Keeping Startup Costs Low with QuickBooks Online

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One of the biggest challenges that startup companies face when getting started is figuring out a way to keep business costs low. Many businesses find themselves accumulating debt and other monthly liabilities to an extent that they can’t afford to be in business unless they generate massive sales. So, if you desire to stay away from getting into a situation like these, it makes sense to take charge of your finances and keep the costs at their minimum. One tool that can help you keep your costs low is QuickBooks. With QuickBooks, you have a number of tools at your disposal that make it possible for you to save money and time.

Let’s discuss some of these in the subsequent paragraphs;

Avoid Extra Bookkeeping Costs

When running a business, it is essential to have someone in place to handle the bookkeeping. In many cases, businesses will hire a professional bookkeeper or an accountant for this task. This could be done by hiring someone to operate in-house, or it could be done by outsourcing this task to a firm. Although these are viable options to consider, they can be conveniently replaced with QuickBooks.

QuickBooks allows you to handle most of the common bookkeeping tasks without hiring a professional. Either you or someone on your office staff could probably do almost everything that you need done with the help of QuickBooks. Therefore, it has the potential to save you quite a bit of money by eliminating the need to hire an accountant to handle this aspect of your business.

Get All Your Deductions

Another good thing about running a business is that it gives you access to hundreds of different tax rebates. These tax rebates can significantly reduce the amount of money that you’re required to pay to the federal and state governments. If you don’t use QuickBooks, it might be difficult for you to keep track of all the items that you can deduct as a business expense. This could raise your effective tax rate and make things much more expensive for you. By tracking every single one of your expenses and categorizing them in QuickBooks, you can more accurately track the amounts for the purpose of deductions.

Make Tax Time Easier

Another way that QuickBooks can help save you money and time is by making tax time easier. With QuickBooks, each one of your financial transactions is tracked in detail. When tax time rolls around, all you have to do is print off the required reports from QuickBooks and you’ve got everything that you need. This can significantly speed up the process of filing your taxes. In some cases, you may be able to file your taxes completely on your own without having to pay hundreds of dollars to an accountant to make tax calculations. QuickBooks integrates with almost all of the leading tax software programs, which makes the transition process seamless and smooth.

Handling Payroll

When running a business, handling payroll can be one of the biggest burdens to deal with. Many businesses outsource this task so that they can focus on other important things. While there’s nothing wrong with outsourcing payroll, it can be quite costly. By using QuickBooks, you can handle your payroll with ease. It uses the information from other areas of your business to help the payroll process along. You won’t have to worry about your payroll being accurate or paying too much for a payroll service to do it for you.

Overall, there are so many different ways that QuickBooks can make your life easier as a business owner. If you are willing to try it out, you will most likely never go back to another solution again.

Bernard Roesch About Bernard Roesch

Bernard Roesch is co-founder and Managing Partner of Mission Consulting. Bernard’s background in the early years of his career was spent in the manufacturing sector, making his QuickBooks perspective a unique one – he understands the intricacies of a complex environment and then applies his strategic skills accordingly.