5 Ways to Utilize QuickBooks for Your Business
Managing your businesses’ finances can be stressful and can make the room feel hot even though the weather is cooling off for the year. It’s why we recommend using QuickBooks so much, as it is the ideal accounting software for small to medium sized businesses.
QuickBooks allows business owners to take full advantage of their finances, even if they aren’t pros at doing so. While being able to function solely for that purpose, QuickBooks also excels at payroll, inventory, and creating reports. There’s a steady positive correlation of people switching over to QuickBooks as their financial keeper, and it shows in their financial stats and growth in business.
QuickBooks for your business is one of the smartest choices you can make. So how can QuickBooks help your business?
Here’s 5 Ways QuickBooks can be used to benefit your business –1) Hold the Edition of QuickBooks that’s Precise for your Company.
First, you need to choose the Pro, Premier, or Enterprise Solution QuickBooks that fits within your company. A few things you should know is that Pro is mainly for small companies whereas Enterprise is more suited for companies that are semi-established. Furthermore, Premier is made to modify the basics with more extensive tracking and reporting. By using QuickBooks, for your company, all pertinent information will be stored in the cloud and will remain secure for you and only your company’s usage.
2) Take Full Advantage of the Profit and Loss Report.
You want your business to help you take money in at the end of the day, yet punching in numbers every night is a load and can become an annoyance when they come out incorrect. However, one of QuickBooks main functions is to tell you how much your business has grown or receded over time. Profit and loss report is the tool to utilize when monitoring your expenses versus your income in a given timespan. These reports can be ran from week to week or even longer spans including monthly and annually.
3) Get a Clear Picture of Your Business’ Finances with Balance Sheets.
Once you have taken note of your profit loss margins, you can paint out a picture of your business’ finances. Having a balance sheet during this time gives you a broad overview of what’s happening.
Here’s what a balance sheet is made up of –
- Assets – Anything that you own that can be traded for money. This includes your inventory, supplies, land, patents and trademarks.
- Liabilities – Legal debts including taxes, bank loans and installments from providers for goods and services.
- Equity – Your business’ worth after subtracting liability costs from your assets.
The equity of your business is to show you how much you’ve gained or lost from start to finish; with your debts consolidated and your business sold off.
4) Merge QuickBooks with your Bank.
There is no second guessing yourself when using QuickBooks. It’s all easy and by using their basic tools you can accomplish more. Additionally, you can merge your online activities and financial statements that you enquire from your business bank account with QuickBooks. Therefore, by keeping your monthly business expenses and gains all in one place you can be well- organized which will make it a whole lot easier to maintain.
5) Benefit from QuickBooks’s steady flow of cliental and their feedback.
QuickBooks have started using the cloud since 2013 and has grown over the years. In 2014, they moved towards helping small businesses; then in 2014 and 2015 they began having online books for the self-employed individuals. QuickBooks has become a well-rounded tool utilized by individuals that are self-employed or otherwise named freelancers. This year in 2016, roll out the carpet of your small business with QuickBooks. With the new updated technology that QuickBooks can now bring to a business or individual, you can’t go wrong when choosing them to help maintain your finances. Be prepared to watch your business grow with new cliental as you keep your finances in check.
Seemingly QuickBooks makes your life much easier by helping with the number punching. However, for those who aren’t tech savvy, or are not feeling comfortable with their finances, we’re there for you! At Lucia CPA, we are experienced Intuit Certified Professional Advisors that can walk you through step by step what you need for your business. Not only can we help provide the on-going support needed to manage QuickBooks, we’re also able to train you in basic accounting procedures, offer an analysis on your accounting file, and instruct you on a wide range of business finance dilemmas. If you have further questions regarding QuickBooks, be sure to contact us today through our online form, giving us a call, or stopping by at our office. We aren’t your ordinary bean counters!