With 4.3 million users, QuickBooks is one of the most popular small business accounting programs in the world. PCMag calls QuickBooks, “the best online accounting application for small businesses,” and lists it as an editor’s choice item. Why use QuickBooks? Why do small businesses choose QuickBooks over similar software options? Find out the 9 benefits of QuickBooks below.
Popular Uses for QuickBooks
As accounting software, QuickBooks is mainly used to automate bookkeeping and other financial tasks that you may have previously had to do manually.
- Keeping track of sales and accounts receivable.
- Keeping track of purchases and accounts payable.
- Running reports to determine profits, net worth, cash flow and more.
- Managing payroll electronically.
- Managing inventory.
- Preparing for tax season and simplifying the tax return process.
9 Benefits of Using QuickBooks
1. It saves time.
QuickBooks is all about simplifying the bookkeeping process. That way you only spend a few hours a week handling these tasks – rather than a few hours a day. You can even automate daily downloads of banking and credit card transactions.
Another example is the ability to upload your signature to the system and automatically sign checks with that saved signature. There are countless more important ways for a small business owner to spend their time than signing hundreds of checks.
2. You can instantly generate financial reports.
If you’re a business owner, you want to know where you stand financially at any moment. Using QuickBooks has the added benefit of generating financial reports at the click of a button. These reports will show you sales figures, outstanding invoices, employee costs, and much more without spending hours manually creating a factually correct report.
3. It can assist you with creating a business plan.
Need to apply for a small business loan? QuickBooks makes sure that their reports and paperwork follow the U.S Small Business Administration’s recommended formats. That way you can easily pull a projected balance sheet, profit and loss statement, and statement of cash flows to secure that loan.
4. The software and templates are customizable.
Not only does QuickBooks come with ready-to-use templates, but you can also customize those templates. Customize their invoice template by adding your logo and detailed line items. Get customized packages with their Point of Sale and Enterprise additions. Regardless of your unique business needs, you can customize the accounting system to work for you.
5. It’s proven to be reliable.
With 4.3 million people using QuickBooks, it has proven itself time and time again to be reliable software. Small businesses can trust a software with such an extensive user base across the globe. Additionally, QuickBooks releases updates every month or two, so new features are continually being added to make your job even easier.
6. It’s compatible with over 100 business applications.
Need to integrate your accounting software with your tax preparation software? No problem. QuickBooks is compatible with over 100 other business applications. This improves efficiency and reduces errors created by manually sharing data.
7. Anyone can use it.
QuickBooks was designed for people that have little to no accounting experience. Therefore, it’s interface is intuitive and you can learn the basic tasks easily. This easy-to-use software also autocorrects data-input and asks for confirmation if it suspects other input errors. You can feel confident that the tasks you complete and reports you generate are accurate – even if you’re not an expert.
8. It takes your payment system to the next level.
You don’t have to wait for checks in the mail or turn away customers that don’t carry cash. QuickBooks has an online billing component that allows you to email invoices and/or statements, and have the customer easily pay via credit card or bank account transfer.
Plus, with the Go Payments service you can accept VISA, MasterCard, and American Express. QuickBooks will even send you a free card swiper!
9. Training comes with the product.
Training varies depending on who you purchase the product through. You can get access to online classes, or even one-on-one training with a QuickBooks expert. Because QuickBooks is used by so many people, there are countless resources available online if you have a question.
Reviews from Around the Web
We’re not the only people who love QuickBooks. Read real reviews from experts across the Internet to decide if QuickBooks is right for you.
“It’s once again an Editor’s Choice for small business accounting software, based on its flexible functionality, its user experience, and its extensibility.”
“A 4.5-star rating still places QuickBooks Online far above the average cloud program.”
“QuickBooks Online is an ideal accounting software for freelancers and small businesses. They can use this integrated financial software system to simplify small business accounting.”
“It’s intuitive to use, competitively priced, connects to your business bank accounts, and is packed with features such as invoicing, expense tracking, inventory management, purchase ordering, and reporting.”
If you don’t properly keep track of your business’ finances, your books will be a nightmare. It will become difficult to attract funding through loans and investors, filing taxes will be harder and more costly than they need to be, and you could attract unwanted attention from the IRS. QuickBooks allows small businesses to keep track of their finances in the smartest and easiest way possible.
We love QuickBooks – and that’s why we are a preferred provider of the software. We see first-hand every day how it positively affects our clients. If you’re ready to take the leap and upgrade your accounting processes, then QuickBooks should be at the top of your list.
Get QuickBooks for Your Business
Discover how easy it would be to switch over your financial tasks to QuickBooks. Gift CPAs can install QuickBooks for your business with detailed training and on-going support. Find out more about QuickBooks accounting software here.