As a business owner, there’s probably one aspect of your business that you find difficult to monitor accurately at all times: accounting. Let’s face it; everyone loves the thought of having a big thriving business, but what most people fail to realize is that as a business grows, there are so many more aspects that you need to monitor! As your sales and customers increase, your suppliers, employees, and inventory also grow in direct proportion. If you don’t have a knack for keeping track of money, you might easily get overwhelmed whenever you need to account for your cash flow!
You could do it the old-fashioned way and hire an accountant, or you could do it the hard way and manage everything on your own, but why chose either of those options where there is an easy, affordable, and efficient way to digitally manage your company’s finances?
What if you could combine the accuracy of a trained accountant while the cost-savings of doing all your accounting yourself? Well, you can by simply using QuickBook!
What is QuickBook?
QuickBook is an accounting software that’s designed by Intuit. It is intended to help people who want to manage their finances easily and accurately by providing a wide range of financial management and accounting services. For private individuals who want to keep track of their personal expenses more accurately, the basic QuickBook program will suffice. For business owners who want to enjoy a wider range of professional features such as payroll management, invoice payment, and tracking inventory, QuickBooks Pro is a better option.
Advantages of Using QuickBook
Here are some of the advantages that you can enjoy with using QuickBook as well as how they can have a positive effect on your business:
Easy User Interface
One of the most attractive features of using QuickBooks is that it’s designed with the everyday user in mind. You won’t need to have a professional accounting background in order to use QuickBooks properly; you only need to have a basic working knowledge of how to use your computer! In fact, most of QuickBooks’ programs are designed to work with a single click of your mouse. By using QuickBooks, you can save money by not needing to hire a third-party accountant to keep track of your company’s cash flow.
Money Management
This is the “meat” of how you can benefit from using QuickBooks in your business: QuickBooks can help you keep track of the cashflow in your company accurately and easily. Using the features offered by the software, you can easily see a breakdown of how the money is moving in your company and if your company is ultimately making any profit. Knowing how the money is flowing in your company allows you to make sound financial decisions towards key areas in your business.
For example, if your QuickBooks program is telling you that you’re losing money because of a slow or inefficient delivery service, you now know that it’s time to hire a new courier company. Simply put, the money management feature allows you to pinpoint problem areas in your company’s processes and find out how to improve them.
Check Printing
The QuickBook program also allows you to print QuickBook checks which you can use to pay for your company’s expenses. However, printing QuickBook checks on your own can be expensive as you need to invest in the right kind of paper, ink, toner, and printer. One great alternative is to buy QuickBook checks online instead.
Expense Billing
In any business, it is critical to be able to keep track of your expenses, whether it’s large expenses such as supplier orders or small expenses such as dining out in the company’s account. Over time, these expenses can add up, and if you don’t keep track of them properly, they can quickly become hard to account for. Using QuickBook allows you to keep documentation of all your company’s expenses so that you can find out which expenses are essential to your company and which ones you can do without.
Sales Invoicing
Using QuickBooks’ invoicing programs allows you to create, print, and keep records of your company’s invoices and receipts. Not only does the program help you create accurate invoices and records, it also stores these so that you can generate similar invoices in the future with a single mouse click and save your company time.
Accurate Financial Reports
One of the most important things that any business should have is transparent, accurate, and detailed financial reports. QuickBook allows you create these financial reports easily and quickly, whether it’s a complete expenditure report, forecasting documents, or a yearly income statement. Having these documents ready will prepare you if ever your company needs to be audited, as an audit can end up quite costly if you do not have the proper financial documents.
