When you hear “small-business bookkeeping software,” you possibly think of QuickBooks. Since Intuit launched its leading product years ago, the financial management platform has conquered the accounting software marketplace. Presently, QuickBooks software holds more than 80 percent of the small-business market share. If you’re exploring small-business accounting solutions, QuickBooks is on top of the list. QuickBooks has a product for nearly all of your bookkeeping needs, but sorting through the options can feel like an insurmountable task.
If QuickBooks is believed to streamline accounting, then QuickBooks Pro is thought to polish and perfect the procedure. There are two products available: QuickBooks Pro and QuickBooks Pro Plus, both full of advanced functions and perceptions. The Desktop Pro version simplifies accounting and helps companies stay organized despite the large amount of data they have to collect and analyze.
Inter-Company Transactions
Once in a consolidated file, use journal accesses in QuickBooks to cancel out inter-company transactions that throw off the accuracy of the consolidated statements. These are transactions where related subsidiaries may sell inventory or services to each other. Each subsidiary’s balance sheet records the transaction accurately, but when consolidated, the transaction is double-counted, throwing the consolidated balance sheet out of balance. Accountants use a journal entry to correct the imbalance.
QuickBooks Enterprise
QuickBooks Enterprise, an upgrade to standard and professional versions of QuickBooks, combines data from several company files and exports them into a Microsoft Excel file. Once in Excel, you consolidate the totals as needed. Access the feature by selecting “Combine Reports from Multiple Companies” under the “Reports” menu. Select the reports you wish to combine, including balance sheet, profit and loss, cash flow, and trial balance.
Advantages of QuickBooks
No matter what the nature of your business, keeping an accurate set of books is essential. Without precise business records, it won’t be easy to attract the funding you need because business records are generally the first thing potential lenders and investors want to see. Inaccurate or disorganized business accounts can also make it difficult to file your taxes or even land you in hot water with the Internal Revenue Service. Using QuickBooks to keep your business records lets you avoid those potential problems.
Ease of Usage
One problem with bookkeeping programs is that many of them are difficult to use and cumbersome to learn. QuickBooks, on the other hand, is intended to be intuitive and easy to understand, even for business owners who lack an accounting or financial background.
Incorporation
The ability to assimilate with other programs is a big advantage of QuickBooks. After using the product to input all of their business income and expenses, business owners can easily export that data to their favorite tax preparation program to make filing income taxes at least a little less painful. QuickBooks also integrates well with Microsoft Excel, making it easy to import data from other sources and use it in QuickBooks.
Customization
QuickBooks provides a number of ready-to-use templates that business owners can use to create invoices, spreadsheets, charts, and business plans. The software also makes it easy to customize the look and feel of those documents, giving them less of a cookie-cutter appearance and helping them to stand out in the crowd. The ability to customize invoices can be particularly useful, and business owners not only can add their company logo but detailed information about each line item as well.
Check Signing
If you sign a lot of checks for your business, using QuickBooks can save you a lot of time. QuickBooks permits business owners to scan and upload their signatures and use those signatures to prepare the checks for the business. This automated process is much simpler and easier than writing hundreds of checks by hand each month.
Final Note
QuickBooks is the ideal business bookkeeping software for small to mid-sized business owners. You can save time on bookkeeping and paperwork because many simple bookkeeping tasks are handled automatically, making it easier to run your business. You can easily generate reports with the information you need, and you save money because QuickBooks is so affordable.
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