QuickBooks is the go-to accounting software for small and medium businesses. It’s been designed to make accounting easier for SMBs, helping them automate routine tasks, order and manage files, offer easy and secure access to data, and sync bank updates with accounts, thereby reconciling data faster and keeping everything up to date.
Now these are all features that QuickBooks offers. However, are you, as a business owner or accountant, aware of these features and making use of them? If not, you aren’t using QuickBooks to its full potential, and you’d rather be using a notebook to do your accounts!
In this blog, we tell you a little about some of the fundamental features QuickBooks offers that you could greatly benefit from.
- A proper invoice means getting paid. QuickBooks helps you create and deal with invoices. After all, you don’t want to be making invoicing mistakes that directly affect your business. Apart from creating the invoice, QuickBooks lets you print it, e-mail it, send reminders about it, link it to the Intuit payment system so customers can directly pay you, and even automatically update the payments that have been made. This saves you the hassle of tracking a payment and makes it easy for customers to pay.
- Managing your payroll means paying employees on time. QuickBooks can help you with tackling your whole payroll rigmarole. It also helps you manage payroll taxes and data migration from a previous payroll application. That way you avoid some miring payroll tax mistakes.
- Mobile expense tracking means having a record of all those little on-the-fly purchases. It’s easy to budget for or account for big expenses. It’s the little ones that sneak up on you from god knows where! A client lunch, a client birthday or holiday gift, travel expenses, topping up your work mobile.. And all these happen outside your office cubby so you can’t write them down immediately. QuickBooks lets you capture the receipts using your phone camera, and then file them. You can even use an app to calculate the miles driven for business meetings so you can have the fuel money calculated and reimbursed accurately.
- Allowing remote access to the accounts means you and your accountant can keep an eye on things as well as pull up any data you require at any time. It keeps the information at your fingertips, while also keeping it secure. This is absolutely essential when you are travelling out of town for work and may need some documents handy, when you’re on holiday but want to keep an eye on things, or when your accountant has to work with someone and wants to share selective data with them.
- Using the income tracker means staying abreast of the status of invoices. It shows you what has been paid, what is due, and what hasn’t been billed yet, and even re-sends open invoices. This way you don’t have to nose through a gazillion entries in your customer base to find out what’s pending. QuickBooks gives you a straightforward report on the situation and its progress. By using the income tracker in combination with QuickBooks Online to record daily sales, you can stay on top of your income!
QuickBooks is very popular among SMBs for a good reason. A great deal has gone into it to make it suitable for different types of small businesses. If you only invest a tiny bit of time into discovering and understanding its rich features, you will find that it can take you a long way in dealing with your accounts and mitigating a mass of accounting hassles!