Author: brilliantsolutionsgroup

Saving on Taxes by Electing to be a Sub S Corporation

Saving on Taxes by Electing to be a Sub S Corporation

Business owners are constantly on the lookout for ways to cut down costs in order to improve their balance sheet. With the number of taxes that we are supposed to pay being law-abiding citizens of the United States, tips and tricks to save taxes are much sought-after by business owners. Tax attorneys who specialize in figuring out side alternatives to save on taxes for each specific business type are in high demand these days for precisely this reason.

The Trend of Sub S Taxation

For small business owners, an increasing trend of electing to be taxed as a Subchapter S corporation is being observed in the business world these days. Sub S Corporations can save a ton on social security and medicare taxes in the US, provided they are eligible to be taxed as such. Corporations with less than a hundred shareholders, which elect to be taxed under Subchapter S of the Internal Revenue Code, gain the benefit of being taxed as a partnership. This essentially translates to the corporation being able to avoid double taxation, and not having to pay tax on the total profit earned. Rather, each shareholder will be taxed individually.

Let’s take a look at a few tips that one should keep in mind to save on unnecessary taxes while being taxed as a Sub S Corporation.

Social Security Payroll Taxes

The IRS dictates that shareholders need to pay 15.3% self-employment tax on the salary they collect for services rendered to the Sub S Corporation. If you are running a small business and are the sole owner, you can minimize payroll taxes by setting your salary at a modest level. The IRS requires the salary to be reasonable considering your business’ income, so don’t set it too low!

There is another aspect to the payroll taxes though. To increase retirement benefits, you may want to pay more on the self-employment tax thus accruing Social Security wage credits. If you choose to opt for this route, limit your salary to a maximum of $106,800 per year. Social Security credits cannot be gained above this figure.

Offsetting Passive Losses

For tax purposes, income from a Sub S Corporation is treated as passive income. One might argue that this makes no sense since passive income implies ‘sitting around income’, while they have to go to work every day; but that’s just how it is, the IRS is not always logical. Anyway, this can work in your benefit, since now, you can offset passive losses, such as rental losses, by applying them to your Sub S income. This means, if your real estate properties report a loss of $15,000 on rentals, and your income bracket is $200,000, you will only have to pay tax for $185,000. The rental losses won’t even carry forward to future years!

While the advantages of electing to be taxed under Subchapter S are impressive, small business owners need to consider all aspects of the decision before making the change. All the caveats and paperwork should be discussed with a tax pro beforehand to avoid surprises later on.

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!

Tracking Retainage Payable through QuickBooks

QuickBooks is the most powerful, versatile accounting software suitable for both small and big business concerns. Upgrading to QuickBooks accounting software gives greater control in managing the company accounts. It allows firms to streamline their accounting operations. In addition, it also allows greater collaboration between the accounting personals leading to increased efficiency in performing accounting functions.

Companies who have to routinely keep track of retainage payable to subcontractors can greatly benefit from the QuickBooks accounting software. There are two ways that the software can allow you to track retainage payable to the subcontractors. One method uses a liability account known as Retainage Payables other account type to keep tabs on the retainage. While the other method utilizes Account Payable Account Type for the same purpose.

Although, the name of the two accounts seems similar, yet the underlying procedure to record the retainage payable is different. Here you will discover the steps you need to take to monitor retainage payable using both the methods.

Tip: You should create a test company account and record that retainage payable using both the methods. Your accountant will be able to tell you which of the two methods to use.

Method 1: Retainage Payable Account as Other Accounts Type

This is more simple method of the two. The person responsible for making an entry in the accounts will have to inform the accountant at year-end to pass the necessary journal entries.
Note: Please note that the expense or cost of goods sold account is not deducted upon entry of the retainage payable account. The correct value is reflected on the profit and loss account only after the journal entry is made at the end of the accounting year.
Step 1a: Choose Chart of Accounts from the lists menu.
Step 2a: From the Chart of Accounts menu, choose the accounts button and click new.
Step 3a: Now, select Other Liability Account when prompted to choose the Account type.
Step4a: Enter a unique Account Number for the retainage account. In the Name box, input Subcontractor Retainage Payable. You can also enter an appropriate description of the account in the Description box. Now, click Ok.

