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QuickBooks is an accounting program package that is designed to manage the needs of every kind of small to medium-sized business such as managing payrolls, bills, inventory, sales etc. It offers software solutions for both on-premises and cloud based accounting applications. The package develops solutions according to the need for the industry and includes tools for marketing, services, product and supplies for merchants as well as training solutions.

A contractor version of the software is available. It is built to meet the need of every kind of contractor, therefore, the do-it-yourself accounting is not as easy and many users fall prey to a lot of mistakes.

1.  Incorrect Payroll

Managing payroll is a difficult task and any business can benefit from outsourcing this time-consuming process to a payroll firm. As the local, federal and state laws are changing regularly, managing a payroll can become a complicated task and businesses can be negatively affected by errors that result in tax penalties.

2.  Not Reconciling Accounts

It is necessary to reconcile all of your accounts.  You not only need to reconcile your savings and checking accounts, but also taxes, loans, and mortgage escrow accounts. Otherwise, you will not know if the money in the business account register is correct. 

 3.  Using Too Many Accounts & Sub Accounts 

While one advantage that QuickBooks offers is the ability to create further sub-accounts of accounts, this can also complicate the system and be very time-consuming. It is advisable that this be avoided, if possible, especially in the case of small companies where one parent account is adequate. 

4.  Not Backing Up The Company Data

In order to prepare for the unpredictable, it is necessary to back up the Business QuickBooks files every day. This will prove to be immensely helpful in case of a computer crash.

 5.  Not Reviewing

The balance sheet and P&L statements have valuable insights regarding the health of the business. Reviewing these statements can help catch mistakes before they cause any financial repercussions. Thus, they should be reviewed on a regular basis.

6. Not Setting Sales Tax Preferences

You can set up your sales tax preferences if your business makes sales that are subject to sales tax. To do this, go to Edit → Preferences → Sales Tax icon → Company Preferences → Owe Sales Tax and then choose from As of Invoice Date or Upon Receipt of payment.

  7.  Booking Loans Improperly 

It is necessary to keep a record of any loans taken by the business. This means that each payment’s principal and interest breakdown is monitored and reconciled with the monthly loan balance.

8.  Not Creating User Permissions and Passwords

If your QuickBooks file is being accessed by multiple users, it necessary to give each of them separate roles, permissions and logins.  This ensures that everything happening in your books is controlled smoothly.

  9.  Deleting Transactions

In QuickBooks, a lot of transactions are interconnected and deleting one transaction can affect other transactions linked to the deleted transaction. An alternative choice is to void a transaction rather than deleting. But, that too can cause problems in the case that the deleted transaction is for a closed period. Refer to your accountant and get the transaction reversed through the current period.

10.  Paying Payroll Taxes using the Write Checks Window

QuickBooks keeps track and records the amount of payroll tax a business owes as the payroll is managed in the Payroll Liabilities account. Accidentally paying the payroll taxes through the Write Checks window will result in the paid amount not getting properly deducted from the Payroll Liabilities. Therefore, in order to ensure that the payroll liability balance is properly deducted, it is necessary to pay the payroll taxes from the Payroll Liabilities window.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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Regardless of the nature of a business, the most vital requirement in running a business is to handle the various bookkeeping tasks effectively. Improper or incorrect recording of business activities will be disastrous for any business. The first issue in incorrect invoicing is that the business operations will be incorrectly recorded. It could cause delays in getting funds for different projects.

Incorrect or unsystematic business records can also make it challenging to file your taxes or even land you in hot water with the Internal Revenue Service. Using QuickBooks to keep your financial records lets the company evade those possible glitches in management.

QuickBooks has almost every feature of other software, with a few additional attractive features designed according to the needs of businesses. The software has multiple versions that are tailor made for the business according to the industry they operate in. Businesses will have options of industries to choose from, such as:

  • General Business
  • General Contracting
  • Non-Profit Organizations
  • Professional Services
  • Retail industry

Why Does a Company Need QuickBooks?

Easy to Use

The main issue with bookkeeping programs is that many of these programs are hard to use and difficult to maintain. QuickBooks, on the other hand, is intended to be instinctive and easy to comprehend, even for businesses that lack the necessary accounting or financial information about the company for bookkeeping.

Ability to Work with Other Programs

The capacity of the software to incorporate with other programs is a huge benefit of QuickBooks. After using the product to take account of all the expenses and income generated by sales, the senior management of the company can easily export that data for filing taxes effectively. QuickBooks also has the capacity to integrate Microsoft Excel for all of the necessary data from different sources for useful bookkeeping.  

Customization Options

QuickBooks offers different ready-to-use templates for businesses to use for generating invoices, business plans, charts, and spreadsheets. It also makes it easier for the QuickBooks application to customize the feel and theme of the documents for bookkeeping. The customization option gives the users a different approach to change their invoices according to the needs of the business. The ability of QuickBooks can help business owners in organizing their information about business activities and each activity is recorded separately. 

