values) files, this can still be linked to your QuickBooks by uploading the CSV file to the online version or convert the CSV file to a QuickBooks file (QBO file). You need to upload this to the desktop version to aid in the reconciliation process.
2. Wide array of programs to choose from
Quickbooks need to adapt to the changing times relative to technology and innovation that’s why it launched several programs that will fit your industry standards.
Currently, QuickBooks offers the following programs to choose from:
- QuickBooks Pro- This program is like the entry-level version of QuickBooks. It contains most of the business rudiments that will help small businesses manage their accounting processes. It can instantly generate a report on sales, expenses, and profit.
- QuickBooks Premiere- This Program is highly recommended for industry-specific businesses because of its higher version features, which are not available in the Pro Version. This offers tools that can generate industry-specific reports and create Business Planning Analysis reports.
- QuickBooks Accountant – This program combines the features of both the Pro and Premiere version. This is designed primarily to address the accountant’s needs and requirements. It will aid the accountant to correct or adjust entries, prepare reports, and perform an analytical review of the financial status.
- QuickBooks Enterprise- This is the elite or top-of-the-line QuickBooks version. It includes all the essential elements of the accountant’s program and it offers advanced reporting requirements.
We’ve mentioned already some of the advantages of using Quickbooks, but one of its most crucial features is that it can save you hours and hours of having to process your reports and documents manually.
QuickBooks simplifies the bookkeeping and accounting processes. Instead of maintaining a manual Excel-based file, the general ledger account coding system is readily available on Quickbooks. This can automate and simplify the bookkeeping process, helping you prevent redundancy in the manual workaround and also avoid erroneous journal entries.
4. Customized Reports
QuickBooks is automated that it can generate financial reports quickly. Erroneous and inaccurate reporting can be prevented as well. Another important thing to consider is that you can easily customize the format of your reports. You can always generate reports that are in line with the requirements.
QuickBooks is truly a value for your money. This is affordable and a good investment for your business. Innovating your business means you are ready to adapt to the latest trends, and this will help “future-proof” your business.
6. Connectivity and Adaptability
QuickBooks has a sharing capability. It can connect to over 100 business software and applications. It can be shared and it’s compatible with widely used programs such as Microsoft Excel, Word, Outlook, and PDF.
7. Diversified Payment Systems
QuickBooks leverage its system to keep up with the automated payment systems.
You can pay bills via online banking and set up this feature in QuickBooks using debit card payment, credit card, wire transfer, auto debit arrangement and check payment. Once your online banking is connected to your QuickBooks account, you can process payment easily with just one click. Your participating bank will handle the rest of the process. Your monthly bank statements and reports can be downloaded, too.
8. Hassle-free Invoicing
In some higher versions of QuickBooks, you can create an invoice or batch of an invoice that can be sent to multiple customers for payment collections.
In terms of supporting documentation for payment and sales, invoices and receipts can now be captured via Quickbooks Mobile App and can be uploaded directly to the system using your mobile phone. You can also use your online QuickBooks Account and upload the PDF files or JPEG files into the system. In this way, it will serve as a repository location for files.
One of the added features in higher versions of QuickBooks is the Auto-Copy to-Ship to Address. This is to keep up with Amazon and other drop shipping businesses. These types of industries will benefit from Quickbooks because they can use the feature to convert Sales Order to Purchase Order.
With all these advantages of using QuickBooks, you need to consider QuickBooks as a reliable accounting software. However, this software is just a tool to help you with your business. This still needs human intervention. Therefore, running a successful business requires expertise, solid experience, and strategic thinking. Quickbooks is a great tool to help make the process more efficient.