There are many applications and tools on the market to help bookkeeper and others handle the accounting needs at their work. QuickBooks is one such financial accounting tool. It was developed and is made by Intuit. It was created and developed with small businesses in mind. It has a number of features and options that make it easier to manage systems such as payroll, accounts receivable and payable. There are even some QuickBooks applications that help with the manufacturing process. There are a number of reasons for small businesses to use this software package for their accounting needs.
- It is very easy to use. The main thing that many software applications need to be is user friendly. Not all accounting applications meet that standard. QuickBooks does. That is one of the reason it is used so widely by companies around the world. When a new company starts to use the software, it is very easy to set up a new account. This application has a process for orientation that is a virtual one. Basically, the system walks new users through the process. Most of the features that make up the bulk of the program can be started with just a click of the mouse.
- It can help small businesses manage their money. The proper management of funds is a big deal for any and all small businesses. One great feature that is included in QuickBooks is the one that allows its users to input the date that any and all payments will be due. When users create payees in the system, they can enter all of the information about their accounts. As bills become due, checks can be printed from the QuickBooks application. All of these transactions are monitored and recorded to be used for a variety of internal and external reports. This means that going to bank statements for this information is no longer something that companies need to do. If an outside entity, such as the Internal Revenue Service (IRS), it is easy to pull the pertinent information.
- Helps streamline expense reports and payment. Professionals working for their business and to advance their brand can easily have a lot of expenses related to that. Some of these expenses can be very large when they are traveling for the small business or they can be much smaller when they are entertaining prospective clients or going to meetings and need reimbursement for mileage. With QuickBooks, it is really easy to keep track of all of the expenses submitted to the CPA or the accounting department. These can later be sorted by staff member, type of expense, client or project. An analysis of how the business is spending its money in this way is easy to do.
- This system is great for sales invoices. It is very important that small businesses have a system in place to handle their invoicing. QuickBooks has a great feature that helps businesses create and track sales invoices. They can be mailed via the post office or emailed to clients and customers. Invoices can be done one by one or in larger batches. This is useful when all of the invoices for a certain client need to be redone or when a company wants to bill all of the clients that use certain services. This system also allows companies to take credit card payments for their bills. This system also allows users to take check payments and deposit them into the company account.
- The QuickBooks system makes reporting a breeze. There are a number of reasons small businesses need to produce financial reports. These can be for a number of outside groups or government agencies. Examples of reports that can be generated using this system include forecasting documents, trend analysis, expense reports, income from one year to the next and others. These can be used if the company is audited by the IRS, to help with a small business valuation process or to show possible investors. These reports can be exported into different spreadsheet application formats or as a PDF file and printed or emailed.
Small businesses that want to streamline their accounting system should consider QuickBooks as a way to do that. It is cost effective and simple.