QuickBooks is a software package for financial accountants. More specifically, it helps them when it comes to managing financial reports, credit card use, accounts receivable, and accounts payable. QuickBooks controls 85% of the accounting software market for small businesses. This popularity stems from the fact that it offers many benefits to its users. Here are some of them.
Managing Cash Flows within the Business
This software helps you keep track of your transactions because you can enter payment information for recurring bills. This information includes due dates. Conducting audits in the future would be a straightforward process when this kind of data is available. Additionally, you can view all your transaction information on a single platform.
Interestingly, you can link your bank account to QuickBooks helping you manage your money from a central location. In fact, you can print checks from QuickBooks once the due dates for recurring bills arrive. These features improve financial management in many small businesses because they will track the movement of cash within the company.
Billing of Expenses
Enter an expense in QuickBooks and then mark it as billable to your customer if you incurred it because of him. Your client will see it once he goes to his invoices. Popups may notify him of this expense as well. However, the process differs depending on the product you are selling, but the automated notifications are available in each case.
QuickBooks is excellent because most businesses create worksheets so that accountants can manage and track these expenses. You do not have to do that when you are using QuickBooks. Additionally, marking them as billable to specific customers is impossible in most accounting software. Therefore, QuickBooks is the best one in this respect because the application allows you to do that.
Tracking Sales and Creating Receipts
Automatic generation of invoices and receipts is possible if you use QuickBooks. In fact, you can do that at the touch of a button saving a lot of time and money. In fact, you can send them to your customers immediately through email. You can also bill your customers individually or in large batches. Doing it in bulk is practical when you are charging several clients for the same thing.
Other benefits of this accounting software are possible if you subscribe to QuickBooks Merchant Services. More specifically, this upgraded version helps you accept debit and credit card charges through QuickBooks Pro. Users who use Check Solution for QuickBooks have an added advantage as well. They can scan and then deposit checks into the accounting program.
Generating Reports in a User-Friendly Way
Creating financial reports takes time and effort. QuickBooks turns this tedious process into an effortless one. For example, you can create year-over-year income reports at the touch of a button. You can generate the same data for trends and expenses. More importantly, you can export this data into a Microsoft Excel worksheet for additional processing or send it to stakeholders via email. You can perform this function in a user-friendly way because everything happens at the click of a button. Moreover, reading these well-prepared reports will be a straightforward process for you and other stakeholders in the business.