What Accounting Software Can Do For You
Our QuickBooks certified instructor, Tim Plue, The Ledger Firm, offers these reasons how QuickBooks can help your small business. Whether you use QuickBooks, another accounting software package, or use Excel, the points Tim makes below are important to any small business owner trying to “do their own books”.
1. Software, like QuickBooks, is perfect for small business to keep track of income, expenses, bank balances, invoices billed, accounts receivable and more.
2. Keep track of accounts payable. Enter your bills now, to be paid at a later date. Run a report of bills to be paid and then pay the bills on the due date without having to enter again. QuickBooks even allows you to track billable mileage, time and expenses for both you and your employees and then bill those charges to specific customers.
3. Do you know which customers owe you money? Keep track of your accounts receivable. You may send notices to your past due customers. QuickBooks will create emails or Word documents using customizable templates that will be filled with the customer name, address and invoice information.
4. Do you know if you are making a profit? Create your essential monthly reports, such as a Profit and Loss, Balance Sheet, Accounts Receivable and more. Create report templates and report groups. Export data to Excel for further analysis and then sync the changes.
5. Have you been bouncing checks? Enter your check and debit payments in QuickBooks. You will then be able to keep track of all your transactions and see your actual balance of available funds.
6. You can download banking and credit card transactions into QuickBooks, which keeps your books up to date.
7. You can run payroll directly in QuickBooks, send direct deposits, create year end W-2′s, plus give employees access to secure online pay stubs and W-2′s. QuickBooks will create your quarterly payroll reports and even electronically file and pay them.
8. You can pay contractors (also with direct deposit) and generate year-end 1099′s.
9. Do you use estimates for your business? You can create estimates, email them out of QuickBooks or save as a Word Document. Once an estimate is approved, you can easily create an invoice with just one click of the mouse. You can even create estimate templates for your typical jobs. Also, track items you buy for resale, inventory on hand, sales price and item profitability.
If you’re interested in finding out more about using QuickBooks, follow this link to our training page and register for a class today. www.tarrantsbdc.org/calendar To view more of Tim’s blogs, visit www.theledgerfirm.com