How Small Businesses use Quickbooks to Save Time and Resources

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Small businesses have a lot to deal with if they’re going to have a chance to compete with bigger companies in their markets. Because of this, it’s critical for them to be able to save time and resources wherever they can. And QuickBooks is one of the best tools available for small businesses to be able to do just that. QuickBooks is the leading accounting software program in the market today for small businesses.

Here are a few ways in which it can help you save time and resources.

Downloading Transactions

One of the great time saving tools that QuickBooks offers is the ability to download transactions directly from your bank. Most banks today offer some kind of online banking, and the majority of online banking programs are compatible with QuickBooks. With this functionality, you just login to QuickBooks and all of your financial transactions and related information from your bank will be downloaded to your account. You simply have to press the refresh button to get the latest information from your bank.

The nice thing about this particular feature is that you don’t have to worry about manually transferring the transactions from your online banking into your accounting software, as is the case with some of the other programs. You also don’t have to keep and maintain a manual ledger, as everything is taken care of with QuickBooks.

Get Your Tax Information Easily

For many businesses, one of the most painstaking parts is getting their tax records ready. When tax season rolls around, you have to deal with filing your tax returns. Getting all of your financial transactions ready can be a real pain if you don’t have them all neatly organized in one location. With QuickBooks, getting everything together is a breeze. You simply print off the reports and the information that you need while avoiding what you don’t need. You can then give it to your tax professional or do your taxes yourself.

If you use one of the popular tax software programs, the information can even be automatically transferred from your QuickBooks software to that tax software automatically. This makes the process of filing your taxes so easy compared to other options. Everything will be placed into the correct fields in your tax return form by using this approach.

Track Your Finances

Another way that QuickBooks can help tremendously is by tracking your finances. With the help of QuickBooks, you’ll know at all times where you stand financially. It can keep track of your outgoing expenses and group them into spending categories. It can also keep track of your business income, so you can make out exactly where the funds are going and coming from. If you don’t keep track of your expenses, you might end up spending more than you can actually afford. This could come back to hurt you in the long run. In some cases, you might even end up getting insufficient funds fees and penalties if you spend more money than what you have in hand.

Another good thing about the way QuickBooks tracks your finances is that it can easily create financial reports and statements with a single click. Instead of having to take the time to create a balance sheet or an income statement, you can simply click on the appropriate report and print it out.

QuickBooks has the potential to help your small business thrive. If you’re ready to take your business to the next level and stop struggling to make things work, it’s time to try out a copy of QuickBooks today.

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.