After following the above steps, a Retainage Payable as Other Account Type would be created in the QuickBooks accounting software. You should now set up a Retainage item in QuickBooks. Here are the steps that you need to perform to create the Retainage item.
Step 1b: Choose Item List from the Lists Menu.
Step 2b: From the Lists Menu, select the Item button and click New.
Step3b: Select Other Charge when prompted to select the Item Type.
Step4b: Input appropriate name and description of the item in the name and description box respectively. For instance in the name section you can type Deduct Sub Ret while in the description box you can enter Deduct Subcontractor Retainage.
Step5b: Leave the amount in the rate box to 0.*
Step6b: In the account box, you can input Retainage Payable on Contracts. Finally, click Ok.
* If you have different rates of retainage, you should create a separate retainage items and input the required rates in the Rate section.
The above steps detailed how to create a retainage item in QuickBooks. In order to deduct Retainage Payable from a subcontractor account you need to perform these steps.
Step 1c: Select Vendor and Receive Items with Bill from list if you have created a Purchase order for the vendor. Otherwise, just click on Enter Bill. The figure below shows a snapshot of Enter Bills screen.

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Step 2c: Now, select the subcontractor from the list.
Step 3c: Enter the required information in the date, reference number, bills due, amount due, and terms of payments. Afterwards, click on Bill Received Checkbox on the upper right corner of the box.
Step 4c: Select either the expense or the item tab and input the Expense account or Item code associated with the vendor bill. Make sure to enter the appropriate content in the customer job section.

Method 2: Retainage Payable as Account Payable Type

The second method involves more steps to record retainage due to contractors. Still some accountants prefer this method as the total expense account is deducted automatically upon making an entry in the accounts.
Step 1a: Choose Chart of Accounts from the lists menu.
Step 2a: From the Chart of Accounts menu, choose the accounts button and click new.
Step 3a: Now, select Accounts Payable when prompted to choose the Account type. Note that in the previous method we used Other Accounts payable as the Account type.
Step4a: In the Name box, input Retainage Payable. You can also enter an appropriate description of the account in the Description box. Enter a unique Account Number for the retainage account. Now, click Ok.
After following the above steps, a Retainage Payable as Account Payable Type would be created in the QuickBooks accounting software. In order to deduct Retainage Payable from a subcontractor account you need to perform these steps.
Step 1c: Select Vendor and Receive Items with Bill from list if you have created a Purchase order for the vendor. Otherwise, just click on Enter Bill. The figure below shows a snapshot of Enter Bills screen.
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Step 2c: Now, select the subcontractor from the list.
Step 3c: Enter the required information in the date, reference number, bills due, amount due, and terms of payments. Afterwards, click on Bill Received Checkbox on the upper right corner of the box.
Step 4c: Select either the expense or the item tab and input the Expense account or Item code associated with the vendor bill.
Step 5c: Enter the required retention amount.
Step 6c: Now, change the A/P Account type from Account Payable to Account Payable Retainage Payable.
Step 7c: Again enter the required information in the date, reference number, bills due, amount due, and terms of payments.
Step 8c: Select either the expense or the item tab and input the Expense account or Item code associated with the vendor bill.

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QuickBooks Online 101: How to Reconcile Bank Statements

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Bank reconciliations are one of the most important activities you can undertake to ensure the accuracy of your accounting data. Bank reconciliation simply refers to matching transactions to your bank statement (in QuickBooks) with that those provided by the bank or entered by you or someone on your staff.  This process ensures that all the transactions in your bank statements are accurately reflected in your financial records.

  1. QuickBooks adds great convenience and flexibility in reconciling accounting data, but sometimes users experience problems with it. In case you are in the dark on how to reconcile your bank accounts in QuickBooks Online, you should read on because we reveal the art of reconciling to in this cloud accounting software.

QuickBooks Online Bank Reconciliation

In QuickBooks, it can take as little as 5 minutes or as long as 30 minutes to reconcile your bank account, depending on the accuracy and thoroughness of your record keeping. Before reconciling your accounts, make sure all your bank transaction information has been entered into QuickBooks Online. You will also need the bank statement and possibly the bank deposit slips for the month you are reconciling.

With these things completed and in hand, you can now reconcile your bank accounts in three easy steps.

  1. Log into your QuickBooks Online
  2. Now, click on the Transactions link located in the left navigation area on the screen, and click banking from the list that open up. You will see an image similar to the one depicted in the figure below.
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In the image above, the balance $5,944.03 is the bank balance in QuickBooks and that is the figure that you should reconcile with your bank statement. Just below the area where you see this amount, there is a light blue bar that shows you money that is going out of the bank account. It can be seen under the “spent” column. Money coming into your account, deposits, is shown on the right under the “received” column.

