An ideal way to start every workday is to perform a business health check. It involves analyzing data and financial reports about income, expenses, sales, clients, suppliers, your team, and the different projects you run.
It will greatly help if you can get all this information not by opening several spreadsheets but by opening just a single software that instantly pulls up the reports. That software is QuickBooks.
This article will discuss the best QuickBooks for small business features and the ten advantages of using this accounting and bookkeeping software for your business in 2023.
Partnership with experienced bookkeepers
The first benefit you’ll reap in signing up for a QuickBooks online plan is a partnership with bookkeeping experts whose first task is to handle your bookkeeping backlogs. Get all your files and documents from the past months ready so that your partner bookkeeper can categorize and track each transaction.
After doing so, you’ll receive Live Bookkeeping, as QuickBooks calls it, which includes tracking income and expenses and storing important data like invoices and receipts in one place. Aside from these, you’ll have at least two video calls with your bookkeeper per month to ensure that you are updated on the different areas of your business finances.
Cash flow management
Cash flow management is one of the essential tasks you need to do for your business. It ensures that the money coming in and out of your business is all accounted for. Also, through cash flow monitoring, you’ll know if your business is profitable, or you can plan ways to make it one.
The QuickBooks software monitors your cash flow, from capturing images of receipts and automatically categorizing the transaction to ensuring all income from sales and client payments are reported. It records all transactions in real time, especially bank integrations and automatic invoices.
Invoices are generated automatically.
Speaking of invoicing, skip the hassle of printing them, as you can create one-time-only invoices or recurring documents electronically through QuickBooks. You can request payment from your clients by adding a “Pay Now” button to the invoice. Your customers can then conveniently pay through this method, and their payment will go straight to your account, recorded as income.
Do you manage a team and have several employees relying on the monthly salary they earn from you? QuickBooks can also assist you in paying them on time by recording employee timesheets and automatically computing them. Then, you can send your payments in a few clicks.
Accurate tax calculation
Many businesses cram tax calculations or hire bookkeepers or accountants only when tax season comes. This practice may work, but it is not effective in getting an accurate view of your business to calculate your profit. It would be best if you also deducted the tax you need to pay.
QuickBooks promptly tracks all data needed for tax calculation, such as receipts, expenses, and payroll taxes. Data accuracy is the priority of the software, so it assures you of $25,000 tax penalty protection for any tax penalty you receive.
Time tracking and project management—both covered!
Whether you have staff working in-house or remotely, you can manage your team and monitor project progress through QuickBooks.
QuickBooks is also a payroll software that has a time tracking feature your employees can use. It automatically generates an invoice for the hours they render, calculating their salary, taxes, and other details about their payroll. After payout, it categorizes the transaction under expenses. All these happen in using just a single small business accounting software!
For team and project management, QuickBooks allows you to see your team’s progress. You can check out how your teams are faring on their tasks and cut the hassle of contacting team leads one by one.
Linking your bank account to the QuickBooks accounting software has many advantages. Here are some of them.
- You can automatically receive payments from your clients when they click the “Pay Now” button in the invoices you sent out.
- Send out cashless payments to your suppliers and partner vendors.
- Tracking of money coming in and out of your business ensures your business is free from fraudulent practices.
- The software not only records all transactions in your bank but also registers and categorizes them, be they income, payments, or other customized classifications you set.
Data security through cloud-based accounting
What is cloud-based accounting? It is an accounting type in which all your data is stored not only on your QuickBooks desktop app but also in the cloud, allowing you to access it anywhere on the Internet.
This data storage type is safe because only you and the people you give access to can see confidential financial data about your business. You and other people accessing the cloud can see the same data updated in real time. Data is always backed up, too!
QuickBooks is an example of an accounting solution using cloud-based accounting. You do not have to worry about your data security as it has 128-bit Secure Sockets Layer encryption, making it safe.
Generate reports in just a few clicks
Do you perform weekly, monthly, quarterly, and annual reviews? Good news: even daily reports are possible since QuickBooks tracks all your business transactions.
Some of the information you can generate, thanks to the complete data you have, are as follows:
- Profit and loss statements
- Income statement
- Balance sheet
- Account receivable aging
- Account payable aging
- Customer revenue
In addition, your partner bookkeeper in the Live Bookkeeping service will also give you reports, insights, and even consultations about your business at least twice a month.
You can integrate other business applications into the software.
Most likely, you are using other applications in your business processes. To ensure that you do not need to access them one by one to check them, integrate them into the QuickBooks accounting tool.
Here are the integrations you can include.
- Online banking
These integrations will make payment transactions and inventory management in different e-commerce sites easier. Because of integrations, you can access your inventory data, order fulfillment, sales information, and other essential statistics about your business in a single software.
Flexible pricing once you sign up
How much is QuickBooks for a small business? The pricing varies depending on the services you want to enjoy.
QuickBooks has four basic plans you can choose from.
All these plans include free setup, which allows you to connect banks and credit cards to the system; discussion of QuickBooks best practices; and automation of tasks. If you want to know how the software works, you can also sign up for a 30-day free trial.
Need assistance on QuickBooks small business accounting?
Do you want to enjoy the benefits of using QuickBooks, but you still have questions about how to use QuickBooks for a small business? Then, delegate your business accounting and bookkeeping tasks to QuickBooks experts here at Unloop. We have a team of bookkeepers and accountants who are well-versed in the software and can get your business data organized.
If you are looking into using alternative accounting software like A2X or Hubdoc, we can give you a hand too. Contact us now so that we can discuss your needs! We’d love to offer you our solutions!