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In the accounting field, accountants often encounter various challenges despite the necessity of human resources and the opportunities for advancement. QuickBooks emerges as a highly effective solution to streamline company accounting systems.
In this article, you will learn some prominent 4 features of QuickBooks accounting software and 6 ways to use for maximum benefits. This will provide you with a comprehensive overview of this valuable tool, offering businesses a smoother accounting experience.
1. How does QuickBooks work?
QuickBooks (developed and marketed by Intuit) is designed to manage financial information, ranging from income and expenses to invoice and payment tracking. QuickBooks is a robust and versatile accounting solution that significantly reduces the time and effort required for routine accounting tasks.
Some of its key features include invoicing, expense, and income tracking, payroll and tax filing, financial reports, integration with third-party apps (American Express, Square, PayPal), and many more amazing QuickBooks accounting software features that you will explore in section 9 ways to use QuickBooks for maximum benefits.
If QuickBooks is the solution that you find for all your company’s tax and accounting tasks, click here to see its full power and options for your business.
2. Top 4 essential QuickBooks functions
With 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, and Mailchimp, QuickBooks ranks among the top accounting solutions for businesses ranging from start-ups to major corporations. For the majority of users, QuickBooks is the incredibly valuable go-to choice for these 4 top three essential features with huge benefits and enormous return on investment: 488%
- Automating
The platform's features like organized dashboards, batch data import/export, workflows, and bank feed connectivity automate administrative tasks such as invoicing and reconciliations and streamline financial and accounting management. The automation functions help make routine tasks more efficient than ever
- Reporting
The reporting feature is the ideal feature that managerial personnel find QuickBooks the most helpful. Its reporting capabilities facilitate the creation of detailed, customized reports that assist in better business decisions faster.
- Cash Flow Tracking
For major corporations, QuickBooks' robust tools for understanding cash flow enable the organization to negotiate loans more effectively or avoid unnecessary loans, leading to a 50% reduction in interest payments.
- Collaboration
On one hand, QuickBooks Online, with its amazing cloud storage, helps enhance teamwork performance. On the other hand, QuickBooks promotes data-driven insights, making meetings more productive. Such increased collaboration within the software reduces the need for external tools or spreadsheets, saving time for users.
Overall, the benefits of using QuickBooks across various financial functions provide increased efficiency, better decision-making, cost savings, and enhanced collaboration for your business.
3. 6 ways to use QuickBooks for maximum benefits
One of the most used functions of Quickbooks is its invoice management. You can create, modify, and print invoices for physical mail shipping or directly send them to your customers/partners.
In addition, this feature allows you to keep track of all invoices and automatically record completed invoices should you set it up correctly.
Bill and expense management is another great function of QuickBooks. You can connect QuickBooks to your bank and credit card accounts to automatically download and categorize expenses without manual entry.
If necessary, you can manually record cash or check transactions directly in QuickBooks, ensuring a comprehensive record of all financial activities.
Besides, QuickBooks allows you to enter bills as you receive them, enabling effective tracking of upcoming payments. This feature ensures you have a clear overview of pending bills, aiding in timely payment management.
QuickBooks offers integrations with a wide array of third-party apps, enabling you to extend the functionality of your accounting processes. These integrations make running your business seem like a breeze with various tools and functionalities that enhance different aspects of financial management.
If you are an e-commerce website owner, QuickBooks should be on your top list for the variety of e-commerce apps you can connect to sync your orders, products, and inventory and automate your accounting. Prominent examples of these apps are Shopify, WooCommerce, eBay, Squarespace, Magneto, etc.
You can check the list of supported integrations on the QuickBooks website via this link: Seamless QuickBooks Online App Integration
In QuickBooks, you can oversee both your employees and subcontractors for billing purposes.
With the right setup, employees and subcontractors can input their daily work time or a bookkeeper can enter their manual timesheets. No matter how you choose to set up the system, this feature offers another unique benefit: payroll management.
You can calculate and run payroll automatically, based on the pay schedule you set. This significantly reduces the potential for errors and penalties that manual payroll processing might incur.
Inventory tracking is another prominent use of QuickBooks. QuickBooks Plus and Advanced versions offer inventory management capabilities. It helps monitor inventory quantity and costs. As you sell inventory, QuickBooks automatically allocates a portion of the Cost of Goods Sold (COGS)
In addition, QuickBooks can alert you when inventory levels are low, reminding you to reorder stock
One of the key uses of QuickBooks is how easy it makes tax preparation for small businesses.
Throughout the year, QuickBooks automatically records and categorizes your income and expenses. At tax time, you can choose to generate comprehensive financial statements.
With QuickBooks Online, you have the option to invite your tax preparer directly into your account to access the necessary financial data, review numbers, and obtain any required information to prepare your tax return efficiently.
4. How can we help you unlock the power of QuickBooks Online
Global Link Asia Consulting, as your trusted one-stop corporate service provider helping hundreds of business owners start their businesses overseas and manage their companies with success, can help you
- Find the right QuickBooks plan that suits your business needs;
- Install and configure QuickBooks Online which maximizes your business performance;
- Migrate your financial data to QuickBooks Online with ease and accuracy;
- Excel at using QuickBooks Online with our QuickBooks training course ;
- Master QuickBooks Online with expert support and advice from our QuickBooks Proadvisor.
5. FAQs about features of Quickbooks
QuickBooks offers distinct advantages over Microsoft Excel and Google Spreadsheets when it comes to accounting and financial management.
In short, QuickBooks stands out for its amazing tools and features specifically tailored for accounting and financial management: QuickBooks is ideal for accountants of all levels.
In contrast, Excel and Google Spreadsheets are spreadsheet programs that advanced users may be able to use to create their own custom bookkeeping programs.
QuickBooks offers a free trial for the first 30 days for new users. Contact us today and we will help you experience the power of QuickBooks and how it can change your accounting task for the better.
In short, QuickBooks Online should be your go-to choice of the two, since QuickBooks Desktop software, despite sharing similar features with the online version will be discontinued after May 31, 2024. The service discontinuation means that you will not receive critical security updates protecting your data, your access to QuickBooks features, online backup, and more.
We suggest that you switch to QuickBooks Online if you are using QuickBooks Desktop. If you are new to QuickBooks, you should use QuickBooks Online for greater flexibility and collaboration.
One of the best things about QuickBooks Online is its user-friendliness and dedicated support from Intuit. You can get access to free online training resources on the QuickBooks website and dedicated customer services to help you implement the system.
If you need help mastering QuickBooks Online and software installation tailored to your business needs and accounting team, we can help you.
We are proud to have Kaylin - a certified QuickBooks ProAdvisor - to help master QuickBooks easily with an amazing training course and give insight into QuickBooks setup to boost your accounting team's performance.
As the Official Proadvisor for QuickBooks in the Asia-Pacific region, we offer a comprehensive services guarrantees to sastify every of your accounting needs:
- QuickBooks Lisence for all version.
- Training and Support: Benefit from our consulting and training support in using QuickBooks Online accounting software:
- QuickBooks Online training guide for Singapore companies;
- QuickBooks Online training guide for offshore companies in BVI, Belize, Seychelles, and more;
- QuickBooks Online training guide for Hong Kong (China) companies;
- QuickBooks Online training guide for US companies;
- Online course to master QuickBooks Online.
- QuickBooks set up and configuration to your needs.
For more detailed support on how to use QuickBooks Online accounting software for businesses, please contact QuickBook Proadvisor - Ms. Kaylin:
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Email:
This email address is being protected from spambots. You need JavaScript enabled to view it. - Phone (Viber/Skype/WhatsApp/Telegram): (+84) 0938 297 637
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