You will want to make certain that all the transactions for the month have been entered. QuickBooks automatically assigns a “matched” or “unmatched status” status when you download transactions from a bank account or credit card company. The matched status means that the transaction is entered correctly in QuickBooks Online and matches what hit the bank account.

  1. Click the gear icon on the top right side of the page, and under XXXX click “Reconcile.”You should now systematically check off the transactions by clicking the corresponding boxes next to each transaction. Click on the individual transactions if you require more detail about a particular transaction. You can also sort the transaction by date, amount, name, or type by simply clicking on the heading.

  2. You will find the running total of items that you have checked off – and therefore reconciled – on the bottom of the screen. This screen proves helpful in comparing the totals on your bank statement with the total in your QuickBooks account.

  3. In case you decide to finish the reconciliation later on, you can choose Finish Later When the balance of the bank statement is tallied i.e. the difference shown at the bottom of the screen is zero, you should click on Finish Now button.

  4. The next screen shows you the reconciliation history and reports list. If you choose, you can print the reconciliation report for your records. The report will come in handy in case of an IRS audit of your accounts.

Issues in QuickBooks Online Bank Reconciliation

QuickBooks Online makes it very easy to reconcile bank accounts. Still, some users find problems in reconciling bank accounts. Here are some of the common mistakes in reconciling bank accounts in QuickBooks online.

  1. Entered wrong dates for business transactions in QuickBooks online.
  2. Forget to enter the transaction in QuickBooks Online.
  3. Entered the transactions twice in QuickBooks Online.
  4. Entered wrong amounts in QuickBooks Online.
  5. The bank may not have cleared a check that you have entered in your accounts.
  6. You may not have recorded a deposit received by the bank.
  7. Bank may have deducted fees and charges that you may not have recorded in your account.

The above mistakes prevent correct reconciliation of bank account in QuickBooks online. All of these affect the accuracy of the financial records and prevents reconciliation of your bank account.

In case you have marked every transaction in QBO and still the balances do not tally, then this may be due to changing or deleting previous period’s reconciled transactions. This results in change in the beginning account balance in QuickBooks online. The beginning balance will not match with the beginning balance of bank statement. In order to resolve the issue, you would have to obtain and reconcile previous period’s bank statements until the balances tally.

You should always look at the unchecked (items that you did not “check off) items in your QuickBooks Online bank reconciliation. Sometimes you have to pass correct entry in your accounts while other times you have to notify the bank to make correction in its account.

Final Remarks!

Bank reconciliation is an important activity for companies both big and small. The balance shown on bank statement and QuickBooks Online bank account should show zero difference. Mismatched balance affects the accuracy of the accounting information. This will result in inflated or deflated figures in the company’s financial statement.

The accuracy of financial statement is essential if the management wants to make correct financial decisions. The only way to avoid the problem and ensure accurate representation of your bank account is to perform bank reconciliation on a regular basis. In most companies, bank reconciliation is done every month. Monthly reconciliation of bank account allows you to detect errors early and take appropriate actions to resolve the problem.

Discrepancy in bank accounts is automatically reflected in QuickBooks online. You will know whether the accounts balances tally by looking at the QuickBooks bank account balance. If the QuickBooks accounts balance is equal to the account balance shown in the bank statement then the banks balances are already reconciled. Otherwise, you have to reconcile the two accounts and ensure that both the accounts tally. And you can do just that by following the bank reconciliation process described above.

We hope that you find this article helpful in deciphering the art of reconciling bank account in QuickBooks. Please feel free to share your view regarding Banks reconciliation by commenting in the box below.

QuickBooks 101: Simplify Your Business by Automating and Customizing Recurring Transactions

QuickBooks 101: Simplify Your Business by Automating and Customizing Recurring Transactions

QuickBooks accounting software is versatile and saves a lot of time, cost, and other resources of the companies using it. A number of businesses send invoices to clients on a regular basis i.e. weekly, quarterly, monthly and/or annually. Yet, very few businesses are aware of a nifty feature in QuickBooks that allows them to save time and effort in creating these recurring invoices.

Yes, we are talking about automating recurring invoices in QuickBooks that allows huge savings of cost and time for businesses.

