Businesses must have visibility into their income and expenses. Accounting software is a tool that facilitates this process.
When choosing accounting software, it is essential to evaluate different options based on features, pricing, and reviews and consider their pros and cons. This article will discuss only some of the available accounting software. Instead, this guide will focus on one of the most widely used accounting tools, QuickBooks, and its advantages.
Top Reasons to Choose QuickBooks Accounting Software
UK accounting professionals consider QuickBooks one of the best accounting software available. It caters to the accounting requirements of businesses of all sizes.
Let’s examine the ten most significant reasons you should use QuickBooks accounting software for your business.
QuickBooks accounting software offers a significant advantage in that it is user-friendly. Thus, one can be something other than a financial expert in using it. Even newbies can easily navigate QuickBooks because of its intuitive design.
When you log in, you are presented with a dashboard that displays crucial data such as expenses, profit and loss, invoices, bank accounts, sales, and tips. On the left side of the screen, there is a menu that allows you to access various pages such as sales, banking, expenses, taxes, employees, reports, accounting, apps, dashboards, and tools.
Many QuickBooks online reviews have acclaimed QuickBooks as the top accounting software because of its flexibility. This allows small business owners to perform their accounting duties from anywhere using the QuickBooks online version. By switching to the QuickBooks online plan, small businesses can handle various administrative tasks, such as creating invoices and using a smartphone, PC, or Mac anytime. Moreover, this feature permits up to five users to access the account.
QuickBooks provides additional flexibility by streamlining teamwork, enabling users to:
- Securely sync multiple files in real-time and work on them simultaneously
- Sync data from other frequently used apps like Square and TSheets
Since this feature works on any device, users can save their work across all devices without worrying about external storage devices like USBs. The data-syncing part is significant because it keeps countless hours that would otherwise be spent manually entering or converting data into different file formats.
As businesses expand, their requirement for multiple third-party add-on integrations also increases. Thus, another significant advantage of QuickBooks is that it connects with more than 700 integrations.
You can feed all your business expenses and income and swiftly export the data to your preferred tax preparation software. You can even integrate QuickBooks with Microsoft Excel. They can efficiently import data from various sources and use it in QuickBooks.
4. Easier Inventory Management
QuickBooks accounting software simplifies managing expenses, revenue, and payroll information for small business owners. In addition, QuickBooks offers various features, such as recording bill due dates, entering payment information for recurring invoices, and printing checks directly from the software.
Small business owners can easily connect their bank accounts to QuickBooks to access all financial records in one place. When dealing with day-to-day operations, QuickBooks helps track expenses by enabling users to bill clients for expenses like mileage and meals and tracking inventory buying and selling. With automatic updates, QuickBooks provides accurate information about inventory changes, allowing small businesses to know where their inventory is going and the quantity on hand.
5. Automated Backup
QuickBooks provides an automated backup service that ensures the safety and security of your financial data. This feature helps save your accounting records and allows for easy data restoration in case of any issues.
Moreover, QuickBooks automatically backs up everything in your company file, including letters, logos, images, templates, and associated files. This feature is handy for accounting and finance teams in small and medium businesses with limited cybersecurity resources.
6. Easy to Generate Financial Reports and Invoices
Traditional manual invoice processing is not the most efficient method for modern accounting teams due to its time-consuming nature and high cost. Despite this, many businesses still rely on manual data entry for their invoices, which is prone to human error, can be inconvenient, and may hinder effective team communication.
QuickBooks accounting software provides an alternative solution enabling users to create and track invoices. Users can easily send invoices to customers via email or print them out. QuickBooks’ inventory tracking feature automatically records income and follows how much each client owes. QuickBooks also provides an accounts receivable ageing report that enables users to monitor the number of outstanding invoices and the number of overdue days.
Start-ups often operate within a tight budget during their early days. Thus, choosing an affordable accounting system that offers quality services is crucial. Fortunately, QuickBooks accounting software is one of the most cost-effective options available, providing robust accounting features at a low cost. In addition, as your business grows, you can easily upgrade to a higher plan to add more users without losing data.
QuickBooks differs from other accounting software by not locking start-ups into lengthy contracts. Users are free to cancel or switch their subscriptions, and there is no need to commit to a lump sum payment upfront.
QuickBooks offers several pricing options, including:
QuickBooks Self-Employed, which costs £10 per month
QuickBooks Simple Start, which costs £14 per month,
QuickBooks Essentials, which costs £24 per month,
QuickBooks Advanced, which costs £70 per month.
By making QuickBooks the centrepiece of an accounting transformation strategy, businesses can take their accounting capabilities to new heights. QuickBooks accounting software has become a go-to solution for many leading companies recently. It provides modern and comprehensive features that meet the needs of businesses of all sizes.
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