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Every business has to endure the never-ending task of bookkeeping. Because it's more of a chore than a pleasure, the best accounting apps help you get through your financial tasks swiftly. Ideally, you have a record of all your transactions, assets, payments, payroll, and anything else related to the business's finances in one place. QuickBooks Online by Intuit provides this kind of comprehensive and consolidated view of a small business's financial records, with a tool that adapts to your business type and location.
QuickBooks is powerful enough to handle enterprise accounting, yet simple enough for anyone to navigate. Input a few key details about your business to see a dashboard that summarizes income, expenses, profits or loss. The interface is refreshingly clean, with financial stats about your business front and center.
QuickBooks puts many features under one roof, and leads you to a streamlined workflow for bookkeeping as well. Under the Customers menu, you can create custom invoices and keep track of your clients. Connect your financial accounts to QuickBooks, such as a business checking account and your PayPal account, and the software can collect payments on your behalf and police the terms of your invoices. By logging comprehensive details about each customer, you can get an overview of their open balances. You can also create and send quotes, produce receipts, and process credit notes.
Debts are recorded through the Vendors section. Here you view your suppliers and see what you owe. Expenses can be entered manually, but with your financial accounts connected, QuickBooks can categorize expenditures automatically, which saves you time. If you run a retail business, you can also use inventory tracking tools. QuickBooks lets you pay bills straight from your account, and even print checks to pay creditors.
Businesses with payroll will end up using the Employees section frequently. Here, you can enter the details of your employees, upload and store any necessary paperwork about them, set their hourly rates, and select a method of payment. If you use a third-party time-tracking tool, QuickBooks will work out what you owe your staff, in addition to calculating payroll taxes for state and federal authorities. Once you've entered the rates that apply in your area, you can see the tax you've accrued and log the payments you make.
Because business owners want to see how their businesses improve over time, QuickBooks offers a wide variety of reporting tools. They include basic reports showing profits and losses, accounts, expenses, sales, as well as a Company Snapshot showing year-over-year performance, and a Scorecard comparing your profitability with other firms in your sector.
For both income and outgoing finances, QuickBooks can handle multiple bank or cash accounts, and it supports double-entry accounting. Your data are protected with 128-bit SSL encryption. You can integrate your QuickBooks account with other tools, too. Whether you work solo or with a team, QuickBooks has plan options that let you manage your own books at a low cost or work collaboratively with other account administrators for a higher fee.
QuickBooks's flexibility and time savings make it one of the best pieces of accounting software for small businesses. Not only does QuickBooks bring all your financial data together, it makes accounting simpler.