QuickBooks is the best accounting software out there, or at least one of the best. It was designed with the goal of making your business run better over time. Your finances are meant to be more organized and your accounting department more able to deal with the stress of managing your records. Now, QuickBooks is extremely useful in the right hands. You need to take advantage of all its possible avenues in order to get the most out of it. The QuickBooks bookkeeping software isn’t just there to keep you organized, though. Used properly, it can save your company a lot of money. Here are some of the ways in which it can help your business out financially.
Your Accountant Has Less Work and Therefore Fewer Expenses
If you use QuickBooks to do your bookkeeping, you can do most of your accounting in-house. This includes organizing all your finances and doing your taxes. The software interface is so simple that anyone can use it, including yourself. While it can cost you quite a pretty penny to have a live-in bookkeeper, the software saves you the hassle of hiring one. Since you’re doing most of the accounting work beforehand, the advantage is that your accountant has less work to do when tax season comes up. Accountants charge by the hour for the work they do. If you have less work to do for them, they can’t charge you nearly as much, which saves you money.
You No Longer Need a Payroll Service
One of the many benefits of QuickBooks bookkeeping is that a payroll system is built into it. Traditionally you would have to hire a third-party payroll service to do the honors for you. This service would cost a small fortune to keep on retainer. As your base of workers grows, it becomes necessary to have a smooth payroll service in place. With QuickBooks, you no longer need to hire people on the outside. The payroll system is built in and tied to the accounting system. The seamless integration saves you money because you don’t have to pay the fees for a third-party service.
QuickBooks Bookkeeping Allows You to Print Checks
QuickBooks bookkeeping software is among the most versatile accounting software in the world. One of its features is an in-house check printing software. You can connect it to your printer and print out your very own checks. This added benefit saves you time, because it eliminates the need to buy a load of pre-printed checks from your bank. Unfortunately, in events like this, the slightest mistake often leads to scrapping and shredding all the checks, costing you money. You can modify the checks you print using QuickBooks to match your requirements at the time. This saves you money in paper processing costs, security, and even in storage fees.
Business Intelligence Can be Performed
Having QuickBooks generate your reports is a great advantage for your business. The software has its very own advanced report generation tool. Take advantage of this tool by using it to print out and deliver performance reports on a timed basis or when certain events occur. You can compare the reports from month to month to figure out what parts of your company are performing well and which are not. Using this information, you can take the necessary measures to improve performance in that sector. This doesn’t just save you money – it allows your company to make more money by optimizing its performance over time.
You Never Run the Risk of Losing Data
This is a huge worry that people have when they try to run a company – the loss of data. When a computer crashes or you wipe system intentionally, the inability to recover the data often leads to a huge loss of time and money. Even if you have backups, chances are that they lack data storage space. QuickBooks has a cloud storage feature that automatically backs up your company’s important data to it when needed. You don’t have to lift a finger, the software automatically backs up the data for you. When the system does crash, you don’t lose much time at all.
Plugins Allow for Added Features
QuickBooks isn’t a standalone software. It is a very versatile one that is almost modular in nature. You can add plugins that help your company do the tasks you have to. When performed using the QuickBooks bookkeeping system, the tasks are streamlined. This results in you no longer worrying about delays or human error anymore.
Overall, QuickBooks can save your business a lot of money by eliminating the need for payroll services, preprinted checks, accountants’ hours, and more. With plugins and the other incredible features of the software, there is nothing to be desired. When you use this in your company, you save it money and make some too!