Suppose you are considering opening your own business. In that case, you should know that filing your taxes on time and keeping detailed records of the company’s financial assets is vital to the well-being of your business, which is why you should hire a local QuickBooks expert.
A local QuickBooks expert specializes in keeping track of finances, incomes, and outgoings. They can detect whether there are any discrepancies between the two to avoid specific errors or fraud, and they do it simply by using the mobile app or software.
With the evolution of technology, if you are tired of filling up books with your company records, you can just use one of the many programs that provide such spreadsheets to keep your finances even more organized.
There are many such programs that bookkeeping experts use. Still, one of the most popular ones is QuickBooks, which has gathered popularity for its well-structured software.
But besides the bookkeeping software, it provides other services, such as a wide range of accounting and finance solutions.
What Is QuickBooks?
If you are running a small business, chances are that you are running it on a tight budget. QuickBooks is a software primarily used in small businesses because of its easy usage, affordable price, and various features such as electronic payment functions, online banking, and reconciliation. Depending on the size of your business and its needs, you can choose from a ton, and you may also add or remove ones as you go.
What Does QuickBooks Do?
You can read an article about the many business functions that QuickBooks can do; amongst these, we find invoicing, bills and expenses tracking, employee time, online payments, and payroll. Some bookkeepers specialize in using this program, thus providing the best possible results.
One of the most crucial elements, if we are talking about businesses that provide services or rely heavily on freelancers, is invoicing. By using QuickBooks, you can create either invoices from scratch or by using a previous estimate, and you can also set up an invoice for recurring payments.
This invoice can later be shared with your clients by sending it via email or providing a hard copy by printing it out. Doing this lets you easily view reports and see the total fees due from clients and whether or not they are paid or owed.
Another one of QuickBooks’s essential features is bill and expense tracking. A helpful feature is that when you create your account, you can connect your credit cards and bank account to it, and once you set this up, QuickBooks will be able to track all your bills and expenses automatically.
Even though the tracking is automatic, it can also be done manually; you can insert a bill or transaction, whether it is in the form of a check or cash.
Since QuickBooks can examine your bills, you get records of all available accounts to track impending expenses and ensure they are paid on time.
QuickBooks can also track your employee time, online payments, and payroll. You can easily track any billable expenses made by your employees or contractors, and they can enter the data using the easily accessible app or submit it non-automatically to be later entered by a bookkeeper into the software.
One of the vital tasks of a successful business owner is managing an unchanging positive cash flow. You can easily accept online payments after sending invoices in the app through QuickBooks Payments. You can also accept payments in various local currencies if you operate in multiple international locations. However, it is still necessary that you check if payments in the local currency you are dealing with are accepted.
How Can QuickBooks Benefit Your Business?
Why does using QuickBooks increase your chances of owning a successful business? You can easily access all the financial statements you may need, such as balance sheets, earnings and loss statements, cash flow statements, or the taxes filed. You can even get a copy of these statements without needing to log in and send it to your accountant for a review, thus having all the data you may need at your fingertips whenever you want.
When done manually, tracking inventory, entering the details in the proper expanse account, and calculating taxable income at the end of the year can be quite a cumbersome task. Thankfully, QuickBooks does it all automatically right as you accept payments. Doing so helps you save up a lot of time, which can be used for other, more critical business managing tasks and increases the chance of success.
Another benefit of QuickBooks, and one of the most important ones when speaking of small businesses, is the pricing. As a new business owner, you want to be sure that you spend your money on worthwhile things that will later help your business. Hence, you can use a free trial until you get the hang of things and determine if you want to buy the subscription.
How to Choose a Local QuickBooks Expert?
Typically, when choosing your own local QuickBooks expert, there are a few factors that you should keep in mind to ensure that you make an excellent and worthwhile choice.
The most crucial aspect is experience; you should pick a local QuickBooks expert with many positive reviews stating that they have done precisely what their client was looking for. The second most crucial aspect is hiring a team to minimize the chances of a single-point failure in your company’s finances. Do not risk getting a local QuickBooks expert who does not have the experience or expertise your business needs.
Is QuickBooks Enough, or Do I Still Need to Hire a Bookkeeper?
As a small business owner, being careful of your expenses is crucial as you do not want to acquire unnecessary costs that cut into your revenues so, usually, many small business owners tend to keep their accounting finances meager by simply using the QuickBooks app because they think it is not necessary to hire a bookkeeper. Many believe that merely using the app makes their business safe and keeps their finances all in order. By not hiring a bookkeeper, you may be costing your business more than you save by hiring.
QuickBooks can only be used at its full potential with the help of a trained specialist, which is why you should also hire a bookkeeper after you purchase the program. As a small business owner, you have little experience with accounting, and you might make small mistakes unnoticeable to the average eye. However, if you hire a bookkeeper with expertise in such situations, they will spot the error and quickly fix it before it can damage your company’s finances.
QuickBooks is easy to use and accessible to small and start-up businesses. It is a simple way to ensure the financial safety of your company. Still, you should hire a bookkeeper familiar with the program because it can only ensure maximum results when paired with a trained professional.