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QuickBooks Software – What Does It Do?

Last updated: 22 Nov, 2019 By | 6 Minutes Read

QuickBooks is an accounting software produced by Intuit. It is mainly meant for helping small and medium-sized businesses in their accounting and bookkeeping operations. Many owners of commercial ventures find it difficult to keep a proper track of their business transactions which makes it difficult to ensure the success of the business in the long run.

So it is important to find a simple and economical method of monitoring financial transactions. The QuickBooks accounting software is not only helpful in managing and tracking cash procedures but also aids in determining the output of the business.

QuickBooks can play an important role in handling the financial procedures of your organization effectively. It offers an innovative solution to most of the problems. Being extremely simple to use, it can be used by anyone with limited knowledge of bookkeeping and accounting. This software also offers helpful and understandable solutions for dealing with financial recording problems.

Below mentioned are the main benefits of using QuickBooks :

  • QuickBooks for Payroll

Payroll is a process that involves a lot of precision. By using QuickBooks payroll service, multiple tasks can be performed easily. It helps in the easy accumulation of data. QuickBooks Payroll helps in keeping a proper record of the information related to insurance, retirement and paid time off of the employees. Any miscellaneous deductions like wage garnishment, union dues, charitable donations, etc. are also properly recorded.

The payroll taxes can also be prepared and submitted easily using QuickBooks. By using this software you will be able to maintain better relations with employees, taxation agencies, etc.

  • QuickBooks for Bookkeeping

Bookkeeping refers to recording the financial transactions like purchases, sales, receipts and payments in a proper manner. It involves two categories ie. single-entry bookkeeping system and the double-entry bookkeeping system. QuickBooks helps in completing the bookkeeping process in a prompt and accurate manner. This helps in making a correct assessment of the financial position of the business.

  • QuickBooks for Invoices

QuickBooks offers the advantage of tracking sales and producing automatic receipts and invoices by just clicking a button. This helps in saving a lot of time and energy. The invoices can be sent to the customers through email. This function is extremely helpful for companies dealing with multiple clients.

The credit and debit card charges can be easily accepted through QuickBooks. Scanning and depositing checks into the program is also performed automatically.

  • QuickBooks for Accounts Payable

Handling accounts payable requires a lot of responsibility. Not handling this process properly could lead to loss of reputation and unnecessary expenses. By using QuickBooks software for accounts payable; errors can be minimized, processing costs can be reduced, late payments and fines can be avoided, reducing the need for paper documentation and improving a relationship with clients can be achieved.

  • QuickBooks for tax benefits

At the end of the year, organizations suddenly realize that they have to file business tax returns. Some even opt for outsourcing tax preparation services. QuickBooks is compatible with most of the tax software and helps in making the tax preparation process simpler and economical.

  • QuickBooks for Accounts receivable

Accounts receivable management is an important component of any business. Proper accounts receivable management helps in the collection of money from customers and ensuring the fulfillment of operational expenses on time.

By using QuickBooks accounts receivable you can send invoices, retrieve payments, produce reports and send reminders to customers automatically. So by using the software, managing the accounts receivable process will become easier.

  • QuickBooks for banking transactions

QuickBooks can make the recording of banking transactions much easier. All the banking transactions like deposits, ACH drafts, payroll drafts, debit card purchases, bank fees etc., can be recorded easily by using QuickBooks. This helps in saving time and energy along with proper maintenance of data.

  • QuickBooks for credit card transactions

Credit card transactions are becoming more and more popular with each passing day. By using QuickBooks, all the credit card transactions can be recorded easily. This helps in saving time and maintaining the accuracy of data.

The various benefits of QuickBooks have been mentioned for the benefit of commercial ventures. But it is up to the higher management of business organizations to decide whether it will suit their requirements or not.

Facing problems managing your accounting tasks? Missing professionals to run the accounting software effectively? Outsource to Cogneesol! We have skilled professionals in QuickBooks and other accounting software that can manage your work effectively. Contact now, at +1 646-688-2821 or email us at info@cogneesol.com.

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