With this much responsibility to handle for any small business, managing the finances is surely a big issue. QuickBooks accounting software, widely found in the market, has made life easier with numerous tools that help in the proper organization of small businesses, track all the expenses incurred by the business, and take right financial decisions. From making invoices to tracking cash flows, it has tools for streamlining business accounting with insights in every step.
What do you mean by QuickBook?
QuickBooks accounting is an easy-to-use, straightforward accounting software that tracks your business income and expenses, organizing your financial information for you so that you won't have to do all that tedious manual data entry. It makes your business accounting and bookkeeping services easy and smooth. Hence using this can also assist in the growth and development of your business.
Key Features of Quickbook Accounting Software
Read more:- Benefits of QuickBooks Online Accountant for Small Business Growth
Some of the key features of quickbooks accounting are given below:
Customize Your Invoices
Personalizing your invoices will make them look professional and finished, giving you that much better brand image. QuickBooks allows you the option on how you would like your invoice templates, where to place your logo, to select your color scheme and all information you'd want.
Tip: Click the "Gear icon," select "Custom Form Styles," and then create a new style, or edit one in place
Bank Feeds
Add links and upload all of your bank accounts or credit cards to QuickBooks. It will load and categorize everything there. This saves time from having to enter multiple entries and provides fewer opportunities for manual entry errors.
Tip: Navigation bar top-left. On "Banking", select "Link Account.". The system will assist you in connecting your account with some prompts.
Auto Recurring Transactions
Rent, utilities, and recurring subscription services allow you to schedule a recurring transaction so that timely payment and accounting do not become such chores.
Quick Tip: From the "Gear" icon>>click "Recurring Transactions." Under "Recurring Frequency" click on the button that will ask you of how often you wish to repeat the same transaction.
Use QuickBooks Reports
QuickBooks contains many reports which would tell you everything that has been happening to your money. Take time to see the profit and loss, balance sheets, and cash flow to inform you about proper decision making in the business.
TIP: Get into "Reports," make changes and schedule the desired report into your email as well, to send periodically.
Get Access to Locations
This would help a company of diverse departments, locations, or products because it would help depict an elaborated breakdown of income and expenses where profitability lies.
Tip: To go into "Account and Settings," then into "Advanced" and click "Track Classes" and "Track Locations."
Account Reconciliation Frequently
Reconcile bank and credit card accounts every month using QuickBooks to ensure that your records match the bank statements. Make use of this activity to bring out differences and maintain accurate records.
Tip: Select Accounting and then Reconcile if there is a requirement to reconcile the QuickBooks balance with the bank statement.
Enable User Permissions
If you have employees or bookkeepers who access QuickBooks, establish user permissions so only what each should see or be able to change is seen or changed. That keeps sensitive financial information under wraps.
Tip: Within the "Gear" icon, go to "Manage Users" and assign the appropriate access rights roles.
Mileage Tracking
QuickBooks tracks business miles on trips-a crucial tax expense. Easily log trips via the mobile app.
Tip: Open the QuickBooks app fast and start tracking your trips in the mileage section. You can import trips from the GPS data of your phone.
Integrates well with third party apps
QuickBooks will integrate well with the third party apps such as CRM and payroll systems, among others. You may save time and become more efficient in several activities by linking these applications.
Tip: Find your way to the QuickBooks App Store and take some time to browse and select apps that can seamlessly link to your QuickBooks account.
Get Help When You Need It
You may sometimes need professional experience when handling your finances. Seek professional help from a certified QuickBooks ProAdvisor or a financial accountant so you get the most from what QuickBooks has up its sleeve for you.
Tip: Just log in to the QuickBooks website or ask people around if they know someone connected with your network to get a ProAdvisor.
Conclusion
QuickBooks accounting is one of the most powerful sets of tools for small business owners to make accounting streamlined and improve financial tracking. In return, such features allow businesses to make strategic decisions while easy management of finances helps to focus on growth. So, whether you are new or even experienced in QuickBooks usage, reviewing these will make you save more on the available time, fewer chances for errors, and above all, your financial status gets straightened. So what else? Begin using the same QuickBooks to full capacities and observe how great financial clarity will be as soon as your business rises on the scale.
