QuickBooks is a software for accountants and companies to increase accounting efficiency in a business.
Efficiency indicates a level of performance through a process which involves the lowest amount of inputs to generate the greatest amount of outputs, including your time and energy.
Accounting Efficiency may mean accurate and up to date financial statements and that your bookkeeping is done with less time and energy.
Accounting efficiency is greatly enhanced by using specific software.
Benefits of Accounting Software
The introduction of accounting software was a blessing for trades and corporations. Time is saved which was previously used in manual bookkeeping and accounting tasks. The software can come with high prices, but the benefits are most certainly worth their price. Any business owner / entrepreneur who wants to grow their business must rely on purchasing valuable accounting software.
Accounting software reduces the time it takes for bookkeeping tasks and promotes proficiency in business accounting and bookkeeping. With the passage of time, the softwares have become very advanced and secure. Giant firms require complicated features in their accounting software, while small and medium size businesses require less features in their accounting software.
Accounting softwares have special features to ensure up-to-date financial statements from all entities and keeps them accurate.
One of such software is QuickBooks software. QuickBooks is designed for small to medium size firms and businesses.
QuickBooks Online is a brilliant accounting software for small to medium-sized businesses. It can be customized according to the needs of the business. It saves time in accounting functions.
Features of QuickBooks accounting software
There are so many important features in QuickBooks accounting software.
- QuickBooks is an easy to use software.
- This software does not replace a full time accountant in a business.
- Customization in the software according to the work that needs to be done.
- This software can share data with other applications like Microsoft word, Microsoft excel, Outlook and other programs in the computer. This feature eliminates errors.
- There is a feature of online payments in QuickBooks Software. This feature allows it’s users to speed up billing and payments through credit cards and also by bank transfer. Bank statements can be directly downloaded through this software and an immediate settlement can be made.
- QuickBooks allows its user to easily track the cash in and cash out data.
- Invoices can easily be made using this software.
- Unpaid charges are separated from the customer and the job in the software.
- Any invoice can be double clicked to get a detail of that account’s activity. By this feature, it can trace the money owed to you by the customer.
- During tax time, there is a read only login and it’s access can be given to an accountant to get data and prepare the forms.
- QuickBooks is compatible with ‘TurboTax’ software to generate tax reports.
- QuickBooks analysis and Report options make it easier to view important accounting statements and financial reports. The three important reports are:
- The Profit and Loss Report (income statement)
- The Cash Flow Statement
- The Balance Sheet
- A QuickBooks Balance Sheet provides a complete summary of financial status of the business.
- The QuickBooks Balance Sheet provides all of the following information:
- Assets: All assets in a business including physically present assets like inventory, property, office objects, cash and intangible ones like patents, brand value, registered trademarks.
- Liabilities: Liabilities are the debts that have to be paid by the company / business to the banks, vendors and taxes.
- Equity:When assets and liabilities are subtracted,then equity is got. Equity is the money invested in the business added to any earnings that is not yet withdrawn from the business. If business has suffered any loss then loss during that period also has to be subtracted from the equity.
QuickBooks is an essential and a brilliant software for small and medium size firms. It covers all of the features that are essential for accounting in a medium size firm / business. QuickBooks is worthy of its price as it will enhance the accounting efficiency in any business.
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