Bookkeeping with QuickBooks Software
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What is QuickBooks?
QuickBooks is an accounting software developed by Intuit. The primary objective of Intuit with QuickBooks is to provide hassle-free accounting software mainly to small business enterprises to make business management more effective and efficient. QuickBooks gained popularity in the market in early 2000. Since then, it is one of the most preferred accounting software around the world. It offers top-notch accounting services at affordable rates. The platform provides accounting services by offering collaboration with qualified accounting experts at affordable rates. This also helps you in saving your valuable time. Moreover, the traditional method of maintaining books of accounts using pen and paper has gone outdated. With a powerful software like QuickBooks, which simplifies all the complex accounting tasks, there is no point in looking for another option for managing finances.
What is Cloud Accounting?
Earlier, accounting and bookkeeping were maintained through desktop accounting systems under which the records and transactions could be only accessed through the system in which they were recorded. When that particular computer is not available, it becomes very challenging to access the records. Cloud Accounting serves as a practical solution to this problem. It helps in maintaining an accounting system that is easily accessible through the internet. You can access all the records from anywhere using any device with an internet connection. By utilizing cloud accounting, the user need not go through the particular system using which the accounting records are maintained. All the records can be accessed through any computer with an active internet connection.
Why QuickBooks?
QuickBooks has become one of the first choices of business across the globe for financial management. It has earned its reputation as one of the best accounting software with over 7 million users worldwide. But, what makes QuickBooks so popular?
- User-Friendly Interface: One of the best features of QuickBooks is its user-friendly interface. Unlike complex accounting software that may require extensive training, QuickBooks is designed with simplicity in mind. Its intuitive layout and straightforward navigation ensure that users can easily understand and operate the software, even without extensive accounting knowledge.
- Powerful Features: Behind its user-friendly exterior lies a powerhouse of features. QuickBooks offers a comprehensive suite of tools for managing your finances effectively. Whether it's invoicing, payroll, expense tracking, or financial reporting, QuickBooks has everything. It provides the tools to streamline your financial processes and save you valuable time.
- Versatility: QuickBooks Online vs. QuickBooks Desktop: QuickBooks recognizes that every business is unique, which is why it offers two main versions: QuickBooks Online and QuickBooks Desktop. Each version caters to different needs, allowing you to choose the one that aligns best with your business requirements.
- QuickBooks Online: This cloud-based solution provides the flexibility to access your financial data from anywhere with an internet connection. It's perfect for businesses with remote teams or those who prefer the convenience of managing finances on the go.
- QuickBooks Desktop: For businesses that prefer traditional, locally installed accounting software, QuickBooks Desktop is the answer. It offers robust features and is often favored by larger enterprises.
Benefits of Using QuickBooks
Here are some benefits of QuickBooks, which makes it one of the most preferred accounting software for businesses:
- Streamlined Financial Management: Managing finances can be a daunting task, especially for businesses with complex financial structures. QuickBooks simplifies this process by centralizing all financial data in one place. From income and expenses to bank transactions and tax records, QuickBooks helps you maintain an organized and up-to-date financial system.
- Time and Cost Savings: Time is money, and QuickBooks understands the value of both. By automating repetitive tasks such as data entry, invoicing, and payroll processing, QuickBooks frees up your valuable time to focus on strategic business activities. Additionally, it reduces the need for manual labor, cutting down on operational costs and potentially increasing your bottom line.
- Accurate Reporting: Precise financial reporting plays a pivotal role in enabling well-informed business decision-making. QuickBooks offers a wide range of reporting options, allowing you to generate detailed financial statements, profit and loss reports, balance sheets, and more with just a few clicks. The real-time data ensures that your reports are always up-to-date, providing you with the insights you need to make informed financial decisions.
- Scalability: As your company expands, its financial requirements also increase. QuickBooks is highly scalable, accommodating businesses of all sizes and industries. Whether you're a startup with a handful of employees or an established corporation with hundreds, QuickBooks can adapt to your changing requirements.
