How Quickbooks can help in accounting?

Basically, Quickbooks is an accounting software that aims to help small to medium-size business organisation. This accounting software consists of programs that are helpful for managing the A to Z of the accounting including the incomes, gains, expenses, cash flow and keeping a track on the financial health of the organisation’s business.


Quickbooks can prove to be an essential tool for the accounting world if it is extensively used given the liberty of usage, access and customising the software program.  The uses and advantages offered by Quickbooks are immensely commendable and highly secure for the business.


How Quickbooks can help in Accounting?


Quickbooks is a resourceful tool that can simplify the daily challenges of the accounting department of the organisation. Following are some of the major functions through which Quickbooks is proved to be highly helpful for the business:


1)  Managing the Income and sales of the organisation


With Quickbooks, managing the gains, income, sales and profits becomes an easy job. Not only you can maintain the record but also you can manage the track of sales, customers, invoices, account receivable, maintaining reports and checking out the balances. You can also check out the current and past invoices from the customers that are due and create the necessary reports/ charts with the figures and the volume of sales.


2)  Tracking the expenses and bills


Quickbooks enables the user to keep a record of all the expenses, bills, purchases, credits, etc. Moreover, you can download the sheet of expenses and categorise them as per your needs and standards. Maintaining the Accounts payable report is also an easy task with the help of Quickbooks.


3)  Preparation of requisite reports and statements


Cash Flow Statement


Preparation of Cash flow statement would not take much time with the Quickbooks Accounting Software. The Cash flow statement reflects the effect of operating, investing, and financing cash outflow in a particular period.


 Profit and loss report


If you are preparing Profit and loss statement through Quickbooks accounting software, then it is hardly going to take a couple of minutes only to give you the correct picture of the profits and losses made till date by your organisation. Irrespective of months, quarter, week, or year, you can get the access to customise the report as per your necessity.


Balance Sheet


One of the important aspects of accounts is the preparation of balance sheet to check out the insight of assets, liabilities, equity, cash flow etc. within the particular time frame. With Quickbooks, it becomes a simplified and time-saving exercise without unnecessarily burdening the human resources of the organisation.


4)  Preparation of Payroll


There is every possibility of mistake while preparing payroll on a monthly basis including calculation of paycheques, statutory deductions, funds etc. This may result in leaving the employees upset or may invite penalties from the government if you fail to follow the right practice.  However, with Quickbooks, these issues do not crop up. Moreover, you can directly deposit the amount in the account of 9the employees, deduct necessary tax, e-pay etc.


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5)   Tracking of the inventory


What lies in the store can be assessed using Quickbooks accounting software. You can manage your inventory, transactions, cost per unit, average cost, the total cost of stock, stock in hand, as well as update the inventory.  Otherwise, tracking inventory would appear to be a time-consuming job in the excel sheet.


6)  Managing taxes and the deductions thereof


Calculating taxes in the excel sheet is not only time consuming, requires concentration, use of formulas as well as there are enough chances of mistakes, omissions and errors.  However, using Quickbooks will prevent all these issues. Through Quickbooks, managing taxes and the deductions made under several heads becomes a few minutes job.  Instead of hiring a tax professional separately, you can get all the calculations and issues of taxation solved using Quickbooks. Along with this, you can also file tax returns, improve accuracy, organise bank statement, and retrieve the necessary information.


7)  Payment through online channels


Making payment through cheques and cash are things of past. Now is the time of online and e-pay method of payment. With Quickbooks, you can make a payment towards customers, banks, government authorities, taxes, etc. with the click of a button that reads ‚Äė‚ÄôPay Now‚Äô‚Äô. The information is recorded into your customer‚Äôs account, invoices, as well as bank, account automatically. So this way you need not make several entries into different accounts. When you simply make a payment, the details are added to the relevant account too.¬† Accordingly, you can also fix re-occurring payments towards funds, deposits, insurance etc. and you are relieved from keeping a record of these.


8)  Organising receipts


You can organise all the receipts in the Quickbooks accounting software. Apart from saving and keeping a track of the same, you can also download them in your device and when required, you can print them too. Therefore, there are no chances of losing the receipts as it happens in case of handling the receipts manually through paper filing wherein every time you need to either click a picture or make a Xerox copy. Quickbooks saves you from all these hassles instead and saves your time and unnecessary efforts that go wasted.


Considering all the benefits and features that the Quickbooks carry towards the accounting department, it is pertinent to mention that all the employees of the accounts department may breathe a sigh of relief as they are not burdened anymore with the time-consuming and lengthy maintenance of data, transactions, financial entries etc. manually in the excel / spreadsheet.


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What used to be tedious while maintaining a record of each and every employee, customer, bank, government authorities, etc. associated with the organisation becomes the job of Quickbooks. Because all these is carried out in a systematic and organised manner without any chance of mistake, error or omission. From ledger entry, preparation of reports to analysing of the finances everything can be done with ease with Quickbooks Accounting software. Moreover, not one but many individuals can edit and use the data entered and stored in the Quickbooks because it allows access to various individuals and is not limited to a one-man army job.


Considering all these benefits, it is important to mention that Quickbooks accounting software is the need of the hour of every small to medium-sized business. Also, it is pretty affordable and easy to manage.