Tuesday, 11 Apr 2023
QuickBooks is accounting software that has become increasingly popular across the globe for its smart features. It was created by the company Intuit in 1983, and has been serving as the perfect financial assistant for small and mid-sized businesses.
It has been upgraded several times over the years and has become an award-winning tool for automating repetitive accounting tasks. The advanced tool has made bookkeeping activities a cakewalk, which were highly time-intensive and exhaustive earlier. The software has many web-based features that make remote work possible and enhance productivity.
Let us give you a detailed description of QuickBooks, its features and its benefits for small businesses. The information is useful for entrepreneurs in Melbourne who must have in-depth knowledge of the software before adopting it for their businesses.
QuickBooks is online accounting software that allows small businesses to track their income and expenses effectively and determine their financial health to make informed decisions. The cloud service can be purchased by paying a monthly subscription fee for a secure login. The software gets upgraded automatically and includes in-app advertisements.
The desktop version of the software is different from the online cloud-based version. Most expert bookkeepers Melbourne suggest using online QuickBooks because it offers access to financial data anytime from anywhere. Also, it is easier to integrate online software with other apps needed by the business. The real-time data access feature allows all authorised users to check the latest reports and cash flow of the business before making an investment.
QuickBooks helps bookkeepers organise their workflow and reduce the burden of manual labour because of its automation ability. Here are the features that make it stand out.
The software creates customised e-invoices for the business with the help of a professional template. It is helpful for automating recurring invoices that are sent to a long-term client regularly. Bookkeepers do not have to follow up because the tool sends reminders to clients about the upcoming due date to make them pay on time.
The invoices include online payment options and other modes of payment to help the customer choose and pay without hassle. The software goes one step further and predicts the payment date keeping in mind the track record of the client.
Business owners in Melbourne must know how they are spending money to utilise the capital in the best possible way. QuickBooks helps in this regard by connecting the business bank account and credit card to the software. It records every movement of money and informs the owner about it.
Bookkeepers also utilise the technology to convert paper bills into soft copies to retain the receipts for claiming tax deductions for business expenses. With all the expenses recorded accurately, filing and calculating taxes becomes a breeze.
QuickBooks helps business owners check their financial reports through the dashboard generated by the software. It allows them to understand the cash flow of the business and its bottom line. These reports can be accessed by stakeholders to check the financial health and presented to investors to get funding. It helps make sound business decisions based on the updated data.
Businesses in Victoria have to pay taxes, such as GST, FBT, PAYG Withholding and payroll tax. Thus, bookkeepers rely on the accurate calculations of QuickBooks to determine their tax liabilities and prepare the Business Activity Statement (BAS). The software even provides the facility to lodge BAS online without any stress. It also prepares a BAS summary that can be reviewed before lodging.
Using accounting software for payroll management ensures the salaries are calculated correctly and paid on time every month. The tool is in sync with the Single Touch Payroll system and works in compliance with the ATO. Employees can use the WorkZone app to check their payslips and maintain their leave records and business expenses.
Bookkeepers in Melbourne emphasise adopting QuickBooks because of the following reasons:
Automating laborious tasks like recording all business transactions gives the bookkeeper more free time to focus on effective financial management.
QuickBooks is applicable to various industries, including healthcare, retail, construction, hospitality, e-commerce, manufacturing, professional services etc. It can be customised to serve the needs of the business.
The software does all the repetitive work online, saving the time and work hours of Melbourne bookkeepers. Also, digital receipts and e-invoices reduce the expenses of the business.
All the records are auto-tracked by the software, and the entries are accurate. Thus, there is no risk of mistakes made by humans in calculations and entering the digits in the books.
QuickBooks is a well-known accounting tool that helps bookkeepers to do a lot within minutes, such as recordkeeping, cash flow forecasting, invoicing, payroll management and tracking inventory. Small business owners can benefit from this automation tool significantly.
