Why Quickbooks Accounting Software Is Ideal For Small Businesses

quickbooks accounting software
The world is progressing with each passing day. And with that, the environment all across the globe is also changing manifold.

And by the environment, it is not nature that is been specified here, but the overall surroundings encircling mankind.

Gone are the days when people thought about finishing their degrees and getting a decent job for them.

Well, the practice is still there, but not that much trending at present. The present-day is witnessing more and more risk-takers emerging in the market, trying to make a mark and create a base for their products.

Some succeed in doing so, while others fail.

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Now, if looked at closely, maximum cases of failed business ideas, or bankrupt enterprises would have one thing in common for their failure- mismanagement of accounting.

Accounting is an integral part of any business whatsoever, and in the case of small businesses, it is even more essential as there are lots of financial dealings and transactions in the initial stage of a start-up that needs observation as well as consideration.

So, the only two ways to make these things work are one- hiring a small business accountant, or two- using modern accounting software like QuickBooks Bookkeeping.

Follow along with this excerpt to know more about this particular software, and why is it considered to be an ideal one for small business accounting services.

quickbooks bookkeeping software

What is QuickBooks Bookkeeping software?

Before plunging any further into the topic, let’s take a brief idea about the software itself. Of all the accounting software for small businesses reviewed, QuickBooks is the best amongst all in an overall aspect.

Not only do a maximum of small business accounting professionals use QuickBooks Online, but there is also an abundance of online training resources and forums where you can get help when you need it.

All accounting features are easily accessible from a single main dashboard, making bookkeeping more fluid, efficient, and convenient as well.

The number of products QuickBooks Bookkeeping has are-

  1. QuickBooks Premier Plus
  2. QuickBooks Pro Plus
  3. QuickBooks Self Employed
  4. QuickBooks Online
  5. QuickBooks Mac Plus
  6. QuickBooks Enterprise

Out of these six categories, QuickBooks Online has four categories of packages available- Simple Start, Essentials, Plus, and Advanced. Most small businesses will benefit from one of these four plans available in the QuickBooks Online product.

It is a cloud-based solution that includes all the essential features for managing your company’s finances. This particular version of the QuickBooks Bookkeeping software even includes numerous integration options, which makes it simple and easy to collaborate with a professional accountant or bookkeeper Los Angeles.

The best thing about this product is its user-friendly interface which makes handling and managing accounting services even easier than before.

Table Of Contents

    1. It’s a constant-evolving software
    2. Numerous integrated tools and features
    3. User friendly interface
    4. Value for money
    5. Backup service
    6. Rapid expansion

 

Why Is QuickBooks Bookkeeping software ideal for small businesses?

Now let’s see why QuickBooks Bookkeeping is ideal for small businesses-

It’s a constant-evolving software

There are numerous improvements within this particular accounting software that can always be beneficial to the operation of your business. New features are added on a regular basis, ensuring that all of your financial needs are met.

Numerous integrated tools and features

Another one of the essential reasons to make use of this software is that there are numerous useful shortcuts, hundreds of integrated tools, and other important tools and features that make the accounting job way easier. By using this software, users will save a lot of time and improve their work performance significantly.

User-friendly interface

The most important reason for QuickBooks Bookkeeping services being so widely popular and frequently used software is that it has a very easy-to-use interface. With all the features and tools on your face, it becomes much easier for people to understand and make use of the software to its full potential.

Value for money

There is a lot of software available, but nothing compares to what QuickBooks has to offer. It can save you a lot of time and money, both of which can be put to good use for the company. The comprehensive and affordable payment plans are what make it such a widely popular software amongst businesses big and small.

Backup service

A very important feature of QuickBooks Bookkeeping is its integrated backup service which can also be considered a life savior! This helps in keeping all your financial and accounting-related data safe and secured. So, you don’t have to be afraid of losing any past or present financial and accounting data while using this particular software.

Rapid expansion

QuickBooks is customer-focused, and by listening to their customers’ needs, they are constantly attracting new active users. If you start using this software, you will most likely never use another accounting tool again. Moreover, their plan is to reach about ten million users by the end of this decade.

Conclusion

Therefore, these are the reasons why QuickBooks Bookkeeping is considered an ideal software for any kind of small business. Making use of such modern technology saves you time, energy, and a lot of money!

You May Also Read: What Is IRS Levy And How To Get Exemptions?

