The ability to easily manage your clients’ finances is a significant benefit of utilising accounting software like QuickBooks. A good majority of accounting firms are switching to cloud accounting software. Why so?
- It helps them to satisfy the needs of businesses of different niches. QuickBooks add-ons can be modelled to suit the diverse needs of companies.
- It can help accounting firms manage their client’s accounts more systematically and faster.
But as great as QuickBooks are, can they replace an accountant entirely? Let’s find out in this article.
What Can QuickBooks Do for You?
Take Care of Your Clients’ Invoicing Needs
When your accounting firm grows, your staff will have many clients to manage. Hand-written or manual invoicing cannot work for you anymore. QuickBooks helps you create digital invoices that can be arranged based on date, time, service type, customer name, or any other specific direction you want.
As we know, businesses can only collect money if they issue an invoice. Failure to generate these invoices can make your client’s business lose money. With QuickBooks, you can create invoices and accept payments online.
Track Business Transactions
Paying bills is a hassle of the past. With QuickBooks, you can remember the due dates of your clients’ bills. You can pay your bills with a few taps on your computer and track them throughout their lifecycle.
QuickBooks can help you pay your bills digitally every month. You need to automate the payments that go out regularly. It will help you save time and focus on helping your client’s business achieve more profits.
Your accountants no longer need to worry about any payment delays or memorise payment dates to ensure they get them.
Track Employee Timings
Can you track the number of hours your accountants spend on a client’s job? With QuickBooks, you can ask your accountants to clock in the time they spend working for different businesses.
This way, it also makes it easier for your clients to see how much an accountant has worked on their finances. Making payments is more accessible when the working hours are tracked by automated software.
An accountant can also manage his daily schedule on QuickBooks to avoid missing any necessary work due.
Give an Accountant Easy Access to Tax-Related Information
As we all know, an accountant reviews business transactions and income to file taxes and get the best possible deductions. But with the help of accounting software like QuickBooks, they can track every penny a business spends. This will help them avoid any mistakes made.
QuickBooks also provides access to relevant tax-related information that can come in handy while filing taxes.
Can QuickBooks Ever Replace Accountants?
Even though QuickBooks is a great accounting software, it cannot completely replace an accountant. Businesses will still require a human accountant to provide appropriate financial advice and keep up with the most recent changes in tax law.
What QuickBooks can do is help your accountants save and analyse data to work faster and wiser.
Here are a few things that prove that QuickBooks cannot replace an accountant.
Accountants Provide Guidance
An accountant is not only a person who manages balance sheets for business. They also look for trends and patterns to notify business owners about different financial decisions they can make for their businesses.
Automated software does not help you here. QuickBooks can help you save financial data in a well-organised manner. But it is an accountant who analyses this data and develops a financial strategy for a business.
They help business owners decide where to invest their money and time. They also evaluate the financial data of your business to identify underperforming assets and analyse how to get them back on track.
Accountants Help With Compliance
Accountants take care of many compliance-based issues for clients. Whether tax-fling, employee payroll-related compliances, or simply dissecting tax rules, an accountant helps a company fulfil all such financial compliance.
QuickBooks can help accountants in all these fields by providing them with information on all tax-related rules. However, it can’t perform these duties by itself. A significant example of such commitment is filing an annual tax return.
An Accountant Can Confirm if Company Records Are Being Managed Properly
QuickBooks is an automated accounting software programmed to record your expenses and income systematically. But some costs and revenues are complicated. An account should evaluate such expenses and income and categorise them properly, so there is no error in your financial records later.
To Sum It Up
QuickBooks can help accountants work faster and more smartly. They can use automated software to automate their manual work. This will free them up for more analytical work. QuickBooks is not better than accountants and will never be. However, it can work with accountants to simplify their work process.
Imagine QuickBooks as your tool (like a hammer and chisel for trained workmen). However, these tools cannot work on their own. You will always need a workman to use those tools efficiently and masterfully. Of course, rather than using a trained workman (in this case, an accountant).