What is QuickBooks?

QuickBooks is an online accounting tool mostly used by small and mid-sized businesses to create invoices, bill payments, manage transactions, bookkeeping, etc. You can easily use QuickBooks and report functionality issues if needed.

QuickBooks is significant for pre-authorizing time tracking and electronic funds options for employees.  QuickBooks Online and Pro software are available at decent charges to access with proper sign-up credentials. Intuit has the complete authority to upgrade QuickBooks

Various QuickBooks features enhance user experience, accessibility, and use.

·        Digital payments

·        Offline outsourcing and payroll assistance

·        Quick mail access with Microsoft Outlook

·        Mapping

·        Digital banking and reconciliation

·        Offline access capabilities

QuickBooks is an online software used by millions of users across the globe. No other brand has more transparency in low-fee upgrades, calculations, better audit trails, and rubbing history than QuickBooks.

How Does It Help Your Business Work?

QuickBooks is accessible online by various small and mid-sized businessmen to manage their accounts, transactions, bills, tax payments, payroll invoices, salary slips, etc.

1.  Prepare and Trace Invoices

QuickBooks prepares invoices and prints or emails them to users. It will track customers’ investments and overreach to QuickBooks. Users can take note of their outstanding invoices as well as confirm their overdue status by preparing an aging report.

2.  Take Note of Bills and Expenses

With QuickBooks, you can automatically trace your bills and expenses by attaching your bank account and credit card to QuickBooks so that all of your expenses are categorized and downloaded. You can also track a check or cash transaction manually to record it directly in QuickBooks within some minutes.

3.  Take a Print of the Financial Status of Your Businesses

With QuickBooks, you can easily handle your outflow activities and cash inflow and can print financial statements quickly that can provide essential information about the performance of your business. Lenders won’t provide you with small loans or a line of credit without financial statements of your business accounts. Follow some points given below to get three financial statements of your business accounts.

·        Bank Statement of credit and debit

·        Profit and Loss report

·        Balance sheet report

 

4.  Record Employee Time and Expenses

Your Employees can mention their working hours as they progress through the day or a bookkeeper can mention their weekly time by employee’s submitted manual timesheets. Mentioned and allotted time to a customer will help generate the customer’s next invoice. No payroll add-on is needed by you to record employee time for billing purposes.

5.  Payroll

Payroll is a task where you need to have as much as salary cut-off during absence, leave, or any other reason. Paying checks errors can result in steep penalties and non-satisfied employees. QuickBooks has an option that can automatically measure and run payroll once you need it. Once you mention employee time explained above, the hours not only come to your invoices but also the payroll module. This way it provides confidence to generate billing for your customers by paying your employee every hour for their job.

6.  Manage Taxes

However, QuickBooks can work for your small business to handle tax time. Calculating your income and expenses is the largest issue in preparing a tax return. Once you use QuickBooks during the year, print your financial statements during tax payments. With QuickBooks Online, you can propose your tax manager access your account directly so that they can analyze your numbers and print whatever details they need to prepare your return.

7.  Take Online Payments

Improve your cash inflow by providing customers the option to pay their invoices online. Add QuickBooks payments so customers can pay online directly from their emailed invoice. QuickBooks Payments is equivalent to other merchant services.

8.  Scan Receipts

Cool tax time can be organized in QuickBooks. All QuickBooks Online users can install the QuickBooks Online app on their devices free of cost, click a picture of a receipt, and upload it to QuickBooks Online in just a few seconds—no more lost receipts or manually matching up receipts with downloaded banking transactions. With QuickBooks, you can attach a receipt to the corresponding banking transaction. Upload an unlimited number of receipts to QuickBooks Online as the receipts are recorded in the cloud along with your data.

9.  Track mileage

Several small and mid-sized businesses utilize their vehicles for business purposes. It generates a tax deduction report of 58.5 percent per mile for 2022. However, you need to keep a record of your trip's date, miles, and purpose to get tax discounts.

Final Verdict

QuickBooks Online has made accounting jobs completely hassle-free. With your device's GPS, it can automatically sense every time you’re in a moving vehicle. You can also analyze your trips, categorize them as personal or business, and mark them as billable to a customer. Billable mileage expenses will be available automatically to attach to the next invoice you create for those users. For best tips, you can connect with the QuickBooks customer assistance team through email or call.