Unless there is a Certified Public Accountant (CPA) out there still using an abacus, there probably isn’t an accountant in this country that does not use Quickbooks (or at least used it at some point). Before you scurry out to buy an abacus to make a comparison, consider all that Quickbooks can do.
The nicest aspect of Quickbooks is that it really is a “one size fits all” type of software that can help from the simplest operations such as entering deposits and paying out checks to a much more sophisticated process such as preparing reports. This program can send reports/data to thousands of recipients and can be accessed through an app; and all the data can be backed up to the cloud so it can never be lost.
Here are some added benefits which the average user may not have tried yet:
Helping companies to collect monies: This is a huge feature of Quickbooks which allows companies to set due dates for past invoices or invoices which occur on a periodic basis such as week, month, quarter, or year in addition to preparing those invoices, sending them out, and keeping tracks of all transactions related to each invoice. If you need to add sales tax where you live, the program can do that too.
Invoicing made easy: Keeping track of sales and then translating those sales into invoices is easy using Quickbooks. If you add the Intuit service, you can also receive credit card and debit card revenues too and even deposit checks using their scanning software.
Autopay Function: If you have certain recurring bills, you can set up an auto-pay function and not worry about paying the bill again.
Easy tracking of sales and revenues: Whether you are looking to track by date, by type of good sold, by price, or by almost any factor you can think of, Quickbooks can do it.
Bill paying made easy: Not only is collecting money easier but so is bill paying as you can print checks from the program for all outgoing money and then keep track of what the bill was for.
Syncing up bank accounts: Being able to sync up bank accounts to the software is a huge benefit for those who wish to validate transactions as they happen (or verify them much later too). The quicker you can verify transactions; the easier reconciliations are because you have already verified the transactions. Plus, the added benefit of allowing for paperless banking.
Tracking expenses efficiently: Every business person incurs expenses which they need to account for in some way and Quickbooks is very good at allowing you to log in cash transactions, credit card transactions, wire transfers, and any other form of payment you can imagine and log them into the expense category that will insure that they are properly accounted for whether the amounts are billed back to a client or not. You can even scan a receipt and log it into the system to be reviewed easily and quickly.
Receipt generation: If you need to give receipts to people/clients, the software can generate those as well (in addition to then being able to track the underlying transaction which created the need for the receipt).
Forecasting trends: Every user knows that many types of reports can be generated and almost all users have printed out various types of reports at one time or another. One really cool feature is that the software can actually forecast future trends using past data in addition to the normal comparisons of current year with past years.
Travel light with Quickbooks: If you sign up for the cloud service, you have the ability to log in on any computer, your phone, or other device and see anything within the software system as well as perform any function in the software. For people who travel and are not always tied to their desktops, this can be invaluable.
Easy data sharing: Whether you keep your data on site or in the cloud, you can easily share your data with others who can instantly access it as well. Whether you are the CPA who needs to see client data or the customer who needs the CPA to see the data, transferring data files is easy. Additionally, backing up data is easy whether you do it onsite, off site, or in the cloud as well as the program can be instructed to do it automatically.
Data Management: In this program, you can control users’ access to certain types of information. It is not uncommon that certain users may wish for certain persons to have access to some type of data but not all of the data contained in a system. The software allows you to toggle on and off which users get access to what data. In many settings, this can be a valuable feature.
Audit preparation: Using Quickbooks you can add so much detail to each transaction, so if you are ever audited, you will have all of the reports and documents available in a moment’s notice.
Sales preparation: Few people use the software for creating estimates for a possible customer, but the software can allow you to do so fairly easily. If the estimate is then accepted, then creating an invoice off the estimate is automatic.
Unique features: Some of the other innovative features of Quickbooks are that you can track inventory, first in and first out (FICO) and also print W-2s and other tax forms such as 1099s.
If you are just starting out using Quickbooks or have been a long-term user, our team at O’Donnell, Ficenec, Wills and Ferdig, LLP. are available to assist all your needs. We have trained professionals who can work with you to help you maximize the Quickbooks features.