You’ve probably heard mention of QuickBooks, but you might be wondering exactly what it does and how it might help you business.
Created by Intuit, QuickBooks is a line of financial software that is designed to help small businesses manage payroll, inventory, sales and other daily operations and processing. The software also includes marketing tools, merchant services, products and supplies, as well as training solutions tailored for different industries.
How do small business owners benefit from QuickBooks?
At the most basic level, QuickBooks can help keep track of money coming in and out of your business, how much you owe to others, and how much others owe you. This can be useful to help keep your finances organized, but also to prepare for tax time and to monitor the overall financial health of your business.
Accounts Receivable – You can also create and send customized invoices with QuickBooks, which helps you easily keep track of money owed by your customers. You can also create mini P&L statements for each segment of your business and by customer to help you understand how/if you are making money, or if you need to adjust your pricing strategy to help your business cash flow.
Precise Money Management – QuickBooks can help you record all financial transactions and set up due dates for recurring bills to let you know where you every dollar is going.
Payroll Management – If you have employees, QuickBooks software can help you track what they are owed. There is also an additional to help you track payroll taxes in a user-friendly interface.
Easy Reporting – QuickBooks can also generate timely reports, including balance sheets, cash flow statements, and accounts receivable and payable agings. All of these reports make financial statement analysis and tax preparation for your business incredibly easy.
Using QuickBooks for your business can not only help make the every day financial transactions and reporting simple and accessible, the software can also help you project and prepare for the long term financial goals of your business. Back Office Support Service can help your business get started on solid financial footing by helping you tackle many different projects including setting up bookkeeping systems like QuickBooks. Contact us today to learn more about how we can help your business grow.