This is the first of multiple posts in a series on using QuickBooks. QuickBooks holds the largest market share of accounting software in the United States. Yet there are many other accounting software options available and we encourage you to explore the Best Accounting Softwares for your business.
This post discusses the benefits of accounting software versus manual accounting practices.
The thought of computerizing accounting activity can be a frightening one.
Clients often ask;
Luckily, today's technology is much more efficient than a manual accounting system. Converting to a computerized system or learning to use an existing computer system more efficiently, will save time and money.
Manually creating your financial statements from business records (bank statements, check registers, loan statements, credit card statements) or extracting the information from a spreadsheet (i.e., Excel) is a time consuming, and tedious job.
Using QuickBooks enables your tax preparer to print your statements from your system. This reduces the cost of your tax return by making your tax preparer’s job easier.
Some businesses need bank financing or to comply with loan covenants. Computerized systems help reduce inaccuracies. Having more accurate financial statements aids these businesses with their loan compliances, etc.
Our upcoming posts will address tips and best practices to help maximize the productivity and benefits of using QuickBooks. QuickBooks is relatively inexpensive depending on the number of licenses needed. There are many versions which range from the most basic, which is like a check register, to a more sophisticated versions. The software can be tailored to your specific industry and there are even industry-specific editions such as construction, point of sale, and not-for-profit.
In our upcoming posts for this series on QuickBooks Tips, we'll be covering some of the following topics;