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    Jarrar & Associates CPA, 100 Wilshire Blvd, Suite 700, Santa Monica, Santa Monica, CA 90401, United States, (310) 887-1313 Jarrar & Associates: Sam, 475 Washington Blvd, Marina del Rey, CA 90292, United States, (310) 887-1313 Jarrar & Associates CPA, Inc., 433 North Camden Drive #400, Beverly Hills, CA 90210, United States, (310) 887-1313

    4 Reasons QuickBooks Bookkeeping Is Necessary For Small Businesses

    quickbooks bookkeeping services
     

    If you are a small business owner, you will find yourself having to take on various tasks outside the scope of a managerial role.

    Some administrative tasks will involve accounting, preparing for tax seasons, and preparing taxes, etc. If you find yourself handling all tasks outside the scope of a managerial role, you need assistance.

    Performing these tasks on your own becomes difficult as this is when you need proper bookkeeping services in the form of QuickBooks bookkeeping- the best bookkeeping software for small businesses.

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    Table Of Contents

      1. What Is Bookkeeping?
      2. What Is QuickBooks Used For?
      3. Better Management And Financial Analysis
      4. Don’t Miss Out On Potential Tax Deductions

     

    What Is Bookkeeping?

    Organize & Store Financial And Accounting Documents

     

    If you don’t already know, bookkeeping refers to the process of organizing and storing financial and accounting documents including journals, ledgers, financial statements, etc.

    What Is QuickBooks Used For?

    The Benefits of Quickbooks

     

    Avoid Audit By IRA

    In 2013, the CRA (Canada Revenue Agency) dedicated the bulk of its program spending resources to small and medium-sized businesses, with $1.3 billion government spending on small and medium-sized businesses audit activities the upcoming year.

    Do you want to avoid an audit altogether? It is easy. Keep track of your books regularly. If you want to be more prepared, pay attention to the red flags that the IRA notices in small business-like large business expenses, revenue discrepancies, etc.

     

    Avoid The Stress Of Audit

    Having the books in good order means you are well equipped for the unfortunate case that your books are audited by IRA. Since small business owners are at the highest risk for an IRA audit, proper bookkeeping becomes important than ever.

    The more up-to-date and accurate your company’s books are, the quicker the IRA can move on from your case-leaving less time for headaches, more time for growing your business by using QuickBooks small business help.

     

    How To Implement Proper Bookkeeping Services?

    Now that you know why bookkeeping is so important, the next step is implementing a system for tracking income and expenses. Here’s how to do it:

    • Input items yourself
    • Hire expert to keep up the books
    • Hire a virtual bookkeeper
    • Use the CPA throughout the year

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    Better Management And Financial Analysis

    Manage & Analyse Your Cash Flow

     

    To keep your business stay afloat, it needs money. We know that cash flow management isn’t an easy task.

    Proper bookkeeping allows you to analyze and manage the cash flow. This gives you a better picture of your business’s financial situation.

    Being the best accounting tool for small businesses, QuickBooks helps you keep on top of paying invoices to vendors in a proper fashion. Also, you must know where exactly the money is going. Who wouldn’t want to know where the money is going?

    Hiring the right CPA can answer all your questions so you get the benefits of accounting software for small businesses.

    Related Article: 5 Common Business Bookkeeping Mistakes & How To Avoid This

    Don’t Miss Out On Potential Tax Deductions

    Don’t Miss Tax Deductions

     

    Slow and inconsistent bookkeeping can lead to missing legitimate tax deductions that you otherwise could have received.

    Alternatively, the CPA could disallow your tax deduction based on missing paperwork, which you may have misplaced.

    Keep in mind, as the general rule of thumb in any tax assessment the CPA is always right- unless of course, the records prove otherwise.

    Finally, if you ask QuickBooks online good, the answer is YES. As bookkeepers are the unsung heroes of the financial world.

    They make your money go round, keep your finances from becoming an unmitigated disaster, and ultimately help you manage your business with a clear head.  Similarly, the QuickBooks features and functions help businesses function properly.

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      Locations:

       

      Santa Monica

      Marina Del Rey

      Beverly Hills

      Jarrar & Associates CPA, 100 Wilshire Blvd, Suite 700, Santa Monica, Santa Monica, CA 90401, United States, (310) 887-1313 Jarrar & Associates: Sam, 475 Washington Blvd, Marina del Rey, CA 90292, United States, (310) 887-1313 Jarrar & Associates CPA, Inc., 433 North Camden Drive #400, Beverly Hills, CA 90210, United States, (310) 887-1313

      Stay Ahead with QuickBooks Desktop 2023: What’s New

       

      The latest QuickBooks features enhance the performance and usability of it. It has simplified the process of selecting the right accounting software for small businesses. More than 2 million companies across the different states in the US use the QuickBooks.

      40% of the total customers of QuickBooks online are small businesses. The latest version is the best QuickBooks for small businesses that include features such as Automated Payment Reminder, improved company snapshots, Bounced check, and many more.

