Keeping your business accounts in order is one of the most important and most challenging aspects of running a business. If you’re starting out and researching your options, you’ve no doubt run across QuickBooks, as it’s one of the most popular choices. But before you purchase QuickBooks or sign up for an online QuickBooks account, you need to consider if it’s right for your business.
Some small business owners avoid finding a professional accounting solution because they feel intimidated by the process of accounting. QuickBooks is a great option if you have little or no basic knowledge of accounting. The interface is relatively simple to learn – the Online version even more so – especially if you’ve used Quicken, Intuit’s personal accounting software. There’s also lots of support for learning the specific ins and outs of the program in the form of training classes, teleseminars, and verified experts in your local community. Because QuickBooks is so popular, chances are your accountant or financial advisor knows exactly how to help you set it up and manage your books using the software.
QuickBooks can save time for your business as well. Many simple bookkeeping tasks can be run automatically, which means that you don’t have to take time out of your busy schedule to run common reports, age accounts, etc. You can also set up systems that send out payment reminders, notifications and other customer service letters automatically.
Reports are an essential part of staying on top of your business finances – and QuickBooks has this covered in spades. You can easily run common reports each day, week, month, or quarter so you know exactly where your business stands when you need to know it, although the Online version doesn’t feature such a wide variety of reports, still, it has the ability to customize the reports it does have. For example, you can create reports to calculate your cost of doing business, like your New York virtual office costs, gas mileage, cell phone costs, etc, so you can accurately predict your profits for any given month.
Another major benefit is cost. QuickBooks offers three different levels of service – from Pro to Enterprise Solutions. Most small businesses will be able to use the Pro or Premier Versions which are $229 and $399 respectively. Alternatively, if you do a lot of work remotely from your virtual office, you might want a virtual accounting solution. QuickBooks offers online accounting programs from $39.99 per month. Invoices, reports and other important information are all stored securely on Intuit’s server and can be accessed from anywhere you touchdown.
In addition, QuickBooks can connect with 100s of business applications, which makes it even easier to use. It can merge data with Microsoft Excel, Word, Outlook and ACT, among many other programs. This way you can stay more organized.
QuickBooks isn’t the only option out there, but these reasons and many more make it good option for many small businesses and start ups. If you need to get organized for tax time and get a better handle on your finances – you should look into QuickBooks as a reliable way to manage your accounting needs.