Starting a business or working as a self-employed person can be complicated. Tracking your income, expenses, and taxes are stressful, but all of these problems are excellent reasons to invest in the benefits of Quickbooks.
With QuickBooks you can easily add your accounts, analyze your sales, get an overview of your income, sort transactions, estimate your taxes, and even set reminders for bill payments. QuickBooks offers tons of features benefits that are unique from any other brand of accounting software on the market.
Benefits of Quickbooks
QuickBooks is the perfect accounting software for businesses of all sizes. It’s great for local companies, mid-sized businesses, and self-employed freelancers as well.
You may be thinking, “why?”
Their Online Dashboard is simple, user-friendly, and easy to read and navigate. It provides a complete, immediate overview of your company’s finances at any given time.
Their state-of-the-art dashboard is just one of the many reasons that independent contractors and businesses of all sizes love QuickBooks.
QuickBooks Saves Time
Quickbooks makes it easy to manage simple bookkeeping jobs. It can be set up to automatically tackle mundane, monotonous, and ongoing bookkeeping tasks for you. This feature alone can save you hours of time. Valuable time that you can refocus improving efficiency and growing your business.
QuickBooks Online Accountant is made for working accountants, bookkeepers, independent contractors, and business owners like yourself. QuickBooks Online is dedicated to your clients. When the two products integrate, it permits you to work with your client in real-time, so that you can share information securely.
QuickBooks Generates Reports
Quickbooks can quickly generate reports that give you the information you need, the minute you need it. With Quickbooks, you have total awareness of the current financial state of your business. Instantly-access financial overviews or detailed reports on your growth and performance .
Here are a few key reports that every business and contractor should check often:
- Accounts Receivable Aging Detail: Displays your unpaid invoices and how long it has been since they haven’t been unpaid
- Budget vs. Actuals: Shows your monthly budget against your actual income and expenses
- Unpaid Bills: Shows what bills you owe on and when they’re due. Never miss a bill payment again.
- Sales by Product/Service Detail: Find out what’s selling and what’s not. Sort products and services by date, transaction type, quantity, rate, amount, and total.
- Product/Service List: Provides an accounting report of the products and services you sell.
Design a Business Plan with QuickBooks
QuickBooks helps grow businesses.
You can even us it to create a fully-fledged business plan. Use your QuickBooks business plan to apply for a business loan, credit line, or simply plan your goals.
QuickBooks lets you put together projected balance sheets, profit and loss statements, and cash flow reports in the way the U.S. Small Business Administration accepts. In a few clicks, you can have all of your essential business reports at your fingertips.
Businesses that have a plan show growth faster. According to a study by the University of Oregon, businesses with a business plan grow 30% faster. QuickBooks can help you put together the plan you need to see consistent and rapid growth.
Easily Accept Credit Cards
You can use QuickBooks Merchant Account Service to accept credit card payments from your customers. This service gets rid of the headache of sorting through duplicate information and transactions ––– a problem many businesses face when integrating their bookkeeping software with a separate credit card processing service.
QuickBooks eliminates this common integration problem by incorporating credit card processing into their accounting software.
Pay Your Bills and Bank Online
Once you add your business bank account to Quickbooks, you’re ready to pay your bills. No more sealing envelopes, sticking stamps, or printing checks on paper.
QuickBooks gives you the power to write checks with a few clicks of your mouse. Set up your checks digitally with QuickBooks, and let your bank do the rest! Use it to pay your electric company, your internet service, or anyone in the U.S.
You can download your monthly statement from your bank directly into QuickBooks. This makes it a breeze to monitor and reconcile your account.
Manage Sales and Income with Quickbooks
Businesses and freelancers love QuickBooks because you can use it to create invoices for your customers. You can even sort and track them by customer. Keeping all of your sales and data in one place makes it easy to track customer payments and outstanding customer debts.
QuickBooks helps you track every aspect of customer transactions:
- Record sales with a sales receipt
- Record sales by invoice.
- Record your deposit.
- Track unbilled activity.
- Record a delayed charge.
- Keep a weekly timesheet.
- Invoice your customers.
- Create customer adjustment note refund receipts.
- Analyze sales by customer.
Integrate Quickbooks with PayPal
Thousands of businesses and freelancers use PayPal to process and receive payments. Unfortunately, things can get complicated when you use different pieces of software for processing payments vs. managing your books.
It can be an accounting nightmare when you use different pieces of software for various aspects of your business. Thankfully, QuickBooks integrates with your PayPal account, making it easy to keep all your income and payment information in the same software.
Here’s how to integrate your QuickBooks with PayPal:
- Log into your QuickBooks Online account.
- From the top of the page, look for your name.
- Click on the gear next to your profile or business name.
- From the dropdown menu, select “Bank Accounts.”
- Click “Add Account” at the top.
- In the search box, type “PayPal”
- Click the PayPal link when it appears.
- The system will then instruct you to log into your PayPal account and agree to the terms.
You did it! Your PayPal has been added to your QuickBooks.
Categorizing Transactions
Once your accounts are added, you can start to categorize your transactions. QuickBooks lets you separate and organize your transactions by personal, business, expenses, income, sales, and more. You can even label your primary business expenses so you know what you can deduct when tax season comes around.
Quickbooks: From Self-Employed Contractors to Small Businesses
According to the US Small Business Administration, approximately 99.7% of businesses are small businesses.
Thankfully, QuickBooks is designed for contractors and small businesses owners alike. Intuit has made QuickBooks easy to use and their customer service is unmatched. If you have questions or problems, they are merely a phone call or message away.
Getting Started with QuickBooks
Whether you are ready to jump into QuickBooks or improve your bookkeeping skills, we can help. QuickBooks training is valuable for contractors and businesses of all sizes.
If you have questions or are ready to get your staff trained on QuickBooks, contact our QuickBook professionals at Alliance Career Training Solutions today.
