Companies often find maintaining their financial records as a challenge
and are confused as to which system is best for their requirements. While
there are a number of bookkeeping and accounting software in the market,
QuickBooks has been one of the most widely used accounting systems in the
United States. QuickBooks is also one of the most recommended systems for
small enterprises as well as for home based businesses. There are many
reasons why so many companies opt for QuickBooks and some of the benefits
are as follows:
One of the main advantages of using QuickBooks is the reporting aspect of
the system. Companies can generate customized reports and learn about
their performance and other financial aspects. You can print graphs and
charts to compare cash inflow towards the business and revenue you are
generating. You can use the customized reports to compare data over years
such as comparing data from the past year with current year performance.
This gives a clear picture to the business owner as to which direction
their company is heading towards.
Another benefit of using QuickBooks accounting system is that it will
help you manage all your expenses. It keeps track of all the checks you
are signing and also your credit card payments to keep you informed about
where your money is going. There is an extremely simple way to enter the
transactions in the system which makes sure that you do not forget to
record even a single expense that you made.
Not only does QuickBooks helps you keep track of your expenses and
generate user friendly reports, but it also helps you in creating
estimates and take care of your entire billing requirement. With the help
of this system, businesses can draw up an estimate in no time and use the
same system to generate invoices for particular jobs.
QuickBooks can also help companies in tax planning and calculating their
taxation liabilities for the financial year. Depending upon the data
entered into the system like your expenditures and your incomes, the
system would be able to calculate your final tax amount that needs to be
paid at the end of the financial year.
Many entrepreneurs or small business owners find that systems like
QuickBooks allow them to effectively manage their financial records and
more importantly allow them to spend more time on other core business
activities instead of worrying about their accounting requirements.
Travis Henry is the founder of Miami Bookkeeping Solutions, a company
providing professional bookkeeping services to small and medium-sized
companies and not-for-profit organizations in Miami, Florida. For more