With just a few clicks, you can set up recurring invoices to be sent automatically. The powerful accounting software can send out customized invoices to your clients on a regular basis. It can “memorize” the recurring invoices and send them to the clients while entering them into your ledger accounts.

Save Cost and Time by Automating Recurring Invoices and Bills

QuickBooks accounting software saves the standard items of an invoice as a template. This means that if the value of the invoiced items changes, you can update it in the template without having to create a new invoice.

Apart from sending out recurring invoices automatically, you can also setup the invoices to be sent out manually. You can set a reminder in QuickBooks for the recurring invoices. The software saves the recurring invoices to a list. These invoices are just one mouse click away to be sent to the client. Memorized invoices not only save time and cost but also reduce errors and mistakes in sending the invoices.

In the following, we will inform you about the steps required to setup and customize the following recurring transactions in QuickBooks.

Recurring Cash Flows

  • Loan and Lease Payments
  • Bills and Checks
  • Health Insurance Bills
  • Electronic Withdrawals

Recurring Sales and Revenues

  • Monthly Installments Due
  • Rent Collections
  • Recurring Sales Revenues

 

Recurring Purchases and Expenses

  • Monthly Purchase Orders
  • Rent Payments
  • Depreciation Journal Entries
  • Allocation of Overhead Expenses
  • Recurring Quotes

You should also note that certain accounting transactions cannot be set up as a recurring activity in QuickBooks. These include sales tax payments, payroll checks, bill payments, time records, and receipts and deposits of payments.

How to Memorize Recurring Invoice and Bills?

Memorizing is a technical term in QuickBooks that refers to saving transactions that occur regularly. Here are the steps that you need to take to memorize transactions in QuickBooks.

Step 1: Open transaction activity window and input the required values.
Step 2: Now, press Ctrl+M to save the transaction. You can also perform this step by selecting “memorize” from the edit menu.
Step 3: Enter a name for the transaction. Make sure the name you select easily identifies the type of transaction you are saving in QuickBooks.
Step 4: Input the required fields: how often, next date to entering and the number of the remaining payments box.

After completing the step, the transaction will be saved in QuickBooks. If you want to retrieve the memorized transaction, you can press Ctrl+T or select the memorized transaction from the list.

How to Edit or Delete Recurring Invoice and Bills?

You can edit the transaction template anytime after saving it in QuickBooks. Here are some of the steps that you need to take in order to edit, change values or delete the recurring invoices.
Step 1: Press Ctrl+T to open the memorized transaction
Step 2: If you want to delete the transaction permanently, you should press Ctrl+D.
Step 3: In case you want to keep the transaction but make it inactive, you need to press Ctlr+E.
Step 4: You can also press Ctrl+E to change the frequency or date of the recurring transaction.
Step 5: Sometimes, you may also need to change the value of the memorized transaction. In order to edit and change the amount of memorized transaction, you need to press Ctrl+T. Now, change the required information in the transaction. Finally, press Ctrl+M to memorize the transaction. At this point, you may also have to click on the box specifying that you want to replace the memorized transaction with the new one.

How to Customize Recurring Invoices?

At times, you may want to customize the invoices sent to the clients to give your invoices a more professional appearance. QuickBooks accounting software contains a number of invoice templates that are designed for different kinds of companies. Whether your company is a retail outlet, franchise, or non-profit organization, you can find the required template that you need in QuickBooks. You can customize any of the templates with the QuickBooks Create Invoice tool.

Here are some of the steps that you need to take to customize QuickBooks invoice templates.
Step 1: From the main menu bar, click on “customers”. Now, from the pull-down menu select “Create Invoices”.

Step 2: Click on the print preview to get a better picture about which segment of the invoice you need to customize. You should sketch out a detail as to how you want to customize the invoice. Afterward, click on the close button to exit the print preview screen.

Step 3: Now, from the drop-down menu, select “Customize” and then select “Manage Templates”.

Step 4: Click on each of the templates in the template gallery. You should preview the template thumbnail and select the preferred template.

Step 5: After selecting the template, you should specify the customization preferences from the options window. QuickBooks allow you to customize each portion of the invoice. You can add your company logo, change the font and size of your company name, edit contact information, modify the title of the invoice, add and amend fields in the invoice, and add special section such as legal disclaimers, and notes to customers.

Step 6: When you have finalized editing the invoice, you should select the print preview button to see how the invoice will appear when printed on the screen.

Step 7: Finally, click on OK to save the invoice.

