Top 6 Benefits Of Using QuickBooks For Your Startup

benefits of using quickbooks

As your company grows, you may find it difficult to complete all of your accounting by hand. It’s a smart idea to switch to software such as QuickBooks to make things easy on your mind and hands. Take a look at the advantages that QuickBooks provides to many organizations.

With over seven million clients worldwide, QuickBooks is one of the most popular COTS accounting software alternatives. Intuit offers two QuickBooks products: QuickBooks Desktop and QuickBooks Online. QuickBooks Desktop is installed on a computer and is hosted locally, but QuickBooks Online is hosted in the cloud on secure Intuit servers and can be accessed from any computer, tablet, or smartphone with an internet connection. QuickBooks Online has more third-party integration options than QuickBooks Desktop, and it’s better suited for remote working and collaboration with an outsourced bookkeeping solution (for freelancers/consultants, independent contractors, or finance firms).

We propose that businesses utilize QuickBooks Online as their accounting software solution because of the six primary benefits listed below.

1. Managing your finances

Dealing with all of your incoming invoices can be difficult if you’re also dealing with other issues like employee relations. QuickBooks is beneficial to businesses since it allows them to enter all of their expenses and when they are due, providing reminders to business leaders about what they need to pay off that day. The software also has a capability that allows firms to print pre-written checks that only need to be inserted into the mailbox. QuickBooks also allows businesses to hook up their business bank accounts so the software can provide them an overview of all of their spending if they don’t want to go through and enter all of their financial information manually. If your company requires financial management software, QuickBooks is a good option.

Check Also: Which QuickBooks Product Is Best For You? (Compare QuickBooks Products)

2. Invoicing for Sales

You may need to send out sales invoices to obtain money from consumers, depending on the type of business you run. QuickBooks assists businesses in this area by sending out automatic invoices that inform clients of how much they owe and when they must pay it. Businesses can also accept debit and credit cards that deposit money straight into their bank account by subscribing to Intuit QuickBooks Merchant Services. For organizations that don’t want to manually scan and deposit checks, Intuit Check Solutions is available, making QuickBooks adaptable to a wide range of industries.

3. Financial Statements

Whether you manage a private or public company, you’ll almost certainly need to explain your regular earnings and expenses to someone. QuickBooks makes this simple by automatically generating financial reports from all of the data they already collect, whether it’s from sales invoicing or costs. The reports are guaranteed to work for any type of company because they are all files that can be exported into Microsoft Excel spreadsheets for individuals who need to alter them later. Businesses can also utilize the e-mail capability to provide financial reports to those who are unable to attend a presentation but require the information on a regular basis. If you don’t want to hire someone to handle your financial reports, look into QuickBooks.

4. Billing of Expenses

One of the benefits of having a business is that you can deduct a variety of expenses from your taxes, including mileage, travel, meals, hotel rooms, and more. Adding up all of these charges at the end of the year, on the other hand, can be tedious if you travel frequently. Thankfully, QuickBooks includes a feature that allows businesses to enter expenses at any time of the year, ensuring that they have a clear picture of their entire expenses when tax time arrives. This is important so you don’t waste time going through stacks of receipts when you should be winding up the year for the holidays. If you’re looking for expense billing software, QuickBooks is a good option.

4. Backups that are carried out automatically

You can get into difficulty no matter what type of business you run if all of your data is destroyed or erased due to an error. Fortunately, QuickBooks offers a built-in feature that allows businesses to have automated backups to an online server so that information can be promptly retrieved in the event of a problem. Another advantage of these backups is that companies can work on QuickBooks from anywhere in the world without having to wait for someone to retrieve and deliver the files. If you’re concerned about the security of your files, make sure you use QuickBooks as your accounting software.

5. QuickBooks easy to use. 

Even founders with no finance experience can get the information they need to start doing basic bookkeeping using QuickBooks user-friendly and straightforward interface. QuickBooks provides video tutorials that teach how to utilize the platform, as well as a virtual orientation process and other online education. You can also reach out to the QBO customer service staff for technical assistance or additional assistance by email, online chat, phone, or even video chat. It also includes a number of templates and a sample chart of accounts to assist you in getting started. To avoid frequent startup bookkeeping blunders, you’ll profit from working with a bookkeeping service as soon as possible, just as you would with any accounting software.