Accounting, although a necessity for every business, may not be everyone’s cup of tea. It is important for every business owners to focus on the core areas while they have an expert take care of essential but non-core tasks, such as accounting and bookkeeping services which can definitely be outsourced.
While large enterprises may be able to afford hiring of a dedicated staff oriented specifically for making the numbers meet and accounting, but the cost of a dedicated employee to provide bookkeeping services or to manage self-assessment tax returns for the same job may be too expensive for a small business owner. This makes the small business spend either a huge share of their small profit on an expensive accountant or to get caught in compliance related to self-assessment tax returns, and bookkeeping services complications.
Other than the outsourcing option, small businesses can use QuickBooks, an accounting and bookkeeping software that easily lets you track the cash flows and transactions and ensures the numbers are in sync with the Bank, even if you do not understand accounting.
The built-in workflows, configured compliance algorithms, and a customizable dashboard with reports makes Quickbooks a preferred accounting software among small and mid-sized businesses.
Here is what QuickBooks can do for you:
· Helps to balance Credits and Debits.
· Periodic and time-bound transactions.
· Project-wise management.
· Employee time tracking.
· Bank reconciliation.
· Built-in reports.
Keeping the numbers updated and bank reconciliation
Recording the cash flow is important and equally prone to inaccurate data. Quickbooks makes this simple and excludes the hassle. All that the business owner needs to do is to ensure that the data is updated on time and without errors. The system, uses the data in the right way to reconcile with banks, maintain balance sheets, collate cash flows and present all via a one-click report.
Periodic and time-bound transactions
Quickbooks payment module allows configuration of a recurring payment option where other than the amount that needs to be paid you can update the debit cycle or sequence of payment. Thus, automating your payment cycles and getting this task off your plate. The system updates you before shooting out the payment for security, as well as to allow control of each pay.
Any invoices that you update in the system, allows automated payments to pre-configured vendors and suppliers, thus cutting down on such operational stuff.
The system allows management of projects and related profit and loss at the minutest level. The project owner can create sub projects by adding required details to make it an independent project, so the profit / loss can be checked at each level.
The total of the amounts credited or debited from all the projects will however, be displayed in the overall assessment too.
Employee time management
Capturing and storing employee time sheets is easy with Outbooks. The punch-in and outs manage hours spent at office and auto calculate it for the pay generation or leave deduction. The out if the box daily or weekly timesheets and related reports are one click from the dashboard.
Built-in reports that can be customized to meet organizational needs make Quickbooks a prefer accounting solution. The integrated invoice and payment modules auto record customer payments and debits against invoices, automating cash flow management and enabling real-time transaction capturing.
This software is aimed to cater to smaller businesses and it’s made sure to keep the user interface easily understandable. If used to its full potential, QuickBooks can take care of the accounting and bookkeeping services completely including reports.