Pros and Cons of QuickBooks Online Unveiled

Pros and Cons of QuickBooks Online Unveiled

QuickBooks online is quickly becoming the accounting software of choice for both small and big firms. The cloud version of the popular accounting software makes it easy to record accounting data, track payments and receipts, and organize the finances.

QuickBooks online runs on Intuit’s server and can easily be accessed from anywhere, anytime. The internet-based accounting software offers similar features to the desktop version of the accounting software. And in case you are thinking about migrating to the cloud version of QuickBooks, the pros and cons given below will help you make a smart choice.
Positive Aspects of QuickBooks Online

  1. QuickBooks online is easy to setup and maintain as compared to the desktop version of accounting software. You do not need to install costly server and storage medium to store the data. This results in cost savings for the firm that positively affects its bottom line.

  2. QBO is far cheaper than purchasing multiple user licenses of QuickBooks desktop. You only have to pay a monthly subscription fee, which is based on the number of users who access the software. Also, you can get significant discounts if your accountant is enrolled in the QuickBooks pro advisor plan. The Pro-advisor plan is a training and certification program to increase expertise and knowledge of QuickBooks.

  3. The biggest benefit of QBO is ease and convenience of accessing the accounting data. Intuit’s server is online 24/7 which allows users to access QBO from anywhere, anytime. Users only need an internet connection and a web browser to access the cloud version of the accounting software. Portability of accounting software is extremely beneficial for the business owners who can monitor and manage their finances from anywhere even while vacationing abroad.
  4. The World Wide Web is notorious for being vulnerable to viruses and hacking attacks. Yet Intuit’s advanced security features ensure 100% safety and security of the accounting data. The company has implemented various security measures to ensure that the client’s data remains safe and secure. The accounting data transmitted over the net is encrypted with SSL (Secure Socket Layer) 128-bit encryption technology. Finally, QBO is a VeriSign secured product, which is the leading SSL certificate issuing authority.

  5. Have you ever faced issues with trying to send accounting data to the accountant for review while he or she is off duty? You don’t have to worry anymore with QuickBooks online. The cloud version of the accounting software allows you to grant access to the accountant to review, plan, make corrections, and handle all accounting data without having to go through the backup and restore process.

  6. Multiple users can work on a company file at any given time. Multiple-user functionality increases productivity and collaboration among the accounting staff.

  7. Various add-ons are available for the online version of the accounting software that provides value-added functionality in performing accounting functions. You can use the add-ons to track employees’ time for payroll, synchronize the company’s PayPal related transactions with QBO, and install dashboard to get deep insights about the company.


Negative Aspects of QuickBooks online

  1. QuickBooks online is not compatible with non-intuit payroll services like Paycor, ADP. You need to make a manual payroll journal entry into your QBO to record your payroll.

  2. Another disadvantage of QBO is that not all banks can be set up to download banking information. Although it is not a major disadvantage but it is something that you should be aware of about QBO. Some local banks do not have the technology to implement this feature. While other banks ask a security question to log you out if your session has expired making it difficult to download transaction data.

  3. QBO includes a payroll program and can e-file your federal return once you have signed in for EFTPS and Federal e-filing. Nevertheless, the online accounting software is not compatible with e-filing returns in a number of states in the U.S.

  4. The major drawback of QuickBooks online is that online software grants access to five users, not including the accountant. This can be a drawback if your company employs hundreds of accounting staff all of whom need to access the accounting software at any given time. The only solution for this is to purchase a desktop version of the accounting software.

  5. A number of important features that are included in QuickBooks desktop are not included in cloud version of the accounting software. Some of the features that are standard in QuickBooks desktop but not found in QBO are as follows.

    • Batch invoicing and timesheet entry
    • Average cost inventory valuation
    • Business Planner and calendar
    • Available Quantity in Inventory
    • Inventory and lead center
    • Fixed Asset Manager
    • Multiple ships to vendors
    • Sales orders and fulfillment worksheet
  6. The company files cannot be accessed in case of server downtimes. QBO requires constant internet connection to access the files. Users cannot access the data offline while the internet is disconnected. What’s more; a fast internet connection is required especially if multiple users access the software at once. Intuit recommends a constant, broadband internet connection such as DSL, cable modem, or T1 line.

  7. QBO contains a limited number of reports and graphs as compared to the desktop version of the accounting software. Moreover, the report customization feature is limited in QBO as compared to QuickBooks desktop.

