If you’re part of the accounting world, you will most likely have heard of QuickBooks. We’re here to shed some light on what QuickBooks is and how it could be an asset to your business.
QuickBooks is the world’s leading accounting software, which can simplify your company’s financial management system. It allows business owners and their finance teams to streamline their accounting practices, enabling them to manage their invoices, pay bills and track cash flow more easily. You can even scan your receipts into QuickBooks through your phone. Allowing you to wave goodbye to lost receipts and overdue bills impacting your financial reports and prospects. QuickBooks is built with small to medium-sized business owners in mind, offering various functions designed to serve those organisations.
Manage Sales & Income
QuickBooks takes the dread out of accounting, as business owners no longer have to constantly generate their own sales reports. The software offers users accurate, live data on company sales and income, including an insight into what customers owe them at any given time. An exceptionally useful tool considering the average small to medium sized UK business is owed a whopping £40,857 from overdue invoices. With QuickBooks, it’s simple to keep tabs on those who are still to pay and exactly how much they are due. Business owners are able to gain an understanding of their current financial performance at a glance, in conjunction with being able to access a log of existing and past due invoices, so that they always have a record on hand for reference.
Track Bills & Produce Financial Reports Immediately
As any business owner will know, regardless of the size of your enterprise, there are a lot of bills and expenses to be paid on a monthly basis. As any business grows, it is likely that these bills expand with the company. Therefore establishing a succinct and effective means of tracking them is crucial. QuickBooks can link with your bank and credit card accounts to download and categorize all expenses and is then able to generate a Accounts Payable Report within minutes – to show you exactly what is settled and owed. Easy!
What’s more, QuickBooks’ reporting capabilities are able to run Profit and Loss Reports, Balance Sheet Reports and Statement of Cash Flows in a matter of minutes at any given time. Reports are updated in real-time with every new transaction being logged into the appropriate report immediately. These are 3 key business finance reports which now require minimal effort from business owners to collate. All thanks to QuickBooks.
If your business is product-based then the benefit of QuickBooks in tracking inventory is a particularly useful tool as it is able to track and update your inventory by constantly monitoring your company’s transactions and can produce inventory reports to accompany this.
Pay Employees & Tax Returns Effortlessly
QuickBooks is able to automatically calculate and run payroll for your company, taking the hassle out of paying your employees accurately or on time. A poorly managed payroll system can negatively impact staff morale, damage productivity and can invite penalties from HMRC – which no business wants to endure. But with this software, these issues are eradicated.
Not only that but QuickBooks can handle the income tax for all of your employees and is more than capable of compiling all of your business’ financial records and paying your tax returns for you. With every transaction being tracked by the software, there’s no need to lose your mind during tax season trying to keep all of your receipts together. It’s simple and more importantly, reliable.
Accept Online Payments
The simplicity and convenience of QuickBooks doesn’t just serve your business, but your customers too. Through QuickBooks, your company is able to provide customers with the option to pay their invoices online directly to you. The best part of it being that all online bank transfers have no transaction fee for your company, so it truly is a win-win situation for your business.
Considering all the many benefits of QuickBooks, you may now be considering the introduction of the software into your accounting practices. But you may also be wondering where to start with adopting it? That’s where we can help. Our team here at Total Accounting are ProAdvisors in QuickBooks and have utilised it to the benefit of all of our clients. If you are in need of some QuickBook or Accounting consultancy and/or services, please don’t hesitate to get in touch.
For more information call us today on 0141 887 7766.
Be sure to check out our article on Marking Tax Digital (MTD) coming into law this year.