5 Benefits of Using QuickBooks for Small Business Accounting
16 October 2020
From the moment your small business takes shape, there’s one element that remains integral: money management. There will be a lot of funds going out and - in no time - a lot of funds coming in.
Imagine a software program that could manage the money in, the money out, the expense reports, and the invoicing. That’s QuickBooks Online. Nearly three-quarters of all small businesses use QuickBooks accounting software to streamline their cash flow.
In our lifetime as accountants, we’ve used cloud accounting time and again. But, we keep coming back to QuickBooks for its functionality, integration skills, and overall intuitiveness. In a vast sea of options, we’re here to outline the wonders of this particular program and help you make your decision today.
1. Great Training Tools
With any accounting software, it’s true there will be a learning curve. However, QuickBooks has taken many steps to lower the curve. In the “How to Learn” section on their website, they offer the following ways to become quickly efficient:
- Video tutorials
- Blended training CDs
- Training programs (to become a certified QuickBooks user)
- Coursework (to become a certified QuickBooks Pro advisor)
So, if you’re serious about integrating this multi-functional software into your small business, it is certainly achievable. Once you’ve mastered the ins and outs of QuickBooks accounting, you can integrate it with other programs. This is particularly helpful if you use Microsoft Excel for other accounting purposes.
2. Easy Integration
Of course, you can import information into QuickBooks as easily as you can export it. When it’s tax season, you can also export data into your tax program or send it off to your accountant with ease. Have you ever tried to maintain receipts from dinners, fuel, and hotel stays? How about airline travel and car services? Sure, it’s not impossible, but it gets a little unwieldy at times.
3. Efficient Expense Billing
Once you start using cloud accounting services like QuickBooks, it’s easy to pull out your phone, enter the information into the app, and store the receipt somewhere secure. Onto the next task that’s not impossible, but a bit cumbersome. In our opinion, this feature is one of the best benefits of QuickBooks. With one click, you can generate invoices for your clients; it’s truly that simple.
4. Intuitive Invoicing
Once you’ve reviewed the invoice, it can be emailed to the customer and, of course, it begins automatically tracking the status of the invoice for you. Finally, when running a small business, you may have a few different accounts up and running. Aside from your personal account, you may have a checking account and a line of credit.
5. Connected Bank Accounts
Along with many other QuickBooks benefits and features, it’ll tie seamlessly to all your accounts. This allows you to check your records on one screen and eliminate unnecessary paperwork. While the benefits of QuickBooks online are certainly apparent, it does still have a bit of a learning curve. As a business owner, your time is precious, and sometimes its the best decision hand your accounting tasks over to specialists QuickBooks Accountants.
QuickBooks Online for You
Located in Northampton, we at 10. Chartered Accountants offer a range of accounting solutions for you. We’re more than happy to advise and recommend the most appropriate one for your business and walk you through all your needs.
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