Updated: Nov 28, 2022
QuickBooks is an accounting package designed for small to medium-sized businesses. It is affordable, easy to use, and integrated with your intranet to integrate QuickBooks with your company’s IT system. With the help of these helpful tips you will find that using QuickBooks doesn’t have to be a hardship.
QuickBooks software is intuitive and easy to use, but mastering its interface takes time. If you are willing to take some time out of your day for this one task it will ultimately yield positive results in the long run. So, take the time to learn how to use QuickBooks because it will save you time in the future.
Being an entrepreneur means you have to be busy all of the time, making it hard to keep track of your finances. With QuickBooks, managing your finances is made much easier because it is intuitive and user-friendly. The best part about using this software is that it allows you to set up a business in just one day. QuickBooks allows you to focus more on making money and less on accounting for your money.
One of the easiest ways to save time using QuickBooks is to set up your chart of accounts in advance. If you have prepared a chart of accounts as part of your business plan then you have already done some prep work on this front. Once your chart of accounts is established, creating a new company and entering your financial information into QuickBooks shouldn’t take any longer than 15 minutes.
5 Reasons to Use QuickBooks
1. Inventory Management
Inventory can be a very tricky thing to track in your business, especially if you want it to be accurate. QuickBooks is well suited for tracking inventory because it has an advanced search feature which allows you to quickly find and record inventory information that you need to keep track of.
2. Tracking Your Expenses and Receipts
In general, QuickBooks allows users to create categories for different types of expenses, receipts and other financial transactions that occur within their company. Once you have created these categories, each time a transaction occurs such as the receipt of employee pay, a purchase or a deduction from the bank account your QuickBooks software will keep track of it for you.
3. Establishing and Creating Budgets
You can create a budget for your company with QuickBooks. Once you have created your budget, the software will keep track of your budget throughout the year so that you can see how much you are spending versus how much money is coming in. This helps you to monitor how effectively you are running your business and allows you to stay on top of any discrepancies in your books.
4. Payroll Management
QuickBooks has built-in tools for managing payroll in tandem with other tools for managing employees, including giving bonuses, stock options, hiring or firing employees and issuing 1099 forms at the end of the year to independent contractors.
5. Managing Your Investments
You can use QuickBooks as an investment tracker to keep track of your investments. You can even use a feature called the “investment register” to keep track of all your assets and liabilities, which helps you to make sure that you’re not over- or under-leveraging your assets and that you always have the correct amount of money in reserve.
QuickBooks is an incredibly useful piece of accounting software that makes managing your finances easy by providing you with a variety of tools for managing all sorts of financial transactions. QuickBooks is one piece of software that is well worth the price, and can be used for many years to come.