How Beneficial Can Be QuickBooks For Small Business?

The time has gone when businesses have to invest most of their time managing their business finances manually on paper. With the improvement in technology, small-scale organizations require accounting software that can reduce the task of manually creating all the business tasks. With QuickBooks for small business, it has become possible to save time handling complex accounting tasks alone.

Everything is possible with one single accounting software, QuickBooks, from keeping track of the finances to inventory and sales management. However, to gather more details regarding how to use QuickBooks for small businesses, continue reading this post to get all the useful information.

Here’s How to Use QuickBooks for Small Businesses

Are you looking for an informative guide to help you figure out how to use QuickBooks for small businesses? If that’s the scenario, you have arrived at the appropriate place. Here, we have explained all the tips to use accounting software smoothly.

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Helps in Tracking the Business Expenses:-

Monitoring the business expenses manually could be challenging for the organization as it doesn’t ensure accurate results. Without the accounting software, you have to maintain all the accounting files to keep track of the expenses incurred in the office. But now, using the QuickBooks application, you can link your software with your bank or credit card accounts. Once you link your account, QuickBooks will automatically import and organize the transactions properly.

Simplifies the Task Preparation Tasks:-

Earlier, businesses had to put much stress on their shoulders when it was time to file taxes. Otherwise, the late filing of taxes might cause them a severe loss. Using the QuickBooks application, it automatically categorizes the expenses for tax deductions. Now, you don’t have to prepare the report manually, which contains the amount, date, and recipe for businesses, as it is done digitally.

Payroll:-

Earlier, the organizations had to spend most of their time creating paychecks and directing the payroll. As a result, it may occupy a lot of time, leading to delays in paying the employees on time. But now, companies don’t have to worry much about handling payroll-related tasks alone.

With the QuickBooks Payroll feature, you can easily pay your employees with the direct deposit feature. Moreover, you may also use this payroll feature to prepare payroll tax forms and can electronically pay the taxes. Besides this, QuickBooks makes it more convenient for users to manage W2 employees and 1099 contractors.

Run Reports:-

Now, organizations can keep the proper track record of their transactions and classify them in proper books of accounts. Moreover, using the QuickBooks application, users can prepare reports such as Balance Sheets, Income Statements, and Cash Flow statements.

Using these reports, you can see how your business is performing. Apart from this, with the Profit and Loss Reports you can see your monthly reports and track the latest trends for the future.

Manage Invoices:-

The QuickBooks application also helps the user to customize invoice templates by including colors, logos, and other important details regarding your business. You may also send the invoices to the customers and send them to your customers for the payment.

Moreover, this accounting software lets you pay online using credit cards, debit cards, and ACH transfers. Using this software, you can also track down the status of every invoice to have a clear picture of when a customer has reviewed and viewed a bill.

How Much is QuickBooks for Small Business? – Briefly Explained

Before purchasing the QuickBooks application, the first question that arises in users’ minds is how much QuickBooks is for small businesses. Considering this, we have described all the subscription plans. Review each QuickBooks plan detail thoroughly and pick the best for your small business. Thus, it would help the users in streamlining their business accounting tasks.

QuickBooks Online Pricing:-

Note down the pricing details of the QuickBooks Online editions.

1. Simple Start:- The price of QuickBooks Online Simple Start starts at $ 30 per month.
2. Essentials:- You have to pay $ 60 per month to purchase this edition.
3. Plus:- This QuickBooks Online plan starts at $ 90 per month.
4. Advanced:- The users have to pay monthly charges of $ 200.

QuickBooks Self-Employed Pricing:-

Review the following breakdown of the QuickBooks Self-Employed pricing.

1. Self-Employed:- This QuickBooks subscription begins at $20 per month.
2. Tax bundle (Self-Employed):- You have to pay $ 30 per month to purchase this subscription.
3. Self-Employed Live Tax Bundle:- The users must pay the monthly charges of $ 40.

QuickBooks Desktop Pricing:-

1. Premium Plus:- The pricing plan of the QuickBooks Desktop begins at $799 per year and is for only users.
2. Pro:- The QuickBooks Desktop Pro price starts at $49.99 to $949.99 per year.

QuickBooks Pro Plus:-

The QuickBooks Pro Plus edition has a payroll plan if you want a built-in payroll feature to handle payroll-related tasks smoothly. You have to purchase this plan at $849.99 yearly. Moreover, by purchasing the QuickBooks Pro Plus subscription plan, you can also benefit from an Enhanced Payroll subscription.

What are the Advantages of Small Business QuickBooks?

QuickBooks is the recommended accounting solution for all business finances and other finance-related tasks. Now, it has become much more convenient for organizations to track how much money is coming in and out of business by Cash Flow Statement. However, there are multiple other benefits of accessing small business QuickBooks.

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Inventory Management:-

No more stress of keeping the track record of the inventory manually as you can automatically manage your inventory with the QuickBooks application. This accounting software automatically updates whenever you sell or receive new stock. Moreover, you may also track your inventory and get notifications regarding low-stock alerts. Thus, it will ensure you that it is the best time for the business to restock the inventory.

Makes the Integration With Other Business Apps Easier:-

Another good thing about the QuickBooks application is that it lets the users modify QuickBooks with other apps. These applications may include eCommerce websites, time tracking, inventory management, and payment processing. Moreover, this accounting suite makes it much more convenient for small businesses to link with their existing apps.

Multi-Device Access:-

You can now access your QuickBooks account remotely by sitting anywhere globally with a stable internet connection. It also allows small businesses to track their day-to-day operations from smartphones, tablets, laptops, etc.

Collaboration:-

Within the QuickBooks application, you can also send an invitation to your accountant to access your books of accounts. Moreover, you may also restrict access to the features and eliminate errors using the auto-sync feature. You may also safeguard your sensitive information with the help of user data levels.

Easy to Set Up:-

QuickBooks is a cloud-based accounting software that only requires login credentials to access the application. However, you don’t have to install it manually like the older QuickBooks small business software. You can access the application on the cloud and keep your data safe and secure from unauthorized access.

Drawing To a Conclusion!!

Through this post, we hope you have gained all the relevant details on how beneficial QuickBooks for small businesses. However, if you still need additional help, connect with our professionals and clarify all your issues within no time. Our experts will ensure they offer the best possible assistance to deal with your issues instantly.