QuickBooks is complex accounting software that requires proper knowledge and training. The nature of the application is quite multifarious, which can create problems for users with little or no prior training.
Every department of a business has multiple software for managing their workload online. A salesforce of a business uses a CRM system (Customer Relationship Management) to manage their customer feedback, connectivity, customer complaints, and all other customer-related tasks. Similarly, to manage accounting and bookkeeping-related tasks of a company, businesses often use proper systematic software that can help them in managing their finances. QuickBooks is one such amazing accounting tool that is mostly adopted by small to medium scale businesses.
What is QuickBooks software?
QuickBooks is accounting software designed by Intuit Inc. The software provides accounting solutions to businesses that help manage payroll, inventory, sales volume, and multiple other small business functions. The software’s key features are:
- Marketing based tools
- Products and supplies
- Services for the merchant
- Training solutions
However, every solution is designed under the needs of the business and industry they are operating in. The best thing about Intuit’s business solutions is that they have customized products for every contractor. For example, construction contractors get:
- A QuickBooks Enterprise solution for contractors
- A QuickBooks Premier contractor
- A QuickBooks Pro
- A simple starter plus pack
All these products are specifically designed to meet the needs of the contractor to small to medium-sized companies. This makes QuickBooks the most powerful software which cannot be learned by using a trial-and-error method. Learning this software requires extreme practice and proper training. However, even trained QuickBooks users skip a few essential tips and tricks that can help make the accounting and bookkeeping processes easy.
4 things that you didn’t know you could do with QuickBooks data
QuickBooks is a gold data miner with different versions with different prices and features
As you already know, QuickBooks does not only come with one single software to fit every industry. Rather, it provides multiple solutions to its customers according to their needs. The features available in QuickBooks depend on your business type and the growth of your business. The data you will record through QuickBooks will be all yours. Once your data file is created, you have free access to all the data, which can be later used in business analysis for your customer survey.
Integration with other business applications that can indicate critical information about your business
Most small-scale businesses have multiple desktop or cloud-based software that helps them in carrying out their business operations. By integrating this software with QuickBooks, you will be able to utilize your QuickBooks data with other business software. Many other business applications are now providing QuickBooks built-in integration.
Utilizing QuickBooks Data
QuickBooks data has all the major information about a business’s customers, products, employees, the productivity level of employees, and the volume of business sales. To best use this data:
- You must eradicate the data from QuickBooks and place it in the analysis database.
- Then, you will need the tool for reporting and analysis process, which is properly integrated with QuickBooks data. It will then allow you to see any type of data you need.
- For bookkeeping purposes, you will be required to create a QuickBooks report that will help you visualize the data regularly.
It helps in decision making
As you save and monitor the data of QuickBooks in the shape of reporting files, your company will make more accurate decisions. You will be provided a clear picture of your business that will allow you to make wise decisions for your company’s success.
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