QuickBooks is a full suite accounting software developed by Intuit, an American business software company specializing in financial software. It is an extremely popular software that is widely used by small and medium-scale organizations. QuickBooks accounting software is available on desktop and online applications, as well as on the cloud-based ones.
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Features of QuickBooks Accounting
1. Professional Customized Invoices with
- Ability to track payments in real-time
- Easy set-up and multi-currency options
- Automatic calculation of discounts, VAT and shipment charges
- Auto-scheduling of recurring invoices
2. Quick and Accurate Inventory Accounting Helping with
- Auto updates of stock accounts and stock values
- Updated balance sheet
- Efficient order management and working capital management
- On-time stock alerts
3. Instant Financial Reporting with
- Easy-to-use Profit and Loss account templates
- Customized Balance Sheets
- Comparative, year-on-year charts and graphs
- Reports on top earners, unpaid invoices, bad debts analysis, etc
4. Ease of Cloud Accounting Enabling
- Accounting and financial management from anywhere
- Freedom to operate across devices including laptops and phones
- Swift collaboration with accountant / tax consultant for reports, books closure and tax incidence computations
- Stringent privacy features and data protection
How QuickBooks Powers Business Growth
In a fast-moving landscape, businesses are expected to ramp-up quickly taking advantage of the opportunities that come along the way. This is possible only on a strong foundation. QuickBooks accounting software provides businesses to build a strong base of sound accounting principles and practices, that in turn prepares a business for evolving market scenarios and growth opportunities. Here’s how:
- Easy-to-use accounting software for SMEs: QuickBooks is an enabling, easy-to-use accounting software for small and medium businesses. With easy-to-understand guides and user manuals, a business owner does not need accounting expertise to make entries to keep his journals and ledgers up to date.
- Makes accounting department redundant: For early-stage businesses and start-ups, QuickBooks does away with the need to have a bookkeeping / accounting department by offering all the basic features required for day-to-day accounting tasks of booking invoices, sales, payments, tracking of expenses, and making report generation (profit and loss account, balance sheet statement, and cash flow statement) easy and quick.
- Offers wide-range tax services: QuickBooks enables the filing of tax returns and their payments including sales tax, 1099-MISC and 1099-NEC. It keeps handy tax forms, and can prepare a summary of your tax reports as per important dates and calendar events like quarters, fiscal year, and year end. It can also help file for an extension of time to complete your federal tax return. Last but not the least, it can also help you handle tax notifications from authorities.
- Wide choice of plans and products: QuickBooks offer plans for a wide range of businesses at extremely affordable rates. There are separate plans for independent contractors, start-ups, service-based businesses which invoice for their time, and product-based businesses that need to track inventory. Furthermore, QuickBooks provides suitable offerings for growing businesses that require more productivity insights and advanced features, such as accounts payable, accounts receivable, inventory tracking, and sales management. These features help businesses streamline their operations and improve overall financial management. In addition, it has an online and a desktop version fitting different budgets across a business’s life cycle.
- State-of-the-art safety and security features: Both the Online and Desktop version of QuickBooks bring to its users new-age encryption and authentication technologies. These include Secure Sockets Layer (SSL), digital certificates, and RSA encryption that protect the security and privacy aspect of every user’s financial information.
- Integration with other financial tools: Many business users favor QuickBooks accounting software due to its wide integration options with other business and financial tools, including Salesforce and Zoho. QuickBooks accounting offers excellent flexibility for growing businesses through seamless integration with various tools such as payroll software, bank accounts, credit card accounts, invoice and bill pay tools. This integration helps increase efficiency and simplifies complex financial operations. Additionally, from the perspective of a CPA, integration in QuickBooks with year-end business tax returns is a big advantage because it allows them to provide QuickBooks accounting services quickly.
- Continuous improvements and evolution: The tech team of QuickBooks add new features on a regular basis depending on the requirements of the markets and regulation authorities. For a growing business, this is valuable, making it easy to download and deploy those features at reasonable upgrade charges and allow it to operate seamlessly.
As your business grows, leverage QuickBooks to ensure that your accounting and reporting are up to date. The software maintains your books on an everyday basis, prepares reconciliations and generates reports at great ease, and also assists with tax calculations and filings. It also upgrades periodically to ensure your business data and information are recorded and organized as per the latest requirements laid down by compliance and tax authorities.
As you power your business with best-in-class QuickBooks practices and unlock the full potential of the accounting and financial software, you are setting up your business for success, financial prudence, compliance and future growth.
Stacey Howard is an accomplished blogger with over decade of experience in the field of accounting and bookkeeping. With her extensive knowledge and expertise, she has been working as an accountant at a leading outsourced accounting firm Cogneesol. Throughout her career, she has developed a passion for sharing valuable insights and information on various accounting industries through her engaging and informative write-ups. Her contributions to the accounting community have been widely recognized, making her a sought-after expert in the field.