QuickBooks is an online accounting software developed and marketed by Intuit. They are geared mainly toward small and medium-sized businesses. Providing multiple cloud accounting features, QuickBooks prides itself on the simplicity of its usage. It allows the user to create professional custom invoices, sales receipts and estimates. QuickBooks also features online banking, updating all statements and transactions automatically. The software helps you create customized progress reports and manage cash flow, all the invoices, bills and the taxes from the sales channels are managed, while also providing free unlimited customer support to help you navigate. QuickBooks integration with an Inventory management software gives you the tools that can work wonders for growing your business.
Why use QuickBooks for accounting with an inventory management software?
1. Track Overall Performance
Regardless of the size of your business, it is crucial always to track business performance and adjust prospective plans following the results. Tracking details such as production, sales, marketing and labour allows you to determine your strengths and weaknesses, hence providing an understanding of areas for improvement.
Moreover, it also serves as a motivator to employees, allowing them to set goals for themselves as well. QuickBooks helps you easily consolidate data into customizable reports that will enable you to observe performance in different areas, and therefore create plans for improvement or stability accordingly.
2. Easier Expense Tracking
Regardless of the size of a business, none are unfamiliar with the arduous task of financial statements. Filing taxes and maintaining receipts can be extremely burdensome. QuickBooks easily connects to your accounts and helps categorize your expenses for you while also creating customizable reports. It creates efficient profit and loss reports that allow you to have a clearer picture of how to proceed with decision making.
This way, your business will always be prepared when it comes to taxes, with all your expenses neatly organized in one place. It also allows you to better predict and manage cash flow with built-in cash flow statements.
3. Handling Inventory
The usage of efficient accounting software such as QuickBooks along with an inventory management system can work wonders for your business. Inventory values are automatically adjusted, making it easy to understand the situation in regards to a restocking.
Because it is automatic, it takes away the burden of manual tracking, also reducing chances for error. Using QuickBooks also helps you keep track of contact information from vendors and customers and organize them effectively for future use. These features possess a significant advantage in terms of tracking demand and predicting performance.
4. Easy to Use
QuickBooks is the most popularly used accounting software. It may not appear easy to learn, but it offers 24/7 support to its customers in various methods. QuickBooks initially provides video tutorials, which take you to step by step through the software. Intuit also offers a training CD at a reasonable cost that goes a step further than the initial video tutorials. They also provide a training program, which aims to coach those interested in every aspect of QuickBooks accounting.
Overall, QuickBooks integrated with an inventory management software has its benefits for small to medium scale businesses, and can help make accurate decisions to stabilize your business and boost profits.