Advantages of QuickBooks For Small Business in 2021
For any business, its financial information is of utmost importance. Every company wants to keep track of what it makes and what it spends. Accounting software helps businesses do all this.
QuickBooks and the Advantages it offers To Small Businesses
When selecting accounting software, it is crucial to know about the software and its features. In this article, we will discuss one of the most popular accounting software that is QuickBooks. We will answer questions like when did QuickBooks come out? Who created QuickBooks? History of QuickBooks software and, most importantly, its features.
QuickBooks and its History
QuickBooks is an accounting software created by Intuit. Scott Cook and Tom Proulx founded Intuit in the year 1983. Initially, the company introduced Quicken software as a personal financial management tool. After the huge success of Quicken, the company launched QuickBooks to help small and medium businesses manage their financial statements. However, quicken software that was launched initially did not support the “Double Entry” bookkeeping system. Thus, the company launched QuickBooks to eliminate the loopholes of Quicken and offer more advanced features to small businesses.
QuickBooks is a robust and valuable financial and tax preparation software. It is one of the most comprehensive accounting software that is easy to use, has a simple user interface, is secured, and offers rich accounting features. In addition, it provides a wide range of Accounting & Bookkeeping support to businesses. QuickBooks simplifies and streamlines the management of financial transactions. It boosts workflows and automates regular tasks.
Features Of QuickBooks Accounting Software
Cash Flows
With QuickBooks accounting software, manage your cash flows and view all your money in and out. It lets you track your invoices and keep cash flowing for easy payments. In addition, the software generates cash flow statements that show all activities that result in cash inflows and cash outflows for your business and provides you with helpful information for making informed business decisions.
Invoicing
With QuickBooks accounting software, businesses can create professional and customized invoices, sales receipts, and estimates that you send to clients immediately. You can also get invoices paid anywhere and anyhow through QuickBooks. The invoicing feature saves you time and enables you to generate receipts and invoices at the click of the mouse.
Online Banking
The QuickBooks online banking feature facilitates the integration of banking statements and transactions to automate the auto-syncing process and update your statements and transactions in the software.
Accounting Reports
This feature enables you to access the minutest details of your business accounting functions. In addition, the inbuilt reporting format of QuickBooks lets you access financial performance statements. It offers customizable reports and dashboards that allow you to analyze how your business is performing instantly.
Inventory Management
Keeping track of inventory is a seamless process with QuickBooks accounting software. It lets you track the quantity and cost of inventory and automatically reminds you to place an order for stock when quantities are low.
Payroll
With QuickBooks accounting software, you can efficiently process the salary of all your employees effortlessly. You can easily track your employee’s hours, create paycheques, calculate payroll taxes, make a direct deposit, and prepare and file taxes with the payroll management feature. In addition, QuickBooks payroll is integrated with QuickBooks, and thus your financial statements are always up to date.
Tax Preparation
QuickBooks accounting software simplifies the tax preparation process. You can simply print your financial statements or invite your tax consultant to access your account directly and print the desired information they need to file returns. QuickBooks accounting software can be used for the calculation of IT returns. It makes filing taxes and monitoring income much more effortless. With QuickBooks software, you can file your taxes on time and correctly.
Conclusion
QuickBooks accounting software is the leading bookkeeping software. The desktop and cloud-based accounting software is easy to use and offers a wide range of features to small and medium businesses. It has a user-friendly interface that enables companies to manage their financial transactions and statements and generate several types of reports. In addition, it is comprehensive accounting software that allows businesses, accountants, and individuals to manage their Statement of Financial Position. QuickBooks offers a full range of financial management and reporting features that streamline the accounting process.