  8. Intuit has taken every possible precaution to prevent unauthorized users from accessing the online data. Still, the possibility still exists that a malicious hacker would break into the system and access confidential company data. This is not the case with QuickBooks desktop as all the data files reside locally on the company’s own server.

Overall, QuickBooks online is great accounting software program that can help you to streamline your accounting function and make it more efficient. The functionality and reporting of the cloud version of accounting software are constantly evolving. Intuit is putting in much time and effort in making QuickBooks online more reliable and easy to operate for the users.

QuickBooks- Making the Most of the Business Software

The accounting software is seen by most small and medium sized business owners as a solution to all their worries associated with the efficient running of their enterprise. As resources are limited and the required accounting skills and knowledge is wanting in most entrepreneurs, this software offers a great option for running all business expenses transactions easily, without any hassle.

The software comes equipped with a range of beneficial features which assist in the smooth running of the company business operations and efficient account management. The automated features remove any major need for manual data entry, which is a sure way of removing any chances of major errors in the account database and records, caused due to mistakes in data entry.quickbooks.jpg

The accounting software ensures a series of features which enable all kinds of business owners to keep a track on all their company expenses and avoid any major blunders, which might be committed due to their limited knowledge of the expense account management practices.

The sure way to derive maximum benefit from the various helpful software features is to know about them so that you can make use of them to make your business accounting operations, run smoothly and efficiently.

Organizing All Finances Through The QuickBooks Software

Business owners get to organize and manage all their company finance operations with a single software, through QuickBooks! The tasks of invoicing, billing and book keeping, all are efficiently handled by one software, with no need to opt for separate software programs for handling each business finance activity.

QuickBooks is the one stop software solution for all business accounting and management needs.

Manage Bill Payments- The Ultimate Hassle!

The QuickBooks software helps you to manage all the hassle linked with effective bill payment to vendors. Making timely payments is of the greatest concern for a business, as vendors who fail to receive their payment on time, either cancel future business orders or charge you more. For running a successful business it is important to keep the vendors and suppliers happy, through timely payments.

The software enables you to keep a track of the bill payments so that you don’t miss out on any important payment and ensure satisfied vendors, necessary for the smooth operations of the business.

Recording and managing of all bill payments is done by the software, and QuickBooks also keeps a track of all recurring payments and schedules them accordingly for future convenience.

Running Employee Payroll- An Important And Tricky Activity

The QuickBooks software offers the features to easily run the employee payroll without any hassle, or any need to switch from one software to the other. All company expenses are recorded accordingly, and the payroll is managed by the software, eliminating any need to design the staff payroll while turning from one system software to the next.

The software also enables business owners and company accountants to file payroll taxes with the QuickBooks software as well.  It ensures less hassle and an assurance of easily completing important accounting tasks necessary for the smooth running of the business.

Access To System Generated Expense And Income Reports

The software offers the convenience of gauging the current financial condition of the company, through the profit and loss statements and balance sheet records generated by the system. These detailed and software generated documents are highly effective in helping entrepreneurs and small business owners develop an effective financial strategy for the better future of the company.

Design And Send Customized Invoices

The software offers the features to help you design your very own customized vendor invoices, which support the company logo and details you wish to include in the billing statements.

You can also include any additional fields in the invoice as per your business needs to give a detailed account of all company-vendor transactions, and easily send them easily through email.

Easy Syncing With a Variety of Apps!

Business owners can easily sync their numerous apps with the QuickBooks software, as it supports a variety of mobile and service apps, offering added convenience.

LINK Business cards from the American Business Open, can be linked with the QuickBooks software. You can also sync in your entire customer list with the Constant Contact app, to make business account management more easy and efficient to handle.

There are also other Add Ons that work remarkably well with the QuickBooks software. Advanced Inventory, ensures the efficient management of inventory across different locations, while a financing add on helps you to find sources of finances that you easily qualify for.

The Demand Force also enables businesses to use emails, and online reviews to grow their operations and encourage customers to come back, which is linked with the QuickBooks software.

Software Syncing With Multiple Devices

The QuickBooks software can easily be synced with and used on a variety of different devices for easy access to business data while on the go. The software supports a variety of mobile apps, and is easily accessible through computers, iPhones and Androids for keeping a track of the company expense and sales transactions at all times. This ensures a constant control and check on the company accounts, so that all business related decisions are made with reference to the current financial condition of the enterprise.

