QuickBooks is one of the accounting software that helps in successfully running a small business. Integration with quickBooks is really helpful for those who do not understand the concept of accounting. This software automatically handles various day-to-day accounting activities of your business and simplifies various processes. Here, in this article, we are going to discuss various ways QuickBooks can help in running your business. Take a look at the below-given points and get to know:
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Control Cash Flow
QuickBooks can be the best tool to help you manage your cash flow. Rather than using your online bank balance, it is recommended that you should keep QuickBooks regularly updated. By entering your financial transaction, you should do daily reconciliation in QuickBooks. It will help you to efficiently handle your cash flow. Optimized cash flow is really helpful in the growth of the business. Integration with QuickBooks with various other software in the company will streamline the processes.
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Invoice Customers
Promptly sending invoices to the customers help in collecting the due amount as soon as possible. If you have customers who have to make payment for the products and services they have purchased, then sending invoices to them is a good idea. QuickBooks accounting software can automatically send the invoices to the customers on their registered email.
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Manage Bills And Accounts Payable
Just like collecting the due amount from customers is important, similarly, you should learn to keep your suppliers happy by making on-time payments. You should not delay the payments to the vendors because this will hinder your relationship with them. QuickBooks not just help to simplify the accounts receivable process, but also improve the accounts payable process. With the help of QuickBooks, you can pay and enter the bills quickly. It will let you keep your vendor happy and maintain the account payable.
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Manage Employee Time
QuickBooks also helps in managing employee productivity. By entering the employee time, you can easily track the time each employee has invested. Ultimately, you can manage their productivity level and increase the profit of your business.
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Customized Chart Of Accounts
The QuickBooks chart of accounts can be customized according to your needs and demands. Sometimes, some people make the chart of accounts so complicated that repots become useless. Thus, it is very important to ensure that the chart of accounts is easily decipherable and provides valuable information for the growth of your business.
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Memorized Transactions
You should use QuickBooks to automatically enter the transactions which occur on regular basis. These entries include invoices, journal entries, and payments. The main objective is to boost efficiency and automate the entry process. The best example of an automatic transaction is a deduction of the mortgage amount every month from your account.
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Always Reconciled
The best thing that you can do for your business is investing in the bookkeeping system. Investing in the bookkeeping system is important to reconcile all the accounts along with the bank account. It is very important to reconcile bank accounts, lines of credit, payroll liabilities, etc. It will help you to determine the cash position of your company.
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Printing Checks
QuickBooks provides printing checks which is one of the best ways to keep the cash flow updated and it also helps in increasing your efficiency. The printing checks will help in eliminating unwanted data and maintaining the required information.
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Online Banking
You can easily set the QuickBooks account for online banking. There are so many financial institutions that offer data allow data downloads into QuickBooks. It will reduce the hassle and also help in reducing unwanted data entries.
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Accept Online Payments
When you will turn on the intuit payment network, then it will let your customers easily pay invoices online. You have to pay a very low transaction fee to collect the due amount directly online from your customers. When you will start receiving the online payment from the customers, then it will help in streamlining the cash flow. Also, it helps in reducing the pile of overdue payments.
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Email Invoices And Statements
This new technology accounting software also helps to automatically send the invoices and statements directly to the email of the customer. It means that your customers will quickly receive the invoices and they will pay quickly. Ultimately, it will help in increasing the cash flow in the business. It will help you to turn on the online payments and let you get paid quickly. All business owners should know how to use QuickBooks API for the benefit of their business.
Final Words
These are some of the beneficial features of QuickBooks and it would definitely help your business to maintain the accounting system. It helps in streamlining the cash flow which is of utmost importance for any company. QuickBooks provides business owners with a suitable remote access option. You, your bookkeeper, or your accountant can log in to your quickBooks account from any web browser, which gives you authoritative access to information on the go.
