6 Reasons Why QuickBooks is a Popular Accounting Software for Small Businesses
If you are a small business owner, you have arrived at the right place. As a business owner, you are aware of how important it is to manage your company’s financial resources.
Although accounting and bookkeeping may not fall under your direct scope of work, as a business owner, you cannot run away from this responsibility either. Some of the tasks which you may have to overlook include tax management, payroll, and accounting.
If you have to do all of these activities alone, you will have next to no time to focus on your company’s growth. If you decide to hire an accountant, it could burn a hole in your company’s financial statements.
If you find yourself in this situation, it is a good idea to invest in reliable, dependable, and cost-effective accounting software such as QuickBooks.
Did you know that QuickBooks users save around 11 hours a month on average?
SEE ALSO: Is Bench Accounting the Right Tool for Your Business?
Why is QuickBooks so popular among small businesses?
1. Flexibility
But why is QuickBooks so popular among small businesses? Why do startups and budding businesses choose QuickBooks for their accounting needs?
The answer is simple. The platform saves time and most importantly, reduces costs. If you want to evaluate the tool’s pros and cons, you can also go through our detailed QuickBooks review.
Across many review sites, QuickBooks is regarded as one of the best financial accounting software (if not the best). Besides, QuickBooks offers its users a lot of flexibility in terms of how and where small businesses can complete their accounting obligations with the QuickBooks online version.
QuickBooks online allows businesses to perform an array of financial accounting activities including creating invoices.
The cherry on top is that users can use the application on any device of their choices such as the PC, Mac, an iPhone, and more.
2. Simplified inventory and money management
In the early stages, startups and small businesses are looking for business tools that provide ease of use and affordability at the same time. QuickBooks kills both the birds with a single stone.
Businesses can keep track of the revenue, expenses, and payroll-related data of all employees. QuickBooks also has features that allow users to record bill due dates, print checks into QuickBooks, and enter payment data for repeated bills.
Business owners can also link their bank accounts to QuickBooks directly. This helps them view their financial records at once. During their daily operations, small businesses tend to end up spending a lot of money on small activities that are not tracked.
This is where these features mentioned below come into play. One, the ability to track the selling and buying of inventory and the ability to bill clients for small expenses including meals, commuting, etc.
3. Invoice templates and financial reports
Generating financial reports and invoices WITH QuickBooks is effortless. Users have access to an array of invoice templates and reports which can be easily downloaded.
The platform simplifies the process of creating reports by allowing users to create financial forecasts and yearly income reports in just a few clicks. Besides all the reports can be easily exported to Excel to maintain records via print or email.
These financial reports are very important for small businesses who are making efforts as they help them identify areas of improvement and where they are going wrong.
Users can find gaps in document trends, boost sales, and create customized marketing campaigns.
4. Reduce dependency on manual data entry
A lot of small businesses are focused on becoming environmentally conscious and looking for innovative ways to manage receipts. If your business falls under this category, QuickBooks online is the right software for you.
The Pro version of the tool enables small businesses the chance to produce receipts and invoices automatically, simply by clicking a button. These receipts can be emailed to clients in bulk or individually.
This is ideal for small businesses as they are billing their clients for more or less the same product or service. In addition, users can receive debit or credit charges, and also scan the deposit checks into QuickBooks directly. When they do this, they do not require multiple paper receipts and do not have to enter large volumes of data manually.
5. Simple, easy-to-use, and user-friendly designs
If you are looking for user-friendly accounting software, QuickBooks is right up there. The language is simple, the tool is easy to navigate, and comes with a bunch of video tutorials.
Besides, the vendor has consciously refrained from using a lot of jargon so that individuals with limited or no knowledge and experience can use the tool optimally.
The video tutorials help users understand the nitty-gritty of the tool, enabling them to perform routine tasks such as creating sales receipts. Almost all the functions used by small businesses can be performed in just one click.
The videos are concise and to the point, saving them the pain of reading long manuals.
6. Enhanced productivity
Before technology took center stage, accountants were working manually. Right from creating invoices, creating tax reports, and processing bills, everything was performed manually.
However, with the emergence of accounting software such as QuickBooks, all these tasks can be automated. Besides, instead of saving information in hundreds of files, small businesses can save business-related data within the software which can be accessed at any given moment.
This approach eliminates the need to perform redundant tasks, saving valuable time, and thus boosting productivity.
Final words
QuickBooks is one of the most popular financial software for small businesses. Its popularity has grown over the years, and even after the influx of multiple cloud-based accounting tools, it is still regarded as one of the top accounting tools.
When it comes to ease of use, feature-set, and pricing, very few accounting solutions can compete with QuickBooks. However, you can also take a look at some of the other financial reporting tools on our website to find the right fit for your company.
SEE ALSO: 5 Benefits of an Accounting Software for Small Businesses
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