Tracking All Business Expenses Made Easy – QuickBooks!

QuickBooks has been working wonders for businesses all around the world irrespective of their size, industry or structure. It is one of the most adaptive accounting software available in the market. It has served millions and continues to do the same through constant updates, new introductions, customization, and superior services.

QuickBooks is one-for-all software that not only takes care of the bookkeeping concerns but also helps in payroll generation, invoice management, audit, generation of financial statements, and so on and so forth. Over the years, QuickBooks has successfully destroyed all conventional barriers that defined the purpose of accounting software. It has emerged as an all-encompassing solution for multiple business needs.

Does this mean its core objective has been compromised seeing the kind of diversity QuickBooks has stepped into? The truth couldn’t be further from this!

Here is a little insight about how QuickBooks has strengthened its core capability while diversifying its outreach to other business processes.

Documenting Transactions

QuickBooks is very well known for its bookkeeping capabilities. It has the ability to record all your business transactions with remarkable ease. Here are just a few examples to give you an idea of how QuickBooks works.

Invoices

You can choose to pay your suppliers and receive payment from your customers through QuickBooks. This software comes with a built-in invoice generation facility which allows you to send and receive receipts over the internet. Besides allowing you to generate the invoices, it also helps you maintain a record of all the payments made and received. Each invoice generation request is marked by an entry in the ledger. So at the end of the day, all you have to do is reconcile the statements – the entries will already be recorded in place.

Payroll

QuickBooks allows you to maintain payroll activities as well. From generating pay slips to making payments and maintaining a record thereof, QuickBooks is set to manage it all. All it needs is a click of the mouse. This has greatly simplified this overly-complicated process while making timely displacements possible. Moreover, you can choose to schedule these payments on a monthly basis at a specified date. This ensures greater stability and reliability in salary payments.

Other Business Expenses

There are other business expenses apart from invoices and payrolls. These include your assets and liabilities. They constitute major business transactions which need to be recorded at all costs. With QuickBooks, recording and managing these expenses is easy and convenient.

For instance, if your business property has been acquired on rent, this is an expense you will need to make on a monthly basis in order to comply with your tenancy agreement. These cannot be classified as invoices or payroll but it nevertheless is pivotal for the business.QuickBooks does not only help you record these expenses with ease but also allows you to schedule recurring expenses over a set time period. This makes bookkeeping extremely easy!

Petty Cash

When you’ve recorded all major business expenses, you are left with minor ones. These are often so small that they are wholly overlooked.They are clumped under the head of “petty cash” to be recorded in the accounts. Often, the petty cash turns out not to be as petty as it sounds!

With QuickBooks, you can record each small expense under its precise head. Whether it is an official dinner or a minor maintenance expense–QuickBooks does not only allow you to save a picture of the receipt for future references but also makes an entry in the ledger with its precise name! So when you are going through your records at a later date, you will know where you’ve spent each and every penny generated by your business. In some cases, this might help you reduce your operating costs as well.

What Next?

So it has been established quite clearly –QuickBooks allows you to document each business transaction regardless of how minor it is. This is the kind of supervision you need to keep your expenses under control and to take your business to unparalleled heights. What more does QuickBooks have to offer?

QuickBooks is one of the most intelligent business decisions you will make. There is a lot more that this software can do for your company. Keep reading to find out ways to max out your investment’s productivity!

Tax Reports

The QuickBooks software records each and every business transaction. It holds your company’s financial data in entirety. Naturally, it makes sense for Intuit (QuickBooks developer) to add tax report generation services to this platform. And so they did!

QuickBooks is programmed to understand those items in your accounts that are tax deductible. It computes your company’s net taxable income by calculating company revenues and expenses. Once the taxable income is obtained, it then applies the on-going tax rate to give you the final amount of tax that you need to pay to the government. You can even use QuickBooks to generate tax reports in order to file these with your tax submissions to the government.

Tax Adjustments

Every now and then, your state’s taxation authority may decide to revise its rules pertaining to the taxability of certain assets. Although these changes are usually minor, they can make a big change to your company’s financial standing. It is, therefore, important to update your records immediately to make sure your company complies with the governmental rules and regulations at all times.

If you (or any employee for that matter) are entrusted with the role of updating all previous records manually, it will prove to be extremely time-consuming, not to mention boring and tiring. But with QuickBooks, your work is cut in half!

As mentioned previously, QuickBooks is adaptive and intuitive. All you need to do is make a small change in the software’s tax computation formula. If you are not that technical, Intuit will generate a software update for you to serve this purpose. Once the change is made, all your previous entries will automatically be updated as per the current protocol. So if there are any tax adjustments you can seek out or any savings you can make, you can utilize this opportunity to the fullest.

QuickBooks is all about making your business easier. Get a free trial today!

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