Emily Clarke

3 Benefits of QuickBooks

QuickBooks is one of the most popular solutions in accounting software, and many owners of small businesses rely on QuickBooks for things like payout automation and general bookkeeping. Although you may have already heard of QuickBooks, especially considering it has been around since 1992, you may not know just how much this software can do.

To help you learn more, below are three benefits of QuickBooks for small business owners:

1. Cloud-Based Software

In the past, users of QuickBooks needed to purchase and install the software directly onto personal computers. As cloud computing technologies took off and became more powerful and accessible, QuickBooks launched as a cloud-based application. This is what allows business owners to use QuickBooks for things like payout automation.

Because QuickBooks can be used in the cloud, business owners have access to important financial data from a variety of devices. This also allows business owners to provide access to QuickBooks to important individuals like company accountants and human resources professionals.

2. Tax Assistance

Although QuickBooks is primarily a payroll management solution, it can also help with tax planning and management. Inside QuickBooks, business owners can set up tax information to reflect automatically in payments and invoicing. This reduces the time it takes to manually calculate taxes and can be a major benefit when filing business taxes quarterly or yearly.

You are, however, encouraged to work with a tax professional when using QuickBooks or any other accounting software title. Failure to properly set up QuickBooks may result in your taxes being wrong and cause penalties and fees from the IRS.

3. Inventory Tracking

QuickBooks also allows business owners to track inventory for certain items, making it easier to manage financial data about sold goods in one convenient place. QuickBooks can also integrate with other inventory management software to gain additional functionality, and cross-platform use allows data to be shared back and forth between inventory management solutions with ease. This can make it easier for business owners to track where items are in a large inventory, as well as provide updates to buyers on a website regarding current inventory levels.

Author Resource:-

Emily Clarke writes about multiple payment platforms, payouts API, marketplace payouts and more. You can find her thoughts at automate payouts blog.