As huge as it seems now, the accounting world was not that expanded earlier. However, the launch of QuickBooks changed the entire scenario. The debut of QuickBooks in the early 90s showcased how one simple accounting software can quickly rise and claim around 85% of the global accounting market in no time. And the current scenario highlights an impressive number of companies that are proudly using QuickBooks or QuickBooks hosting platform for their accounting needs – 5 million!
So, what makes QuickBooks the most loved and reigning software of the accounting world? Read till the last to know the answer.
1) Multiple Built-in Efficiency-Boosting Tools
Suppose you want to create a business performance graphics report that highlights the financials of your company. However, this works is manageable in Excel. But not only it takes some serious Excel skill but consumes your time as well.
Here QuickBooks comes as a rescuer. With hosted QuickBooks, you can easily create and see visual graphics of your company’s reports instantaneously.
There are countless workarounds and shortcuts that you can use to increase your accounting performance and save time. The customizable and pre-created templates of in-built reports give you the upper hand in getting your work done accurately and professionally.
2) Helps Cash Flow Control
Entering and maintaining expenses on a monthly or weekly basis, that too on Excel spreadsheets, is a work that takes paramount effort. Added to it, you are bound to input all the financial details related to:
Your company expects the information to be entered carefully with any transcription or transposition errors. But without any proper accounting software, manual work invites mistakes (even though it is negligible).
Your saving grace here becomes QuickBooks. With this software you can:
- Monitor your cash flow
- Automatically organize and categorize your income
- Download transactions
- Connect your bank account
3) Designed by Keeping SMBs in Mind
The developer of QuickBooks, Intuit, created this software keeping small and medium-sized businesses in mind. The main idea was to offer an exceptional accounting software which can be used by even those companies who have partial to near expertise of business accounting.
This software is designed to assist company professionals with:
- Financial management relevant to customers
- Comply with accounting-related functionalities
- Goods and Services Tax management and reporting
- Cloud accountings (QuickBooks hosting)
4) Encourages a User-Friendly Philosophy
The QuickBooks desktop accounting software is designed specifically so that a majority of people can understand its interface. An intuitive software, QuickBooks is created with a user-friendly policy so that even if a startup company lacks a financial or accounting background, they can easily use it.
5) Track Invoices and Schedule Recurring Ones
After completing a project, it is not always possible to remember and notify your clients about the sent invoices. Aside from this, keeping constant checks on your bank account to see if you have received the money from that client is not practically feasible when you have a company to run.
Again, there may be certain vendors to whom your company requires to send invoices on a monthly or quarterly basis. It is also not possible to remember and send invoices to every vendor on time.
QuickBooks does both the works efficiently. For the invoices to the vendors, you can schedule a recurring process so that the invoices are delivered to them on time. Similarly, when your clients view the invoice and make the payments, QuickBooks informs you. This way you don’t require opening your banking website to check if the payments are transferred into your account or not.
6) Simplifies the Task of Filing Returns
There are a number of forms that as a small or medium-sized company, you have to fill and file. Two of the most important ones include:
- T1 general income tax return
- Form T2125 (Statement related to Professional and Business Activities)
Before filing your income tax (behalf of your company), you need to have information regarding:
- Capital assets
- Business expenses
The entire task becomes easier with QuickBooks accounting software. You can access your accounting records and port the details directly to your tax forms.
7) Offers Better Security Measures
‘Insider threats’ is a vital issue that risks the company’s digital security. These threats can be due to:
- Malicious and clueless insiders
- Insufficiency in security networking
- Lack of access management
- Credential loss or weak identity
- Lack of encryption
- Insecure APIs
QuickBooks with hosting servers offer at par security service with data encryption and a 3-level firewall facility that prevents unauthorized individual, cybercriminal, and malicious software to penetrate and access the information.
The above 7 reasons are a few amongst the many that show why QuickBooks is still the highly preferred software in the accounting industry.
So, when you see the advantages, why wait when others are making use of QuickBooks to enhance their business? Give it a try and reap the benefits yourself!