QUICKBOOKS: THE ACCOUNTING SOLUTION FOR SMALL BUSINESSES

 

 

Quickbooks is one of the most popular accounting software packages in the world. It is one of the easiest accounting software to use. You can keep track of your credit sales, credit purchase and expenses, bank balances, inventory, payroll and taxes.  If you need an accounting software that is easy to set up, use and learn, look no further. Quickbooks has a solution for you, from the small business person to the mid-sized business.

 

Managing Your Business

The areas that Quickbooks can manage include:

  • Sales, which are tracked by Quickbooks with credit and cash invoices. If you want to know when credit invoices fall due, an aging receivables report will show you a list of the debtors and the amounts due for any period.
  • Bank/cash balances can be tracked by Quickbooks. Reconciliations are a breeze with Quickbooks. Know your bank or cash balance at the end of a period with Quickbooks. Cash flow reports are also generated so you can track the availability of cash at any time, after accounting for the movement on assets, liabilities, expenses and income.
  • Purchases are tracked as well. You will want to know when invoices from your creditors fall due to manage your cash flow situation. An aging payables report will give you a list of creditors along with the amounts due for a period.
  • Profit and loss reports are necessary to show if your business is making a profit or loss at the end of a period.
  • Payroll can be used to pay employees, and keeps track of their pay, time and payroll taxes. Quickbooks can produce reports to submit to the government, when paying payroll taxes and for end of year submissions.
  • Inventory, which can be used to keep track of the inventory valuation, the level of inventory items and movement of inventory for any period selected.
  • When dealing with VAT during the year and the tax man at the end of the year, Quickbooks is an easier solution than trying to produce your bills and receipts from out of a shoe box. Quickbooks makes tracking VAT much easier and you can submit returns from the system to HMRC.

 

A Solution To Any Problem

Quickbooks also has several solutions, depending on the size or type of business that you have. Desktop versions include:

  • Self Employed
  • Essentials
  • Plus
  • Pro
  • Premier
  • Enterprise

For those who are always on the go and prefer the cloud, there is Quickbooks Online. There is even a free mobile app. Even the accountant has a Quickbooks solution. Quickbooks Accountants Desktop or Quickbooks Online Accountant works well for the accountant with one or several clients in managing his clients.

If you own a small business, it is hard to look past Quickbooks as a useful tool in managing your business. It will help you, immensely, in overseeing your operations.