- Integration with Other Software: In today's interconnected business environment, integration is key. QuickBooks integrates seamlessly with a wide range of third-party applications and software, enhancing its functionality and extending its capabilities. Whether you need to connect with your e-commerce platform, CRM system, or banking software, QuickBooks offers integrations that simplify data exchange and streamline your operations.
Add-Ons Integrations
QuickBooks understand that different business organizations require different functionalities specific to the industry of that particular business and to provide these dedicated accounting operations. QuickBooks comes with add-ons for the following services:
- Inventory Management
- Document Storage
- Hosting
- Billing
- Data Sync
- Database Management
- Project Management
- Tax Management
- Online Store Integration
- Employee Time Tracking
- Reporting & Analytics
To enhance its functionality and cater to the specific needs of different businesses, QuickBooks offers various add-ons and integrations. These add-ons are typically third-party applications or services that can be seamlessly integrated with QuickBooks to extend its capabilities. Here are some common QuickBooks add-ons and integrations:
A time tracking and scheduling software that integrates with QuickBooks to help manage employee hours and payroll.
An add-on service for handling payroll, including tax calculations and direct deposits.
This enables businesses to accept online payments directly through QuickBooks invoices, making it easier to get paid by customers.
An inventory and order management system that syncs with QuickBooks to help businesses manage their inventory, orders, and sales channels.
This expense management tool simplifies expense tracking and reporting by syncing expenses with QuickBooks.
Automates accounts payable processes, allowing businesses to pay bills, receive invoices, and sync transactions with QuickBooks.
If you run an e-commerce store using Shopify, you can integrate it with QuickBooks to sync sales, inventory, and customer data.
If you use Square for point-of-sale (POS) transactions, you can sync your sales data with QuickBooks.
Provides financial management, payroll, and cash flow solutions while integrating with QuickBooks for seamless accounting.
Helps automate the process of recording expenses by extracting data from receipts and invoices, and then sending it to QuickBooks.
This Customer Relationship Management (CRM) software integrates with QuickBooks to provide a complete view of customer interactions and financial data.
A sales tax automation solution that integrates with QuickBooks to calculate and manage sales tax compliance.
Provides in-depth financial analysis and reporting, helping businesses create custom dashboards and reports based on QuickBooks data.
Designed for professional services firms, BillQuick integrates with QuickBooks to streamline time and expense tracking, project management, and billing.
If you use HubSpot for marketing and sales, you can integrate it with QuickBooks to sync customer data and transactions.
A robust inventory management solution that integrates with QuickBooks to track inventory levels, orders, and sales.
Square’s payroll service syncs with QuickBooks to handle payroll processing and tax filings.
Many more QuickBooks add-on applications can help the business enterprise in maintaining accurate data and secure data sharing so that the organization can propel its business in a much better manner.
How Can Meru Accounting Help You?
Meru Accounting offers end-to-end accounting and bookkeeping solutions. We have experience of more than a decade in accounting and bookkeeping services and have clients in various industries across major countries, i.e., the US, UK, Australia, New Zealand, etc. We provide multiple services as per the requirements of customers from record to report, quote to order, order to cash, and procure to pay. Meru Accounting has specialized expertise in using both QuickBooks Desktop and QuickBooks Online. We provide various services like:
- Framing Bookkeeping Policies
- Payroll Management
- Accounts Payable
- Accounts Receivable
- Finalization of books of accounting
- Tax Filing, Business Regulatory Compliance, and GST/VAT
Moreover, we can assure you that we serve as an all-in-one accounting and bookkeeping solution partner by providing cloud add-ons, and daily bookkeeping along with a free trial of 6 hours. Not only this, we provide expert services in Xero Bookkeeping, Odoo Bookkeeping, and other various prevalent accounting software as well. So what are you waiting for?
