Small businesses invariably end up facing lot more challenges than their bigger counterparts, in the competitive arena, ‘size does matter’.
Not only that the financial and marketing odds stack heavily against them (in terms of the actual budgetary allocation that helps them build and expand their business); these enterprises face nebulous situations every single day, for a very long time.
Accounting is one such domain where smaller firms need to be a bit careful about, because it involves serious money and time.
Thankfully, many businesses are now starting to develop a better perspective of the situation and are unwilling to let their size dictate the magnitude of their success. They know their limitations well; are sensible enough to work around them; and more importantly, they know how to use technology to their advantage.
Now that’s the crucial thing- using technology to your advantage. It’s one thing to know about using technology; but a completely different thing to tilt it in your favor. History is replete with examples that timely/appropriate usage of available resources eventually bridges the gap from mediocrity to excellence.
Staying on Track or Staying Ahead-You Decide
Amongst other things like websites, blogs, a penchant for networking and undying zeal; small businesses also need to use modern business solutions on a regular basis to boost their own efficiency, eradicate manual errors, and stay head of their rivals.
It goes without saying that accounting software is an absolute necessity when it comes to defining their financial module.
Whether it’s about budget streamlining, payment of dues, loan rates, and salary disbursements, there would inevitably come a time when you no longer will be able to depend on yourself or your employees to achieve operational and financial efficiency.
Importance of Accounting Software
Anyone who dislikes the whole process of computing complicated figures in accounts would do well to either depend upon MS spreadsheets or invest in accounting software.
While one can get away with spreadsheets and other free software (for lay individuals or very small businesses), it is not going to get you too far if you’re an incorporated company that means, business about taking its business forward.
In a nutshell, you should invest in software if you:
- Have many customers who are given credit and/or make frequent purchases.
- Make over 25-50 transactions in a given business week.
- Want to expand your footprint and make more investments.
- Are willing to learn technology.
QuickBooks Accounting Software
Over the recent past, there has been a outbreak of new launches for small business/startup accounting software. However, few other solutions can claim to offer the distinct, customizable, and intelligent features of QuickBooks, which has fast emerged as the number one accounting softwarein the realm of small businesses.
Its competitors can articulate what they want to, but the sheer reliability, efficiency, user-friendliness, and affordability of its products are just some of the numerous reasons why the brand commands tremendous respect amongsmall businesses/start-ups.
Here are five benefits of using QuickBooks
Better management of money: QuickBooks solutions are replete with features that help small businesses handle their money efficiently.
For example, one attribute of the software lets you enter due dates for all recurring bills lest you forget about it, also allowing you the leeway to get checks printed directly from one screen.
Users of QuickBooks Pro, premiere software for smaller firms, let users connect the program to their respective bank accounts. This is a great advantage that obviates the need to check countless bank statements and correlating them with the expenses made. In other words, if you want to manage your money better, go straight to QuickBooks.
Reports Preparation: You will be amazed at the amazing diversity of financial reports one can prepare using QuickBooks solutions. These include but are not confined to:
- Year-over-year earnings.
- Outstanding dues.
- Invoices.
- Extraneous investment.
- Competition.
- Trends.
- Estimates.
Expense management
It is not an uncommon scenario to find your expenses billed at a later stage to your customers, a process known as bill me later; these could be anything ranging from lunches to transportation to overseas expenses. It is therefore very important to keep monitoring how and how much you are spending your money.
Irrespective of how many expenses you make, QuickBooks Pro saves every single one of them in accordance to the client type.
Sales
QuickBooks is also spontaneous, it creates invoices and receipts automatically with just few clicks.
You can easily email these documents to your vendors/customers. Secondly, this program provides you with the flexibility of billing people either individually or in groups.
This in turn, keeps you in charge of your sales processes, and helps you understand the nuances of sales inflow better. More significantly, you are saved from the travails of manual recording and can divert your attention to other productive areas.
User-friendliness
It comprises of exciting customized setup feature and attributes that help customers virtually rule their businesses.
Still better, it is possible to access most of the program’s features through few mouse clicks and uncomplicated user interface.
Features
- Efficiency in completing tasks: It is no longer a chore to take care of the purchases, sales, estimates, taxation because the solution has a very simple layout to work with and implement your decisions.
- Keeping information at your disposal: QuickBooks products help you gain fast access to vendor and client emails, addresses, social media profiles, phone numbers, and web sites.
- Enhanced access and flexibility: The customizable toolbar of the accounting software for small business lets you access various windows and conclude common tasks.
- Add-on applications: The features can be used in conjunction with other add-on applications on the interface without having to go leave the screen.
- Convenience: You can establish simplified transactions for recurring expenses like billing, invoices, and payments. This would save lot of time and efforts on your part.
- Inventory management: Simplified process of tracking inventory, saving purchase orders, note down redundant buys, establish or re-establish orders.
- Tracking down changes: Another feature of QuickBooks Accounting Software for Small Businesses is that they empower you to track all transactions, no matter how big or small they are, to ascertain their effect on your finances.
Considerations
Before ordering a solution, try to understand your specific business requirements/scale/objective and then order a package.
Buying a plan that you don’t find useful, in the long run may be counterproductive.
Also, you may want to speak to your accountants before making an investment because they are more than likely to offer sound advice on the topic (They would be using it anyway!).
Taking them into confidence while making the purchase can go a long way in making a well-informed decision about your business.
Finally, consider your budget and do your own research by going online, reading articles and scanning through financial magazines. Talk to those who are using the product and download free demos, if possible, to get acclimatized.
At some point in time, you may have to use the software independently, so you’d do well to begin your practice now.