You probably went into business for a specific purpose, such as to deliver a service or create a new product. But, regardless of what niche or industry you serve, you ultimately need to make a profit and keep an eye on your cash flow to remain in operation.
It’s a fact that money troubles are the most common reason that small businesses are forced to close their doors. And you can avoid becoming one of those statistics by collecting and examining the right data.
Fortunately, there are plenty of services and tools available that can give you the information you need about your company’s cash flow, as well as empower you to make better business decisions. QuickBooks is one of those tools and is also the one that is most commonly used by small businesses. Here is what you need to know about this program and the benefits of using QuickBooks to track your business finances.
What is QuickBooks?
QuickBooks is a financial accounting software program created by Intuit. It focuses on helping small businesses through its simple and intuitive features. The goal of the system is to help your small business manage each of its accounting functions, including accounts receivable and payable, credit card management, and financial reporting.
QuickBooks allows you to categorize your transactions, and it learns your preferences so that you don’t have to make repetitive actions. You can use the program to manage contractors, track miles, manage bills, and plan for the future.
The Benefits of Using QuickBooks to Track Your Finances
QuickBooks has a variety of features that makes getting a handle on your business’s finances more manageable. You can run QuickBooks as a desktop or online program, and plans start at just $20/month for access. Some of the most glaring benefits of using QuickBooks to track your finances include:
Money Management
QuickBooks is loaded with features that will help your small business manage its financial resources. For example, you can enter the due dates of your recurring bills and the corresponding payment information. When a bill is due, QuickBooks can print a check and automatically record the payment. The program can also link to your bank account and import that data.
Expense Billing
In addition to those recurring bills, most businesses have a variety of expenses that they bill to clients. These might include mileage, supplies, or even travel. QuickBooks can help you track, save, and then bill these expenses without having to do a manual reconciliation.
Sales Invoicing
Sales invoicing can be incredibly time-consuming and prone to error. QuickBooks will automatically track your business’s sales and create invoices according to your parameters. You can mail them or send them via email. They can also be sent in batches.
If you subscribed to QuickBooks Merchant Services, you could accept credit and debit payments through the software, and the program’s Check Solutions feature allows you to scan and deposit checks.
Financial Reporting
Perhaps one of the most significant benefits of using QuickBooks is that you always have your business’s financial information at your fingertips. You can search for detailed information when you need it or get a bird’s eye view with financial reports that reflect monthly, quarterly, and annual income, expenses, and trends.
At Nolan Accounting, we are intimately familiar with QuickBooks and can seamlessly integrate our services with your business’s financial management and accounting system. Contact us today to learn more about how our accounting, bookkeeping, and other solutions can help your business.