All You Need To Know About QuickBooks – Manchester
QuickBooks is a program designed to help small businesses manage daily transactions, sales, and expenses. It is an accounting software that can be used to invoice customers, file taxes, and generate business reports. The software can be utilized by many types of businesses, from sole proprietorship, to medium and larger businesses.
For Example, a Manchester based Chartered Accountancy firm could use the software not only to manage our own finances, but to manage each of clients’ accounts meticulously. QuickBooks integrates a number of web-based features that include: Remote access capability, online banking reconciliation, improved email functionality, electronic payments, outsourcing and remote payroll assistance. It also features marketing options via google, mapping features with google maps and could be used to import documents from spreadsheets. Also, it is capable of pre-authorization function for electronic funds and features time tracking capabilities.
Accessing QuickBooks files remotely is perhaps the most celebrated QuickBooks features. Note that as the world becomes a global village, whether you work in Manchester, Paris, London or Beijing, many people are discovering the benefits of working whilst on the go. Some of them may choose to work from an office or a remote location. QuickBooks gives them the chance to choose what they want. The remote access feature confers a lot of benefits to the users by enabling them to add value to their enterprises anytime they are free. Many accounting professionals have the freedom to choose to work from their office or remotely conveniently. Also, the feature enables different users to collaborate and work on the same file at the same time. This allows business owners to easily track the activities the bookkeepers engage in during the day. Also, QuickBooks remote access tool can be remotely connected to any desktop installed with QuickBooks. It copies files, between a remote and local computer and can perform a host of other functions such as printing files. The remote access software works with other tools to support online communications and arranging for meetings. It features QuickBooks add-on software for accountants (remote access) which come in two versions Full Desktop access and QuickBooks access. Note that the remote access software you choose is solely determined by the size of your business and what you want to achieve. Also, QuickBooks remote access is secure especially if you choose to use any of the software like QuickBooks hosting or QuickBooks online. All the authorised hosts are vetted to ensure the safety of the client’s data.
Cloud Hosting Capability
With Intuit, the entrepreneur is able to host QuickBooks desktop software on the cloud. All that is needed is to have it installed on the server of a hosting provider and the file will be available to authorised users from any location as long as there is internet connectivity. It can be used across devices meaning that accountants do not have to install and maintain the QuickBooks. This service is provided by the hosting service provider.
It is another solution from Intuit which works on the cloud. It allows the user to access the files over the internet and work remotely. Note that the plan chosen by the administrator determines the number of users that can collaborate and work on the same file at the same time. Unfortunately, QuickBooks online does not offer many of the services offered by QuickBooks hosting and QuickBooks Desktop. QuickBooks online is suitable for professional that require remote access even though it does not come with all many features you will get in QuickBooks desktops. To enjoy QuickBooks online services, you need to pay a monthly subscription fee which allows you to access the software through a web browser. Intuit monitors the performance of the software and will provide regular updates when needed.
QuickBooks Point of sales
It is one of Intuit’s software and a great feature that tracks inventory sales alongside the customer’s information. It provides reports required to serve the customers better and manage the business.
QuickBooks bank feeds
It is an online banking feature that allows users to connect to their financial institutions and enjoy online services including downloading transactions in real time. It is QuickBooks desktop service you can use to record and carry out bank and credit transactions efficiently. Using this banking feature saves on time and allows you plenty of time to attend to other business needs. To get started on this service, you need to open an account with a financial institution that utilises and offers QuickBooks services. You must also have a reliable internet connectivity. Note that before you set up QuickBooks bank feeds, it is important that you work hand in hand with your bank to know the available options and what they actually support. The financial institution must give you the log in details to enable you to add the online service to your QuickBooks account. You have the following connections to choose from: Direct connection- QuickBooks can send your information to your financial institution and gives you a chance to directly import data from it. The institution will provide a password to help you download statements to your feeds. It allows you to use other online services including online transfers and online vendor payments if they are supported by your bank. Web Connect – it allows you to receive data by downloading it on your web browser. Unfortunately, if you choose to use web connect, you will, obviously, not be allowed to transfer funds to other account and send payments across to vendors. In fact, it is one of the reasons that make most businesses chooses to install both web connect and direct connection. So where can one get reliable QuickBooks accountants Manchester? From this discussion, I bet you now have a clear picture of what QuickBooks is and the tools Intuit provides to make your bookkeeping work easier. So, we turn our attention to why you should seek QuickBooks bookkeeping services. If you are a small or a medium-size business, you need the services of a QuickBooks bookkeeper Manchester to help manage your invoices, cash flow, and pay bills. You also need the service to be able to generate monthly reports and prepare to file your tax returns on time. Here are ways QuickBooks can benefit your business.
