What is QuickBooks?
Intuit’s QuickBooks is a comprehensive enterprise and financial management software that includes features for accounting, inventory, payroll, tax filing, bill creation, invoicing, bank account monitoring and reconciliation, expenditure tracking and control, budgeting, payment processing, and accounts receivables and accounts payable management.
That is not to say that it covers everything that QuickBooks can do, and it may also be linked to a variety of different software tools for extra features. QuickBooks is the Home Depot of business financial tools, able to perform just about any function you might need for your company. However, there are some functions that many businesses will never require.
QuickBooks may not disappoint if you run a small to medium-sized business and want to keep track of all financial data and produce reports summarizing any part of your operation. Keep in mind that there is a learning curve when you first start using the program and that not all components are self-explanatory.
A large percentage of small businesses use QuickBooks for their accounting needs, and it’s a cloud-based, online solution that is compatible with most major platforms and devices. Small business owners and those who need to keep track of their finances can choose between the desktop version.
What are the benefits of QuickBooks?
1. QuickBooks Online’s prices are reasonable.
Many new companies have to work under a strict budget in the early phases of operation. Finding a system with low-cost monthly payments is necessary. QuickBooks is one of the most cost-effective accounting solutions on the market, with pricing plans starting at $12.50 per month and comprehensive accounting capabilities. Switching to a higher QuickBooks plan without losing any of your data is straightforward, once your company grows and you need to hire more people for your project. Unlike some Commercial off-the-shelf software (COTS) accounting software, QuickBooks does not lock your startup into a lengthy contract. You may cancel or change your subscription at any time, and you won’t be required to pay a one-time fee.
2. Not only does QuickBooks Online provide accounting services, but it also includes several other features.
QuickBooks is quite affordable, and it provides excellent value for startups. QuickBooks’ bookkeeping capabilities include all of the essential features that most startups require; including income and expenditure tracking and basic reporting such as monthly financial statements (profit and loss statement, or P&L, balance sheet, and statement of cash flow). QuickBooks Online Pro plan gives you the flexibility to add more complex functions and features, including bill pay (accounts payable), invoicing (accounts receivable), inventory management, and sales reporting. You may quickly expand your QuickBooks capabilities and features by upgrading to the Pro plan.
3. Many other financial tools are compatible with QuickBooks Online.
Many businesses use financial tools to manage the numerous elements of their accounting procedures, including payroll software, bank accounts, credit card accounts, and invoice and bill payment systems. As your company grows, you may need specialized finance solutions that can handle a greater level of complexity for each function. Many accounting packages only work with a few other platforms, limiting the range of additional financial tools available to you. With over 650 third-party tools connected to QuickBooks Online, you can view the whole picture of your startup’s financial health and simplify your month-end close procedure by integrating all of your data automatically.
4. QuickBooks Online is simple to use.
QBO is one of the most popular accounting software platforms accessible. Because of its user experience, many startups and small firms start with QuickBooks Online; QBO is one of the most straightforward accounting software systems to set up and provides greater functionality than spreadsheets. NetSuite or Sage are two more complex platforms that might need weeks or months of setup before you can use the program and cost tens of thousands of dollars for a third-party expert to migrate your data. With QuickBooks Online, you may begin using the platform on day one, and a complete data transfer and installation might take only a few days (depending on how long your company has been around).
The QuickBooks Online platform is simple to use and intuitive, so even individuals with no prior bookkeeping knowledge should be able to get the information they need to start correctly managing their books. QuickBooks offers online lessons, including a virtual orientation process and video tutorials that show users how to utilize the system. Also, you may utilize the QBO customer support staff for technical assistance or further information. It also provides a variety of accounts and templates to assist you in starting. However, as with any accounting program, working with a bookkeeping service as soon as feasible will save you time and money by preventing typical startup bookkeeping blunders.
5. Bookkeepers, accountants, and finance firms all love QuickBooks Online.
When selecting a bookkeeper, accountant, or financial firm to work with your startup, it’s vital to know if they’re familiar with your accounting program. You’ll have more problems and missed possibilities if they aren’t acquainted with your chosen platform. Whether you’re just starting or need to upgrade your accounting software, finding finance experts with the required expertise to manage it and still provide expert advice and guidance is sometimes tricky. One of the advantages of using QuickBooks is that it is a well-known and popular option among accounting professionals. So finding competent accountants who can manage your business accounts with skill isn’t difficult.
6. Your records are kept securely in the cloud by QuickBooks Online.
Intuit’s QuickBooks Online is cloud-based accounting software that allows you to access your financial records from anywhere in the globe. Making it ideal for remote or international startup teams. Accountants do not need to be in the same city as you or have physical access to your workplace; all they require is a login and password to view your business file, allowing you to compare various financial providers.
Cloud storage is also a more secure option for keeping your accounting documents. Even if your computer crashes or goes offline, critical data remains safely stored in the cloud. Cloud-based accounting software is centrally updated, so you are always automatically using the most up-to-date version. This is particularly useful in tax season. When your CPA may use it to access your books, receipts, and invoices from all over the world.
Is QuickBooks worth it for small businesses?
If you’re in a position where you feel like your accounting is too much work, there are benefits to using QuickBooks. It will make your accounting simpler, simpler, and less time-consuming. There are many different versions of the software available with different price ranges. You can also get discounts when you purchase multiple licenses at one time (e.g., two or more).
Why is QuickBooks better than Excel?
QuickBooks is better than Excel because it can track your business’s accounting data more efficiently. It has a simple yet powerful interface that will help you keep your finances organized. QuickBooks also integrates with other popular apps to help make your life easier.
How to get started with Quickbooks
You’ll need to buy Quickbooks and spend plenty of time trying to figure out how to set it up correctly. Alternatively, you may give us a call at Ten Key Accounting Solutions, LLC. Where we can set up the program for you and get you started with a free month of QuickBooks. Don’t hesitate to contact us right away at +1 (805) 765-4112 or complete this form.
FAQs about QuickBooks
Q: What is the best accounting software for small businesses?
A: There are many great options, but QuickBooks is a good choice if you’re starting out. Not only does it come at a low cost, but the interface is really easy to navigate.
Q: What version of QuickBooks should I get?
A: This depends on how many transactions you process in a year. For small businesses, we recommend QuickBooks Online.
Q: Is there a way to track an employee’s hours?
A: Yes. If you’re on QuickBooks Online, you can create a job and assign the number of hours for each task. When you finalize, go to Time Tracker to enter each hour worked for that pay period.
Ultimately, you want to find a finance expert who can help your organization grow. That’s why Quickbooks is so great for small businesses. With the variety of versions and easy-to-use interface, it should be an excellent fit for almost any company. If you’re looking for more information on what makes QuickBooks different from other accounting software providers, let us know! We have experts ready to answer all of your questions about this cloud-based accounting software that will save time and streamline workflows in just one month. Reach out today by calling us at +1 (805) 765-4112 or completing our online form here.