How are Small Businesses Using QuickBooks?

Every small business is unique and deals with numerous customers and handles multiple transactions every day. QuickBooks is a popular small business accounting software that businesses use to manage income and expenses and to keep track of the financial health of a business. 

Let’s explore some of the key features of this software and how to use QuickBooks for small business tasks. Keep reading!

How to Use QuickBooks for Small Business Tasks

QuickBooks comes equipped with a number of features that help small businesses streamline tasks and save time, from invoicing to managing receivables and payables. Here’s how to use QuickBooks for small business tasks.

Create and Track Invoices

This is a timesaving feature. Electronic invoicing gives the user the ability to create and email invoices to customers through the QuickBooks system. It also tracks the invoices and even provides the capability to accept online payments. All within the one program, how easy is that?

QuickBooks also has an app available for Gmail users that allows you to create and send invoices directly from your Gmail account. The invoices are saved in your Gmail account and in QuickBooks.

If you have recurring invoices, QuickBooks can help with that, too! With a few clicks of a button, you can have invoices sent out automatically every day, week, month or year.

What about projects with milestones? QuickBooks has a progress invoicing feature, so you can accept payments over time.

Streamlining and automating the invoicing process will save you so much time – time that can be spent on growing your business!

Manage Bills and Accounts Payable

QuickBooks keeps track of your bills and expenses automatically by connecting your bank and credit card accounts to QuickBooks. All your expenses are downloaded and categorized.

You can even connect QuickBooks to your bank account, credit cards or wherever you accept and make payments. The platform will track expenses for you automatically, making it easier to keep track of your spending.

With QuickBooks, you can save time, easily keep track of your bills and avoid falling behind and creating the headache of outstanding bills and late fees. Keep your vendors and suppliers happy through the enter bills and pay bills QuickBooks functions. Boost your efficiency and have certain items entered automatically into QuickBooks using the memorized transaction feature. A good example of a memorized transaction is a monthly rent payment. Automatically set up the memorized transaction and deduct the recurring amount each month from your checking account. 

You can even choose how vendors and suppliers get paid – via check or direct deposit.

Use the QuickBooks app to snap photos of receipts. All of your expenses will be sorted into categories automatically to help you stay organized.

Manage Payroll

QuickBooks Payroll, another product offered with QuickBooks, makes payroll effortless for small business owners.

• Calculate federal and state payroll taxes right from QuickBooks
• Pay your employees in three easy steps
• Streamline tax forms and e-file with a single click

QuickBooks offers several tools for employee time tracking, payroll management and more to make team management as easy and stress-free as possible.

Relevant Reports

Managing your cash in and cash out activities in QuickBooks allows you to produce relevant financial statements that provide useful information about how your business is operating. The three primary financial statements in QuickBooks can be done with just a few clicks: Profit and Loss Report, Balance Sheet Report, and Statement of Cash Flows. Always keeping you informed of your business performance. 

Cash flow planning plays an important role in running a healthy, thriving business. QuickBooks empowers you to manage your cash flow and meet your goals. Create cash flow forecasts for 30 and 90 days, so you’re always a step ahead.

You can create other reports with QuickBooks, too, like:

• Mileage tracking
• Audit logs
• Balance sheets
• Profit and loss comparison
• More

Reporting has never been easier than with QuickBooks. Not only will you save time, but you’ll stay on top of your finances and performance.

Wrapping Up

These are just a few benefits of QuickBooks and how the software can help and improve your cash flow processes. At Redmond Accounting, we provide multiple accounting services and are experts in cloud-based accounting technology. We can improve your accounting process. Schedule a consultation with one of our team members today to get started!