Quickbooks is the world’s #1 cloud accounting software for Small Businesses and Self-Employed.
Intuit also offers a cloud service called QuickBooks Online (QBO). The user pays a monthly subscription fee rather than an upfront fee and accesses the software exclusively through a secure login via a Web browser. Intuit provides patches and regularly upgrades the software automatically.
As of May 2014, QuickBooks Online had the most subscribers for an online accounting platform, with 624,000 subscribers compared to Xero, which reported 284,000 customers as of July 2014.
The cloud version is a distinct product from the desktop version of QuickBooks, and has many features that work differently than they do in desktop versions.
QuickBooks is an excellent accounting software to use for a small business. This is great for a small business owner that doesn’t necessarily understand accounting because many of the accounting entries are done behind the scenes in QuickBooks just by carrying out the day to day activities of the business. (from slcbookkeeping.com)
There are several ways that Quickbooks gives great benefits to small businesses:
1. Cash Flow Management.
QuickBooks can be a great tool to help you manage your cash flow. Instead of using your online bank balance you should keep your QuickBooks file updated regularly and understand how to use it to manage your cash flow. By entering your financial transactions often and doing daily reconciliations in Quickbooks you will get a great management of your cash flow. They say, “Cash is King,” and so management is.
2. Send Invoice to Customers.
You can send invoices to your customers anytime you want by emailing them directly from Quickboks. You can customize your messages before sending their invoices.
The big benefit of invoicing your customer anytime you want is that you can inform your customers right away and this will help decrease your accounts receivable and increase your cash flow.
3. Create Bills and Manage Accounts Payable.
By entering your bills to your vendors with the correct terms and due dates can keep you on track of your payables. Thus, keeping your vendors and suppliers happy. Because you don’t want to fall behind on your outstanding bills with vendors.
Just use the entered bill and pay bills functions in QuickBooks. Pay directly through QuickBooks via online bill pay or printing checks will reduce unnecessary data entry and increase productivity.
4. Manage Employee Time – You can enter employee time from the employees’ section of the home screen. You can enter a single time event or use a weekly timesheet. Tracking time in QuickBooks can help measure employee productivity and can prove to be valuable for job costing purposes.
5. Customized Chart of Accounts – Your QuickBooks chart of accounts is all about your needs and should be customized to those specific needs. I often see clients make their chart of accounts so complicated that the reports become meaningless. Make sure your chart of accounts speaks to you and provides you with valuable information that you can use. Don’t worry too much about tailoring your chart of accounts to your taxes; it should be more geared towards helping you run your business.
Many small business owners look at bookkeeping as a hassle or as a means to filing their taxes. I think some small business owners simply don’t like bookkeeping, others are intimidated by it and some don’t see the value in it.
If your bookkeeping system and QuickBooks file are set up properly and tailored to your specific needs, they can help you run your business.Maximize the benefits of using Quickbooks for your business because this is the best tool to aid you in making important business decisions.
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