Stop struggling to manage paperwork.
As one of the most popular and powerful business tools, QuickBooks can revolutionize the way a business is run. That’s because this easy-to-use accounting software makes keeping track of income and expenses easy.
At A.P. Accounting & Tax Services, we encourage small business owners to take advantage of this tool. Whether it’s for help invoicing customers, preparing taxes, paying bills, or generating reports; we see first-hand how much it can help.
Given our experience with QuickBooks, we’ve outlined our five favorite features that will transform a business.
1. Invoicing
When business is booming, keeping track of customer invoices can take hours out of your day. But, all this administrative nightmare can be over with QuickBooks. That’s because one of QuickBooks’s most useful features is the ability to create, send, and track invoices. The platform allows you to either print or email a copy to the invoice and will then automatically record the amount owed. That way, you can easily look up outstanding invoices and follow up accordingly, instead of having to keep track of all of these details manually.
Another feature that business owners will love is being able to edit existing invoices or change an estimate into an invoice. This prevents owners from having to build a receipt from scratch, instead simply changing a few details (for example, the billing, shipping, or amount) and sending it out.
2. Employee Hours
QuickBooks has its own payroll function that allows owners to calculate and run payroll automatically. This feature can even be programmed to run as often or as little as you’d like it to (for example weekly or bi-weekly). Deposits for employees can be made by check or with a direct deposit and federal/state payroll taxes will automatically be deducted for you.
It is important to note that the payroll function does come at an additional cost. However, QuickBooks is integrated with QuickBooks Payroll, so you can guarantee every hour will be captured and considered for billing to customers – all without having to manually track it yourself.
3. Taxes
Tax time can be stressful. Even more so for small business owners who likely struggle to organize all their documents. Not only can collecting income and expense reports throughout the year be an overwhelming task but missing charges can be costly and result in a large tax bill.
But, if you use QuickBooks throughout the year, all you will need to do come tax time is to print your financial statements. Plus, if you decide to work with an accountant or other financial professional you can even give them access to your account so they can directly review all the information saved throughout the year in order to prepare your return.
4. Online Bill Payments
As an owner, you likely struggle with all the bills and invoices that come your way. But there is a solution to solve this stress with the help of QuickBooks. QuickBooks makes it simple to pay all your bills on time, automatically, and directly from your bank account. All you have to do is enter your bank account information and indicate what your proffered payment method is. QuickBooks will then automatically process future transactions, mark the bills as paid and remove them from the list of outstanding invoices. In turn, making sure you never fall behind on a payment again.
5. Track Inventory
Inventory can be an incredibly tedious task without QuickBooks. QuickBooks has a feature allowing owners to track the quantity, cost, and total value of their inventory. As things sell, QuickBooks will even automatically allocate a portion to the cost of goods sold (an expense account to reduce your income for tax time). In turn, helping owners keep track of taxes and on top of their inventory. Plus, the system will even notify you when you begin to run low on goods.
Ultimately, if you’re an owner that struggles to manage your books consider learning more by giving us a call at 407-328-5001.
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