QuickBooks is software for accountants and companies to increase accounting efficiency in a business. Efficiency indicates a performance level through a process involving the lowest amount of inputs to generate the most significant outputs, including your time and energy.
Accounting Efficiency may mean accurate and up-to-date financial statements and that your bookkeeping is done with less time and energy. Accounting efficiency is greatly enhanced by using specific software.
Benefits of Accounting Software
The introduction of accounting software was a blessing for trades and corporations. Time is saved, which was previously used in manual bookkeeping and accounting tasks. The software can come with high prices, but the benefits are most certainly worth their price. Any business owner who wants to grow their business must rely on purchasing valuable accounting software.
Accounting software reduces the time it takes for bookkeeping tasks and promotes proficiency in business accounting and bookkeeping. Over time, the software has become very advanced and secure. Giant firms require complicated features in their accounting software, while small and medium-size businesses require fewer features.
Accounting software has special features to ensure up-to-date financial statements from all entities and keeps them accurate. One such software is QuickBooks. QuickBooks is designed for small to medium-size firms and businesses.
Features of QuickBooks accounting software
There are so many essential features in QuickBooks accounting software.
- QuickBooks is easy-to-use software.
- This software does not replace a full-time accountant in a business.
- Customization in the software according to the work that needs to be done.
- This software can share data with other applications like Microsoft word, Microsoft excel, Outlook, and other programs on the computer. This feature eliminates errors.
- There is a feature of online payments in QuickBooks Software. This feature allows its users to speed up billing and payments through credit cards and bank transfers. Bank statements can be directly downloaded through this software, and an immediate settlement can be made.
- QuickBooks allows its user to track the cash in and cash out data quickly.
- Invoices can easily be made using this software.
- Unpaid charges are separated from the customer and the job in the software.
- Any invoice can be double-clicked to get detail of that account’s activity. With this feature, it can trace the money owed to you by the customer.
- There is a read-only login during tax time, and its access can be given to an accountant to get data and prepare the forms.
- QuickBooks is compatible with ‘TurboTax’ software to generate tax reports.
- QuickBooks analysis and Report options make it easier to view introductory accounting statements and financial reports. The three essential reports are:
- The Profit and Loss Report (income statement)
- The Cash Flow Statement
- The Balance Sheet
- A QuickBooks Balance Sheet provides a complete summary of the financial status of the business.
- The QuickBooks Balance Sheet provides all of the following information:
- Assets: All assets in a business, including physically present assets like inventory, property, office objects, cash, and intangible ones like patents, brand value, registered trademarks.
- Liabilities: Liabilities are the debts that have to be paid by the business to the banks, vendors, and taxes.
- Equity: When assets and liabilities are subtracted, then equity is got. Equity is the money invested in the business added to any earnings not yet withdrawn from the business. If a business has suffered any loss, then that period also has to be subtracted from the equity.
QuickBooks is essential and brilliant software for small and medium-sized firms. It covers all of the features that are essential for accounting in a medium-size business. QuickBooks is worthy of its price as it will enhance the accounting efficiency in any business.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.