Handling accounting tasks related to a small business is not as easy as it may seem. In the early stages of business launch and development, many business owners prefer handling account books manually. It requires significant effort to manage various facets of the business, including accounting, production, procurement, to name a few.
If you have also started a small business recently, you must dedicate your precious time to the right things and manage accounting tasks using QuickBooks software. You might have heard some misconceptions about QuickBooks being limited to enterprises.
The truth is – QuickBooks has been designed with a wide range of features that can benefit businesses of almost any size and scale. As a result, it is one of the leading accounting software loved by CPAs and accounting firms in the USA. According to the stats, the current market share of QuickBooks stands at 56.82%. Whether it is about managing expenses, creating custom invoices, or managing inventory, QuickBooks has also become the go-to option for small businesses.
Five Reasons You Should Choose QuickBooks for Your Small Business
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Connected Banking for Money Management
Many QuickBooks features have been designed to help small businesses manage their funds efficiently. For example, with bank feeds in QuickBooks, you can easily connect your bank account to this application to get a complete view of your finances. With these feeds, you can check the funds coming in or going out in real-time. It does not require manual data entry and hence, reduces the risk of clerical errors.
It can also help you sort the transactions by matching income with invoices on the one hand and outflows with expenses on the other.
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Invoicing
Another feature that makes QuickBooks highly useful for small businesses is invoice creation. Using this advanced application, you can create custom invoices in a few steps and get paid on time. It makes the manual task of invoice creation simpler and helps you get faster payments. You can also set up payment schedules and keep track of invoices to manage the influx of money better.
You can use QuickBooks invoice template or create a custom invoice matching your brand identity in seconds.
Recommended Read: Differences Between QuickBooks 2019 Vs. 2020 Vs. 2021
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Financial reporting and insights
With QuickBooks software, you can get instant access to financial reports and data related to your small business. For example, it gives you a 360-degree view of sales categorized under customers, products, or location. You can also create custom reports, including cash flow, balance sheets, and P&L statements. All these reports will help you stay on top of the business finances based on which you can make decisions for further growth.
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Tax Tracking
Facing tax traps is often a big challenge for small businesses, which can be easily avoided with the help of QuickBooks. With its intrinsic features, you can automatically track and calculate sales tax. Every time you create an invoice, the software automatically calculates taxes for you, which makes preparing and paying taxes easier.
With QuickBooks reports, you can also create a tax summary for review before filing the taxes.
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Paperless accounting
Like many other small business owners, you might also be working on being environment-friendly and reducing your carbon footprint. By switching to QuickBooks, you make a step forward towards paperless accounting as it helps manage documents and invoices in digital format. Whether it is invoice generation or reporting, you can efficiently work with digital files and save paper.
Make Your Small Business Grow Big with QuickBooks on Cloud
Using QuickBooks for your business can be a game-changer in the long run. The next big thing is to combine the power of this software with that of cloud technology in the form of QuickBooks hosting. You can host your licensed QB on a cloud server with Verito Technologies and enjoy seamless remote access on the go. Work on QB files from anywhere with our smart cloud solutions.
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