Keeping your business afloat takes more than just being good at what you do, having quality products, or offering great customer service. You also need to be able to make money by doing those things. As any small business owner can tell you, it sounds much easier than it is. You need to be able to track the health of your business accurately, and you need to be able to identify the aspects of your business that are most profitable. You also need to identify potential areas of loss and find ways to address those.
There are at least three ways in which you can use QuickBooks to help keep your business running smoothly and profitably:
- Robust reporting. QuickBooks can tell you everything you need to know about your business’ profits and losses. You can look at individual products, vendors, projects and more to see whether you’re really making money, and how much you’re making. Whether you’re talking about something specific like subcontractor data or you’re talking about an entire year’s P&Ls, QuickBooks can give you the information you need.
- Inventory control. Depending on how complex your inventory system is, you can usually utilize QuickBooks to supplement or manage your inventory control procedures. When configured correctly, QuickBooks can tell you how much money you’re losing through loss, breakage, or theft. It can also give you information about product shelf life, and help you find the inventory sweet spot, so you never have too little or too much inventory sitting on those shelves.
- Accounts receivable. Billing and collections can be a major undertaking for a small business. QuickBooks takes the hassle out of billing, streamlines the process, and makes sure that nothing gets overlooked. QuickBooks can increase your collection rate, preventing unnecessary losses.
No matter what industry you’re in, QuickBooks offers tools to help you keep your business humming right along.