Signing Checks is Easier with QuickBooks

Businesses are required to sign several checks every day for different needs and activities. Using QuickBooks makes it easier for business owners to write checks for various expenses. QuickBooks has an automated process that saves time and generates signature checks by a simple and easy to use method for bookkeeping.

Extensive User Base

QuickBooks has an extensive user base; the product is popular around the world and many experts have frequently tested the software. The extensive user base indicates that QuickBooks is very useful and reliable. QuickBooks has features that makes it cost effective for companies to use this software. The market does not have a similar product that can match the extensiveness of QuickBooks for bookkeeping.

QuickBooks is compatible with other applications that makes it easier to export and import data from QuickBooks. This solution is ideal for small businesses who cannot afford to have multiple applications. They can simply import data from an excel sheet to generate online invoices. The premier edition has features that enables the company to have their own customized software that is according to the specification of an industry. For example, QuickBooks for a hospital will be significantly different from QuickBooks for an engineering company.

Multi-Monitor Support

QuickBooks allows their certified customers to take care of their business activities in a very effective way. It allows three users to use the application by using a single license purchase. Using the multi-monitor support, a business can manage the list of its customers on one screen while it can track the invoice and payments coming from the customer on the other two screens.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

 

 

 

QuickBooks
When you hear “small-business bookkeeping software,” you possibly think of QuickBooks. Since Intuit launched its leading product over 20 years ago, the financial management platform has conquered the accounting software marketplace. Presently, QuickBooks software holds more than 80 percent of the small-business market share. If you’re exploring small-business accounting solutions, clearly QuickBooks is on top of the list. QuickBooks has a product for nearly all of your bookkeeping needs, but sorting through the options can feel like an insurmountable task.

If QuickBooks is usually believed to streamline accounting, then QuickBooks Pro is thought to polish and perfect the procedure. There are two products available: QuickBooks Pro and QuickBooks Pro Plus, both full of advanced functions and perceptions. The Desktop Pro version simplifies accounting and helps companies stay organized despite of the large amount of data they have to collect and analyze.

Inter-Company Transactions

Once in a consolidated file, use journal accesses in QuickBooks to cancel out intercompany transactions that throw off the accuracy of the consolidated statements. These are transactions where related subsidiaries may sell inventory or services to each other. Each subsidiary’s balance sheet records the transaction accurately, but when consolidated, the transaction is double counted, throwing the consolidated balance sheet out of balance. Accountants use a journal entry to correct the imbalance.

QuickBooks Enterprise

QuickBooks Enterprise, an upgrade to standard and professional versions of QuickBooks, combines data from several company files and exports them into a Microsoft Excel file. Once in Excel, you consolidate the totals as needed. Access the feature by selecting “Combine Reports from Multiple Companies” under the “Reports” menu. Select the reports you wish to combine, including balance sheet, profit and loss, cash flow and trial balance.

Advantages of QuickBooks

No matter what the nature of your business, keeping an accurate set of books is essential. Without accurate business records, it will be difficult to attract the funding you need because business records are generally the first thing potential lenders and investors want to see. Inaccurate or disorganized business accounts can also make it difficult to file your taxes or even land you in hot water with the Internal Revenue Service. Using QuickBooks to keep your business records lets you avoid those potential problems.

Ease of Usage

One problem with bookkeeping programs is that many of them are difficult to use and cumbersome to learn. QuickBooks, on the other hand, is intended to be intuitive and easy to understand, even for business owners who lack an accounting or financial background.

Incorporation

The ability to assimilate with other programs is a big advantage of QuickBooks. After using the product to input all of their business income and expenses, business owners can easily export that data to their favorite tax preparation program to make filing income taxes at least a little less painful. QuickBooks also integrates well with Microsoft Excel, making it easy to import data from other sources and use it in QuickBooks.

Customization

QuickBooks provides a number of ready-to-use templates that business owners can use to create invoices, spreadsheets, charts and business plans. The software also makes it easy to customize the look and feel of those documents, giving them less of a cookie cutter appearance and helping them to stand out in the crowd. The ability to customize invoices can be particularly useful and business owners not only can add their company logo, but detailed information about each line item as well.

Check Signing

If you sign a lot of checks for your business, using QuickBooks can save you a lot of time. QuickBooks permits business owners to scan and upload their signatures and use those signatures to prepare the checks for the business. This automated process is much simpler and easier than writing hundreds of checks by hand each month.

Final Note

QuickBooks is the ideal business bookkeeping software for small to mid-sized business owners. You can save time on bookkeeping and paperwork because many simple bookkeeping tasks are handled automatically making it easier to run your business. You can easily generate the reports with the information you need and you save money because QuickBooks is so affordable.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services 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 and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.