In 2019, the terms efficiency and effectiveness are more crucial for businesses than they’ve ever been. At a time when globalization has made the entire world a level playing field and the World Wide Web has given birth to a multitude of new business channels, companies are always looking for ways to overtake their competition.
Gone are the days when coming up with an innovative product meant that you’d conquer your target market. Current market scenarios call for smart, cost-effective business solutions that are sustainable in the long run. One of these solutions is a cloud-based accounting software which goes by the name of QuickBooks.
Created by Intuit using principles of cloud computing, QuickBooks has made it possible for innumerable entrepreneurs and SMEs to bring their business ideas to life without worrying about the additional costs associated with accounting and financial reporting.
It’s helped them generate complicated reports and calculate complex information with just a single click.
Here are a few ways QuickBooks can boost your business’s efficiency:
If you run a small e-commerce store that sells sportswear for athletes, tackling software updates and troubleshooting system crashes are probably not your core competencies. You can always get IT professionals to do these tasks, but given the fact that you’re running a small enterprise, it might not be economically feasible.
Especially with e-commerce stores, even a crash that lasts a few minutes means inconveniencing customers. This is all the time they need to switch over to the second best option.
All of these worries can be ruled out by using QuickBooks. Whether you use QuickBooks Pro, Premium, or Enterprise, your third party vendor will provide all the technical help required to keep the software running.
The engineering teams of third party vendors are accessible via customer portals or phone calls, 24 hours a day, all week.
As for updates, the same vendor will make sure that your software is up to date and all the upgrades are carried out the moment they’re introduced.
Sorting, organizing, calculating, and then making use of accounting and financial data is not easy. There’s always a lingering fear of inaccuracy. Other than that, manual data entry and calculation take more time than they’re worth. In today’s competitive world, companies can use the same time to focus on research and new product development. The most crucial of these are payroll, taxation, expense tracking, invoicing, and the generation of financial statements.
With the help of QuickBooks, you can choose from federal and state form of taxes which are in line with your legal requirements and calculate your tax amount for the fiscal year immediately. Other than that, all invoices are generated on an automated basis every time a customer makes their payments.
Receipts can be electronically sent to the customer straight away. As far as late payments are concerned, you can enter the details of the recurring payments all at once and QuickBooks will make sure that they’re paid at their designated time.
The same goes for financial statements. You don’t have to wait for the year to end to see where your business stands in terms of its profitability index and returns on equity. You can generate profit and loss statements and cash flows for a particular week, month, or even a quarter. QuickBooks also allows you to edit these statements in case of errors and misreporting. The accuracy of financial reporting is important for not only audit purposes, but also because it helps you establish credibility with your creditors, shareholders, and investors.
As per common perceptions, accounting software only makes life easy for in-house users. This is definitely not the case with QuickBooks. QuickBooks is designed in a way that benefits both customers and end users.
The biggest advantage of QuickBooks is that it allows customers to use multiple payment options, without any additional costs. The same goes for all your vendors and providers. Customers can pay their dues using online payment. With the help of QuickBooks, the same amount is immediately updated in the company’s bank account immediately after, without any lag. In return, the customer can request their invoices via email or can print them directly from the website.
Ease of transactions is one of the main reasons why your customer would want to come back to you the next time.