      The following are some of the latest features that will give the small business more power and flexibility to operate.

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      Table Of Contents
       

      1. Enhanced Reporting
      2. QuickBooks Cash
      3. Improved Company Snapshot
      4. Automated Payment Reminders
      5. QuickBooks Payment
      6. Easy Payroll Setups and Backdate checks
      7. 401k Plan Connected to QuickBooks
      8. Introducing QuickBooks Commerce

      1. Enhanced Reporting

      The enhanced reporting structure offers better customization, usability, navigation, and presentation. Analyzing a specific report is crucial to plan the strategies for any business. A pile of the report files can make the owner confused.

      The latest feature of QuickBooks small business accounting services allows creating customized reports by extracting only the required data. Further, real-time reports always show the updated changes without any additional manual efforts.

      2. QuickBooks Cash

      quickbooks desktop 2023

      Think of a bank account that is customized to meet your needs. The latest QuickBooks Cash exactly does the same. It works like a no-fee business account that will offer you a fast payment, forecasting tools, and more. It automatically syncs with QuickBooks for continuous accounting.

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      The following are some features:

      • 1% APY interest
      • Instant money deposit at no extra cost
      • Cash Flow Planner enables small businesses to forecast the money for up to 90days
      • Entry-free bookkeeping that automatically syncs the payments and spending

      3. Improved Company Snapshot

      The latest feature offers a centralized dashboard that helps you see all the critical business data at a glance. It can help you see the different data ranges of your business at a single view and layout.

      Further, the template allows you to configure the data that you want to look at on the board without checking different reports.

      4. Automated Payment Reminders

      The latest QuickBooks online small business feature allows sending reminders to customers with due invoices, which helps you get due payments quickly. It saves plenty of time from following up on the late-paying customers.

      Further, it also allows you the flexibility to customize the reminder for the specific customers. Hence, you can send reminders only to those customers who have a history of default payments.

      Related Article: What QuickBooks Can’t Do?

      5. QuickBooks Payment

      desktop quickbooks 2023

      The latest feature allows you to get the money directly in the account, almost instant. With this feature, a business can now preselect the day of a week when they want to make an automatic, instant deposit. You can do it thrice daily at 9 AM, at 2 PM, and 9 PM PT.

      The overall process can help small businesses to get the payments receivable easily. All the payments will get directly transferred to your bank account. It will help you in managing your business cash flow.

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      6. Easy Payroll Setups and Backdate checks

      Managing the payrolls becomes easy, like never before with the QuickBooks. Recently, there is a 34% growth recorded in online services such as payments and payrolls of QuickBooks. The recent updates offer the ability to issue the backdate paychecks. The earlier version only allows creating checks for the current or future dates.

      Additionally, it helps in reducing the time to set up the payroll by allowing the employees to complete the payroll setup. Small business owners can ask the employees to submit essential personal information directly to run the payroll.

      7. 401k Plan Connected to QuickBooks

      401(k) Plan Connected to QuickBooks

      QuickBooks now connected with a new retirement 401(k) plan that will allow the small business owners to offer their employees a convenient and secure place to save. It is an affordable retirement platform, which will be available on the “Benefits” tab of the QuickBooks Online Payroll.

      One can directly buy the plan from the QuickBooks account. The plans start from $39 and securely can be synced with QuickBooks payroll. It allows improved communication.

      • Automatically checked eligibility and notified to the employees
      • Auto deductions are taken out of paychecks
      • Auto tracking of employee contribution

      8. Introducing QuickBooks Commerce

      QuickBooks introduced a business management platform naming QuickBooks commerce to help small businesses. With the help of the platform, small businesses can attract and sell across the different ecommerce platforms with an online storefront, marketplace, and POS system.

      All the inventory, products, and orders are sync in a centrally run platform that will allow the small business owners to manage the omnichannel presence.

      Bottom Line

      Over in this post, you have seen how the latest QuickBooks features that can help the small business owners in various ways.

      If you need help in choosing the right accounting software, or want to know how to set up a business in QuickBooks, please feel free to contact us.

      Contact Us Today:

        (*) indicates mandatory fields

        Locations:

        Santa Monica

        Marina Del Rey

        Beverly Hills

        Jarrar & Associates CPA, 100 Wilshire Blvd, Suite 700, Santa Monica, Santa Monica, CA 90401, United States, (310) 887-1313 Jarrar & Associates: Sam, 475 Washington Blvd, Marina del Rey, CA 90292, United States, (310) 887-1313 Jarrar & Associates CPA, Inc., 433 North Camden Drive #400, Beverly Hills, CA 90210, United States, (310) 887-1313