Why Every Small Business Needs QuickBooks

small business taxFinances are very crucial to business organizations. They are basically the main reason organizations are in business. Firms invest their resources and through their operations and product offerings, they aim to recoup as much finances as possible. To be able to tell their financial position after all this, businesses have to account for every penny invested into the business as well as funds earned from the products and services rendered. Initially, firms would rely on excel sheets for their accounting processes. Different columns would be created for funds invested into the business and another for funds generated from the business operations. The figures had to be entered manually of course and the firm’s bottom-line generated manually as well. This method was error prone and as a result, it could not be relied upon to give the best financial position of a firm at a given time. Accounting software were invented specifically for this purpose. Using these software, and particularly QuickBooks, businesses are now able to manage their finances in a stress-free manner. This post about QuickBooks explains in detail why every small business needs QuickBooks for its business operations.

1. QuickBooks provides real-time financial insights into a firm.

QuickBooks has an online version known as QuickBooks Online that allows firms to access their financial data and information online and in real-time from their PCs and mobile devices. You, therefore, don’t have to be at the office for you to access your company’s finances. This ensures that you can go about your business remotely and this goes a long way to help you save time. This online visibility gives you secure access to information such as profits and losses, incomes and expenses at a given time. Other activities that have been made possible with this online feature is the management of payrolls as well as sending invoices. Impressive isn’t it?

2. Minimizes accounting errors.

The use of excel spreadsheets for business operations results in a lot of errors. Misplaced figures and data entry errors can put the entire bookkeeping process into disarray and this makes the financial position arrived at using excel sheets false and misleading. QuickBooks feature a level of automation whereby financial information is fed directly from your bank and other financial institutions. QuickBooks is also quick to identify mistakes early in the bookkeeping process and this helps the concerned parties to correct them early in advance.

3. Filing your taxes is easy.

Filing tax returns was a labor-intensive process that small businesses had to go through way back before QuickBooks was invented. Firms had to rifle through its paper records to find receipts and invoices needed for filing the returns. This process has been made easier with QuickBooks whereby you get to update your tax figures in real time every time you upload financial records into the system. This takes place throughout the year and when the time comes to file your returns, you are able to do it in a very short time.

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