Starting a business or working as self-employed can be complicated. From tracking income, expenses, and taxes, it can get stressful. These problems and others are good reasons to take advantage of the great benefits of Quickbooks.
Quickbooks begins with adding your accounts, sorting your transactions, estimating your taxes, and when you need to pay them, and that’s just the beginning. To learn more about business benefits from Quickbooks, keep reading.
Benefits of Quickbooks
Many people endorse QuickBooks as the perfect accounting software for businesses. It’s great for small and mid-sized companies or even if you’re a self-employed freelancer. You may be thinking, why?
QuickBooks Online’s Dashboard is the first screen that you land on when you log in. It provides a complete overview of your company’s finances. The fact is there are many reasons that people use QuickBooks and the benefits of it that they enjoy, but let’s take a look at the top seven that we found.
QuickBooks Saves Your Time
Quickbooks makes it simple to manage many simple bookkeeping jobs since they are usually automatically done by Quickbooks. It often takes a load off your accountant and bookkeeper, leaving them available for more critical work.
QuickBooks Online Accountant is the product made for accountants and bookkeepers working in practice, while QuickBooks Online is for clients. When the two products integrate, it permits you to work with your client in real-time, sharing information securely.
QuickBooks Generates Reports Simply
Quickbooks has many reports available with the information you need. With Quickbooks, you’ll always know the status of your business. Find out instantly if your company is making money, and whether your business’s financial state is healthy.
Here are a few that every business should check into and often:
- Accounts Receivable Aging Detail: displays a list of invoices that haven’t yet been paid and groups them by how long they’ve been unpaid
- Budget vs. Actuals: a comparison of the monthly budgeted amounts against actual income and expenses
- Unpaid Bills: helps you to avoid missing accounts payable due dates by showing what’s owed and when
- Sales by Product/Service Detail: what’s selling and what’s not by date, transaction type, quantity, rate, amount, and total
- Product/Service List: an accounting list of the products and services you sell
Design a Business Plan
QuickBooks will help you grow your business. It can even help you to make a business plan that you can use when you need to get a business load, credit line, or simply plan ahead. Make a projected balance sheet, statements of profit and loss or cash flow in the way the U.S. Small Business Administration will accept and all in just a few clicks.
According to a study by the University of Oregon, businesses with a business plan grow 30% faster. It’s better than floundering around without one for sure.
Easily Accept Credit Cards
QuickBooks Merchant Account Service helps you to be able to accept credit cards as payment from your customers. It is the only credit card service that works within QuickBooks, and this means you won’t have to enter duplicate information. Even more convenient, no other software or hardware is needed.
Pay Your Bills and Bank Online
Once you add your current bank account to Quickbooks, you’re ready to pay your bills without sealing envelopes, affixing stamps, or printing checks on paper. QuickBooks allows you to write checks in its software as you usually would, with a click, and your bank will do the rest! You can pay your electric company to your internet service – literally anyone in the U.S.
You can instantly download your statement monthly from your bank directly into QuickBooks, making it a breeze to reconcile your account.
Manage Sales and Income
Create invoices you can track in QuickBooks by customer. Keeping it all in one place makes it simple to keep track of customers’ payments and what they owe you.
QuickBooks helps you keep everything in order from the very beginning with these simple tasks:
- Record Sales with a Sales Receipt
- Record Sales with an Invoice
- Record Your Deposit
- Record Unbilled Activity
- Record a Delayed Charge
- Keep a Weekly Timesheet
- Invoice Your Customers
- Create a Customer Adjustment NoteRefund Receipts
- Analyze Sales by Customer
Integrate Your Paypal Account
If you’re a freelancer, chances are you get paid through Paypal, at least for some clients. It’s easy to lose track when everything is separate. QuickBooks lets you add your Paypal account as a bank account, which makes it simple and easy to track all your income from one place.
It’s very simple to setup:
- Get logged into your QuickBooks Online account
- Then from the top, look for your name and beside it is a gear, click on the gear
- A dropdown will appear, select Bank Accounts
- Click on Add Account at the top
- In the search box, start typing PayPal and click on it when it appears.
- The system will then instruct you to log into your PayPal account and agree to the terms.
That’s it, your Paypal is added.
Once your accounts are all added, it’s a good idea to categorize your transactions as personal and business. You can even note primary business expenses, which is helpful for your taxes and add in a home office as a business expense. You will need to separate the sales and income from transfers.
Go through the PayPal transactions and locate the ones that are transferring funds, and not income or sales. Click into them and change the type to transfer.
How to Use Quickbooks for Small Business or as Self-Employed
According to the US Small Business Administration, approximately 99.7% of businesses are small businesses. Learning to use QuickBooks for your small business is easy. Intuit has made QuickBooks easy to use besides, and if you have questions or problems, they are merely a phone call or message away.
If your business is thinking about the benefits of QuickBooks, but you still have questions, or want your staff trained, get in touch with the professionals at Alliance Career Training Solutions, we can help.