Your Guide to Using QuickBooks Effectively

Morgan Blogs Part 2

With 7 million customers worldwide, QuickBooks is a leading accounting software. It offers both a desktop and online version and provides excellent customer support.

Reporting, automation, and convenience are three reasons why QuickBooks remains a favorite among small to large businesses. As an accounting firm, we, too, can attest to QuickBook’s power.

For how to use QuickBooks to its fullest, keep reading.

>> And if you’re still deciding between QuickBooks and FreshBooks, see here

Robust Reporting

Financial reports are essential for decision-makers at all levels of a business. And before giving money, lenders and grant organizations ask to review certain reports to determine the overall financial health of a company.

Fortunate for QuickBooks users, this accounting software easily renders key reports with little effort on your part. Just for starters, a profit and loss statement, a balance sheet report, a statement of cash flow, and an inventory valuation summary are available with only a few clicks.

Automation is Key

Automation saves time and, often, bolsters accuracy in accounting. QuickBooks offers a recurring transaction option so monthly or weekly invoices are sent automatically. You also can set late payment reminders if an invoice isn’t paid within a certain time period.

And QuickBooks Online allows you to link to your primary and secondary bank accounts. Once you’ve connected your bank accounts to QuickBooks, your accounting data can be set up to automatically update as banking transactions occur.  

Convenience in a Few Clicks   

We’re all looking for convenience – from food delivery to transportation. The easier, the better.

QuickBooks delivers convenience. As discussed already, it offers robust reporting and automation. It also simplifies taxes. When you use QuickBooks throughout the year, figuring out your expenses and income (often a dreaded step in preparing taxes) is as simple as printing financial statements.

In addition, QuickBooks has the capability to track inventory prices and quantity. As your inventory sells, QuickBooks assigns a portion of the earnings to the cost of goods sold (COGS). This COGS allocation saves you from manually calculating this number, which is usually an arduous task. An added bonus, QuickBooks can remind you to reorder inventory when an amount is low.

Morgan & Associates Know QuickBooks

QuickBooks is a great accounting solution for many businesses. We’ve helped lots of clients get started with QuickBooks and to learn its many features so they use it to its fullest.

Want to learn more about QuickBooks? Click HERE to sign up for our upcoming QuickBooks class.  
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