QuickBooks is an online accounting software which is developed to manage and track sales. In this guide we at TaxKings will be deconstructing the software’s key features and the benefits it can bring to smaller businesses.
What is QuickBooks?
Developed by Intuit Inc, a financial software company who have developed programs such as TurboMax and Mint, QuickBooks serves as a fully functioning payroll service which is available direct to your desktop, laptop or even mobile phone, on the new app. QuickBooks has been designed to provide accounting support for small businesses by catering for their need to track sales and manage all the financial elements of their business e.g. invoicing customers and paying bills.
What can you do on QuickBooks?
The creators, Intuit, consider QuickBooks as a one-stop software for small businesses to manage all financial aspects which are related to their business. At TaxKings have broken down the top features on QuickBooks which will be of value to small business owners and entrepreneurs:
• Manage and oversee all sales and income – QuickBooks easily allows the user to access customer purchase data and manage all other finances you receive from various other channels
• It makes doing taxes easier – Providing software which saves small business owners from spending valuable time organising paperwork, receipts and invoices was one of the main aims for Intuit Inc. They simplify the process so that doing taxes more straightforward
• Keep record of all bills and expenses – The software easily allows the user to keep track of all purchases made by the business, meaning you can keep better track of the minor expenses in your company e.g. food and toiletries, whilst being able to pay bills with your accounts payable balances
• Receive important insights into your business using QuickBooks reports – In an instance; you can gain an idea of how profitable your business using the software’s constantly updating reports. Information such as the businesses cash flow position and net worth can be accessed at any time.
• Pay employees easier with the payroll feature – For business owners completing payrolls can be majorly time consuming, QuickBooks allows the user to effortlessly calculate payroll checks, mail payroll tax payments via email/electronically, and inquire for tax returns.
• Create inventory libraries to monitor quantity and costs – After inputting your products/inventory items, no matter whether you are on a desktop, laptop or the convenient app, you’ll be able to track all sales and purchases completed by the business.
Below is a useful and informative video guiding you through QuickBooks features:
Should Small Business use QuickBooks?
QuickBooks’ software is specifically targeted towards small business, self-employed workers, contractors and start-ups. Intuit Inc’s QuickBooks is the best option for small organisations looking to manage their tax, profitability, payroll and reports online due to an array of reasons. One of the most notable reasons for investing in the software is the fantastic value cost – for self-employed users the program is available for £1.80 monthly, whilst you can be paying as little as £7.50 monthly for the essential small business package.
Excluding this feasible price, existing users claim that the amount of time saved is one of the most beneficial factors to using Quickbooks. Before the luxuries of digital tax and payroll services, you could have spent days trying to complete these tasks if you are inexperienced. Now you’ll only take a fraction of the time to complete these duties – meaning, you’ll be able to invest more time into the day-to-day running of your business or spending time on what you think is important in life.
Have any questions on QuickBooks?
At TaxKings, our experienced team have years of knowledge in both manual tax and digital tax software – we are experts in everything tax related. QuickBooks is one of the many platforms we use to calculate and manage our clients taxes and payrolls from our office in Glasgow, if you have any questions regarding how we can use QuickBooks software to digitalise your business financial aspects we’d be delighted to discuss this with you. Get in touch with one of our qualified accountants by calling 0141 333 1852 or by sending an email to firstname.lastname@example.org.