To manage income and sales
You can easily manage income and sales by creating and running invoices using QuickBooks. This is what helps you to stay on top of things. It updates you regularly on what your customers owe and what you owe your suppliers. Also, you will receive regular receivable, aging reports which may include both the current and the past invoices due for collection.
It will help you keep track of expenses and bills.
QuickBooks can keep and track all your expenses and any bill that is due. It allows you to connect to credit cards and bank accounts. Also, it keeps track of expenses and bills that have not been paid. Recording a cash transaction in QuickBooks allows you to keep track of the transaction at a press of a button. Also, by creating accounts payable reports, QuickBooks helps you pay the bill on time since you will receive the reports on the past and current bills in a timely manner and allow you to address the issue on time.
Helps to manage cash flows
QuickBooks are designed to help you manage cash flow activities. You access insightful reports which are updated in real-time and which helps you manage your cash flow and run the business efficiently. The reports can come in handy when looking for a strategic investor or a lender. Other than running the accounts receivable and accounts payable reports, you will also run profit and loss reports, statement of cash flow, and balance sheet report.
When it comes to preparing payrolls, it is important that you maintain accuracy because regular mistakes in generating payslips make employees unhappy and can lead to penalties. QuickBooks comes with a payroll function that automatically runs the payroll and ensures that all the calculations are mistake free. Since the payroll is integrated into the system, it ensures that the statements are updated at any time the payroll is run. Using payroll in QuickBooks guarantees that:
Your employees are paid by direct deposits or checks
Taxes are calculated automatically
Allows you to make direct payment to QuickBooks.
QuickBooks for tracking inventory
Contracting Quickbooks accountants Manchester is the only way to ensure that the inventory you sale is tracked. The software tracks and updates this for you automatically. Also, you will have access to several reports that will go a long way in helping you manage the inventory.
Tax return filing
Bookkeepers who opt not to use accounting software will always have sleepless nights around the period when the tax returns are to be filed. Those relying on receipts and excel spreadsheets find it hectic to give the professional the necessary documents required for the process. Luckily, this is not the case for businesses that use QuickBooks. All that the professional may require is a password and the user ID to access any information from the QuickBooks and use it to prepare to file returns. It improves accuracy and ensures that all the income is accounted for.
One of the areas where QuickBooks scores big is facilitating and offering customers a chance to pay all their invoices online. It comes with an intuit payment feature that allows you to easily make your payments online. Also, invoices that are sent online have a pay-now button that allows customers to click and make payment online by simply keying in the necessary bank information to authorize payment.
This service is offered by QuickBooks and has been hailed for organising receipts and making tax filing session a breeze. You can download a QuickBooks app on your mobile device and scan and upload pictures of your receipts to QuickBooks in seconds. You can upload the unlimited number of invoices and receipts to cloud alongside any data you may want to use later. Why should you use Salford Chartered Accountants? If you are an entrepreneur based in the UK or anywhere around the world, you should consider utilising services offered by Salford Chartered Accountants who are QuickBooks experts. The company has a team of highly trained staff who are QuickBooks certified and QuickBooks Pro advisors. The company is based in Manchester and has been voted among the top 3 QuickBooks firms in Salford. It does not matter whether your staff is experienced in using QuickBooks or they are novices. Salford Chartered Accountants will offer you in-house training to ensure that all your employees stay on top of things. They are reputable Manchester Chartered Accountants you can rely on for bookkeeping. Salford Chartered Accountants utilise the following QuickBooks software: QuickBooks Online- it does not need to be installed and is available in Plus, Essential and Simple subscription levels. Salford Chartered Accountants use this version for service-based business with simple invoicing requirements. The feature allows for easy access to data from any computer. Quick Books Desktop – it comes in three versions: Enterprise, Premier and Pro. To use this product, it is necessary that you install a software on your computer. Salford Chartered Accountants select the right version depending on the size of the business. For small businesses, QuickBooks pro may serve the purpose. However, if you own a manufacturing, non-profit making organization, and retail business, we use QuickBooks Premier. For large enterprises, we deploy QuickBooks enterprises. QuickBooks Self-employed As a leading Quickbooks advisors Manchester, Salford Chartered Accountants recommend QuickBooks Self-employed product to freelancers. It is a cloud-based software known to offer good service to realtors, Lyft/Uber drivers which can be accessed from anywhere online. It includes excellent features such as the ability to isolate business and personal expenses and real-time transfer of data.