If you’re in charge of payroll, inventory, or other aspects of business administration that rely on keeping track of time and numbers, you likely need to use some sort of accounting software. In today’s tech-filled world, there are many options when it comes to choosing a program that works best for your needs, but you may be wondering why QuickBooks has been one of the most popular choices for small businesses since it was first released in 1995.
What is Quickbooks?
Intuit provides a variety of services and applications geared toward small businesses. One such service is called Quickbooks, which is an accounting application to help manage a business’s finances. It offers access to information in real-time and works as an integrated system with other solutions offered by Intuit such as credit card processing solutions. It enables businesses to easily get their work done faster by integrating processes across products within Intuit’s Business Solutions Suite like payroll, sales tax & reporting, invoicing, financials analysis, and payment tracking systems.
Here are eight advantages of QuickBooks that make it worthwhile for small businesses of all kinds.
1) Easy to understand reports
Small business owners often face significant challenges when it comes to managing their cash flow. Without complete visibility into their accounts, they might struggle to track their revenue and expenses. Fortunately, hosting your accounting software (such as QB) on a third-party cloud provider enables you to run daily reports that show how much money is coming in and going out in addition to which areas are making a profit and which aren’t. With access to these types of insights, small business owners can easily decide how much money is needed for upcoming bills and whether or not they can afford unexpected expenses. Ultimately, working with real-time data helps small businesses move forward without surprises and without worrying about making payroll on time. This makes financial transparency one of the best advantages of QuickBooks for small businesses.
2) Gain insights about your business
By automating business processes and improving internal communication, QuickBooks can help you gain insights into your business. In addition to tracking your finances, you can also control your company’s human resources, including employee scheduling and onboarding; update project status, and even boost collaboration between offices. In other words, QuickBooks is more than just accounting software: it’s a complete small business management platform.
3) Check numbers on the go
One of the biggest advantages of QuickBooks hosting services is that you can review reports and access your data while on the go. If you don’t have time to sit down at your desk, simply log into your online dashboard and immediately check your financial status. You can do everything from reviewing sales reports to viewing up-to-date payroll data. And, if you ever need to make adjustments on short notice, no problem! With a cloud-hosted solution, it’s quick and easy to make changes in real-time.
4) Keep track of projects and tasks
One advantage that QuickBooks has over other software is its project-management capabilities. For example, you can use it to schedule your employees’ time (and estimate how much their salaries will cost). You can also create automated tasks to remind you of when to do certain tasks or when something needs to be done. This is helpful because keeping track of projects and tasks by hand is too time-consuming. Projects are hard enough to juggle on their own; having to remember every single thing that needs doing just adds unnecessary stress and worry into an already stressful situation. Keep a handle on your projects by using software like QuickBooks so you don’t get overwhelmed with details.
5) Boost cash flow
Many small businesses are cash-strapped and if you’re one of them, you might find it hard to keep up with your invoices. When it comes to managing money, tracking cash flow is a big deal and if you can automate it (or do most of it online), that’s a big plus. That’s where hosted accounting software like QuickBooks Online comes in handy. For one thing, using an app like QuickBooks keeps your business communication open and easy (meaning there’s less back-and-forth when it comes to payments or questions about services rendered). Not only that, but automating tasks like invoicing allows you to scale back on manpower so more time can be spent doing what matters: growing your business!
6) No capital investment
In addition to all its other advantages, one of the main advantages that QuickBooks has over other small business software is that there’s no capital investment in installing and maintaining it. With online solutions, you don’t need to pay to install it on your server instead, you use a web-based system that is hosted by Intuit. This saves your business from having to invest money in servers or spend time worrying about maintenance issues. And if you ever want more features or want to upgrade your plan later on, you can do so without losing any data or needing new licenses the platform automatically updates with additional capabilities as they become available.
7) Free up time for other aspects of running your business
One of the greatest benefits of QuickBooks is that it allows you to get your finances organized so you can focus on what’s important in running your business. If you want to free up some time, there are two particular ways in which hosting solutions will help: HR Automation and Less Data Entry. With HR Automation, it’s possible to let an outsourced expert deal with all payroll-related duties for your business. This means no more time spent calculating labor costs or filing payroll taxes; instead, focus on things that matter like building customer relationships or expanding product lines.
8) Reduce errors
Error checking and reconciliation are some of those things that often go overlooked. It’s too easy to just enter numbers, especially when you’re focused on your business but it also can be risky, especially if you don’t have a program like QuickBooks Hosting Solutions to help. With a hosting solution in place, you know there are several layers in place designed to prevent and correct errors. You also won’t have any difficulty accessing information from anywhere because it will be synced across your computers and devices. In other words, you get a quick fix without having to do much work at all.
If you’re a small business owner and aren’t using accounting software, you’re missing out on some serious benefits. Software like QuickBooks allows business owners to minimize taxes, gain an understanding of profit margins, create automatic projections and so much more. Accounting isn’t always fun or exciting but if you want to take your business to new heights, it is a key step you can’t afford to ignore. With a quality program like QuickBooks at your disposal, your success story might just be a few steps away. Learn more about Intuit’s popular accounting software today!