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How Quickbooks can help your Business

QuickBooks isn’t the latest and greatest accounting software yet it is certainly useful.  Countless businesses use QuickBooks at their offices, meaning job-seekers and those looking to advance their career should have in-depth knowledge of this important computing tool.  Take full advantage of QuickBooks and you will find it helps your business in several important ways.

QuickBooks’ History of Success

QuickBooks is synonymous with the accounting industry as it is used by accounting professionals and other number crunchers throughout businesses within the United States and the majority of the rest of the developed world.  QuickBooks is particularly useful for small businesses, medium-sized businesses and nonprofit businesses. 

QuickBooks is Evolving

The QuickBooks software used in the early aughts is not the same as that used today.  The popular accounting software was rewritten in full back in 2006.  This rewrite included the addition of new and improved API architecture.  This term refers to the process required to develop software interface for application function and backend data to be used in new applications.  QuickBooks will continue to evolve in the years ahead, proving that much more useful for small businesses, those who lack extensive accounting experience and enterprise executive users at the C-level. 

As an example, QuickBooks is now offered on two distinct platforms in the form of QuickBooks Desktop and QuickBooks Online.  The online platform functions quite differently compared to the desktop platform.  The version that proves optimal for your unique business hinges on your nuanced accounting needs, desires pertaining to accounting features and other factors. 

The Merits of QuickBooks Online

QuickBooks Online has merit in that it is cost-effective and can be accessed from your chosen location, assuming you have a web-connected computing device.  QuickBooks Online can be used on all mobile devices that can access the web, meaning it is accessible from airports, cafes, hotels, libraries and other spaces outside of the office.  QuickBooks Online smoothly integrates with an extensive range of apps that form an accounting eco-system of sorts for both small and medium-sized businesses.  Plenty of small businesses that don’t require uber-complicated reports will find the online platform of QuickBooks works perfectly fine.  Startup businesses also gravitate toward the online version as it is affordable and easily accessible.

QuickBooks Online has three versions to choose from.  The Simple Start covers your business’s essential accounting needs, making it that much easier to track expenses and income, complete invoicing and sync up with your company’s banking institution.  Opt for Essentials and you will be treated to additional features at a higher price.  Examples of Essentials’ extra features include profit and loss reporting along with bill pay.  The Plus version provides even more advanced bells and whistles such as 1099 preparation and inventory tracking.

The Merits of QuickBooks Desktop

Though QuickBooks Online and the desktop version of the accounting software have considerable overlap, they are not exactly one in the same.  Opt for the desktop version and it will be that much easier for several users to view and modify the exact same file in unison. This feature Is not available with the online version.  Furthermore, some businesses favor QuickBooks Desktop as it provides the ability to expand reporting.  However, the desktop version is limited to computers that are not connected to the web, meaning it is not as easily accessible as the web-based version. 

A Closer Look at the Benefits of QuickBooks for Your Business

QuickBooks is widely revered as one of the best accounting platforms on the market yet it is not infallible.  QuickBooks has minor flaws in that its mobile apps are not as comprehensive as some business owners and accountants desire and its auto-categorization is not as accurate as most anticipate.  However, these are subtle criticisms that might not mean a great deal to your business.  Your business should give serious consideration to QuickBooks as its pros greatly outweigh its cons.  Try the software for yourself and you will find its user experience design is second-to-none.  You and your employees can easily navigate the QuickBooks platform without significant impediments or confusion. 

Additional QuickBooks highlights include extensive transaction forms and contact records, customized reports, profitability projections, helpful cash flow pages, a hybrid sales tax option and wide-ranging payroll support.  This accounting software has hundreds of integrations and add-ons that make it that much more appealing to individual businesses with highly idiosyncratic accounting requirements. All in all, QuickBooks Online supports several hundred third-party applications.  These applications bolster the software’s functionality all the more.  This means if the modules that comprise the software cannot perform a specific task your company needs, there is likely an add-on available that will get the job done. QuickBooks Online is one of the few accounting tools on the market with an accompanying payroll solution within the overarching accounting application.  Two such integrated payroll levels are available as add-ons in the Full Service Payroll and Self Service Payroll. 

The Gold Standard for Accounting Software

Though there are plenty of competing accounting software programs, none are as easy to use as QuickBooks, especially for those who lack extensive tech or accounting knowledge.  The added bonus of QuickBooks’ payroll solution makes the software that much more appealing.  Though QuickBooks can certainly be criticized as detailed above, accounting software experts generally agree this is one of the most comprehensive, user-friendly and effective accounting tools on the market.

Whether you are a Quickbooks user, Netsuite user, or use another accounting software to run your business, request a demo below to see how AccountingDepartment.com can help improve your systems and processes!

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