Mobile Payments And Credit Transactions- All Linked With QuickBooks!Mobile Payments

With mobile payments ensuring a means of making quick and easy transactions, QuickBooks also offers the chance to business owners to make their expense payments through mobiles. Credit card transactions and online payments are also supported by the QuickBooks software along with the   convenience.

Stay In Touch With Your Bank

The software makes it possible for you to remain in sync with your bank, as it lets you automatically download your credit transaction details and categorize them. The software also lets you reconcile the bank statements and ensure an updated company expense database.

The QuickBooks software is exactly what a company needs to ensure easy business expense management, with the beneficial features which let business owners manage their company expenses like an accounting professional!

Enjoy Online and Mobile Payments with QuickBooks – Get Paid Faster

QuickBooks is an efficient tool used by many businesses and individuals alike. They use it to ensure the smooth flow of business and daily finances.

Mobile Payments

It is a great tool that helps small business owners and entrepreneurs manage and balance their books without hassle. The trend of syncing the software program with Intuit’s mobile payment system has been received successfully. And, the effort has served to make the lives of business owners easier. They found it more convenient to make use of the mobile payment system opportunity to have customers settle their business accounts.

The Choice of Small Business Owners

QuickBooks is a very popular, powerful, efficient and yet affordable software program designed to rid business owners of the worry and hassle of trying to manage their accounting details and budgets. The software does not require the user to have any prior knowledge regarding accounting, nor does it necessitate that you have any idea about debit or credit if you need to enter the details of a transaction into the software.

All you need to do is enter the details of a check, a transaction or an invoice into the software system. QuickBooks will manage all the entries for you. The system generates reports that help business owners gauge the current financial condition of their company, and make strategic decisions on how to manage their business funds better.

The software is available with around multiple widgets that allow you to generate graphs, charts and reports, helping you, the user, design your own software dashboard according to your individual business needs.

The latest upgraded benefit the software offers easy integration of the QuickBooks software with the different mobile payments. These are designed to make the system efficient and ensure the smooth flow of business finances without any hassle and inconvenience.

Syncing Mobile Payments With QuickBooks!

With mobile payments a common and popular method of timely payments amongst business owners, it made logical sense to link the tool of mobile payment with QuickBooks. The Intuit Go Payment mobile payment tool is an example of such a system which can easily be synced with the QuickBooks tool, to ensure efficient and easy transactions and financial management of company accounts.

With customers who prefer to make their payments through credit cards, the mobile payment system is a popular choice because a synced tool will make it much easier to record all purchase transactions in the accounting software, with no need to enter the details manually.

Small business owners get to save valuable time and energy by syncing the QuickBooks system, making it possible to simply download the transactions into the software system, without wasting precious time in trying to enter the details manually. This also reduces the chance of human error which is far more probably with the manual entry of different transactions into the system.

Amazing QuickBooks Features!

The QuickBooks accounting software is continually updated with the new and latest sets of features, which are designed to make the accounting tool even more efficient and easy to use for business owners. The QuickBooks software also boasts of an easy online payment system, which also includes a simple, procedure for integrating online credit payments into the system. The software enables the user to email the invoices of the online and mobile credit purchases into the QuickBooks system through emails. You can make payments anywhere, and be assured of an entry into the system with no associated hassle of trying to make any entry into the software manually.

Quickbooks

Payments are designed to be deposited to your bank account within two to three days, which makes the entire payment process more manageable, easier and quicker than before. Payment processing is seamless and fast with the new QuickBooks payment features. By integrating online and mobile payment processing, you keep track of your company account balances, as the system manages the payment records, ridding you of the hassle to tackle your company accounts manually.

Business owners can also get a thorough idea of the current condition of their business accounts with the software generated reports. The QuickBooks software program also offers business owners the opportunity to generate invoices and even personalized receipts, for managing their business operations.

Additionally, E-invoicing is another feature that ensures quick and easy payment. With no need for any manual entry into the system, there are fewer chances of error and a high probability of fast expense account calculation. Business owners can easily benefit from the system features, and draw reports, charts and graphs to gauge a more thorough estimation of the budget, expense and fund situation of their company.

The QuickBooks software has provided the business owners with the much needed support required for the efficient management and handling of their company finances. Thus, it eliminates the worry of trying to learn the science of accounting in order to manage the financial needs of your business.

For small and medium sized businesses that want efficient budgeting of their limited finances, the QuickBooks software program is the tool to ensure peace of mind when it comes to tackling the financial aspects of their company.