For small business owners, keeping track of daily operations daunting task. Fortunately, QuickBooks offers a suite of features that make managing a small business much easier.
In this article, we’ll talk about how QuickBooks makes automated invoicing, inventory management, expense tracking and payroll management a breeze for small business owners.
Let’s dive in!
Table of Contents
Automated Invoicing & Billing
Invoicing and billing is a time-consuming task that can be easily automated using QuickBooks. This efficient bookkeeping and accounting software offers the following features:
Scheduled Invoices
With QuickBooks automated invoicing, users can schedule automatic invoices to be sent out at a specific time and date. Not only does this save time and money, but it also ensures all invoices are sent out on time. With QuickBooks, users can also create invoice templates designed for each customer.
Autopay
With QuickBooks for small business customers can use the autopay option to automate their payment of invoices, decreasing the amount of unpaid invoices.
Integrations
QuickBooks can integrate with cash flow software like Cash Flow Frog, which can perform additional functions, such as analyzing customer payments.
Expense Tracking & Management
One reason QuickBooks is so effective is that it helps small business owners track and manage expenses. Users can quickly and easily view expenses and create expense categories. These functions make it easier to organize and access expenses, which is crucial for small business owners without accounting expertise.
In addition, users can upload their expense receipts to the platforms simply by taking a photo of their receipts. This makes expense tracking incredibly easy and ensures that expenses will never go unreported. QuickBooks can also connect with business bank accounts and credit cards to automatically import expenses.
Cash Flow Management
With its built-in cash flow planner that allows users to forecast cash flow for the next 30 to 90 days, QuickBooks allows users to track, manage and analyze cash flow.
Users can also create cash flow reports and share them with employees across all departments. Furthermore, the mobile app gives users access to cash flow management tools on the go, which is useful when small business owners need to make important decisions outside of the office.
Payroll Processing
Staying on top of payroll can be a challenge for any business, but QuickBooks automates this process and ensures employees are paid on time.
Payroll can be a complicated topic for small business owners, but QuickBooks helps you stay on top of it. Payroll processing requires various calculations, such as tax deductions and overtime calculations. With QuickBooks, small business owners can skip this tedious step and automate any payroll calculations.
Users receive automatic alerts on filing dates and have access to digitized payroll records in case there are any payroll discrepancies. QuickBooks also helps business owners stay in compliance with regulations.
Manual payroll processing can be time-consuming and hiring an outside accountant can be costly. QuickBooks makes payroll processing easy and is an affordable option for small business owners.
Inventory Management
Effective inventory management is crucial for the operation of small businesses. Therefore every small business owner should take advantage of these QuickBooks features:
Inventory Tracking
QuickBooks allows for real-time inventory tracking. Inventory is updated as soon as products are sold or inventory is restocked.
Order Management
This feature allows business owners to track the status of any orders placed with suppliers. It will also send notifications when new orders must be placed.
Stock Value Tracking
QuickBooks automatically updates the value of your stock as soon as you buy or sell products.
Reporting & Insights
With QuickBooks Advanced Reporting users can create customizable reports that summarize only the most relevant information, so stakeholders can gain insight into specific areas of business operations. Business owners can also create graphics and visuals that present data in a way that all employees can easily understand.
QuickBooks integrates with software like Cash Flow Frog, which can create reports that provide insights into aspects such as cash flow and customer behavior.
In Conclusion
Before the advent of technology, expense tracking and payroll processing required knowledgeable employees or outsourced accountants. Today, QuickBooks provides small business owners with a variety of features that automate these processes and make it possible for anyone to manage these tasks, regardless of experience.
The software also offers business owners an advanced reporting feature that provides deeper insights into their business operations. To receive the maximum benefit from QuickBooks, integrate with other programs such as Cash Flow Frog, which provides additional cash flow analysis.
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