In the recent years, small and businesses have become very organized with their finances and other aspects of the organizations and all thanks to QuickBooks for that. QuickBooks is considered one of the best accounting software available in the market today. It has brought a sea change in the way accounting is done. This cutting edge application has amazing features that not only makes payroll, bookkeeping easier but also ensures smooth functioning of the businesses.
Few advantage of QuickBooks 2020 to run your business more swiftly
In this article we will discuss how QuickBooks desktop 2020 helps a business to grow. Keep an eye on this blog and know all the facts which can be helpful to grow your business.
1. Invoice Customers
Invoice is basically is a list of products or items along with their cost and it is provided to the customer as a receipt to the money owed by them. In this software you will be able to learn how to properly make an invoice for customers which will decrease the account receivable and increase the cash flow.
2. Control Cash Flow
QuickBooks is an excellent application to manage the flow of cash. Nowadays many people use latest version of QuickBooks .i.e QuickBooks Desktop 2020 instead of online banking. However, you have to keep the QuickBooks file updated and after this you can manage cash flow by determining the break-even point. Even the cash flow worksheet helps in controlling cash flow.
The function of enter bills and pay bills in QuickBooks pretty simple. Moreover paying bills on QuickBooks through online bill pay or printing cheques decreases the hassle of unnecessary data entry and also induces productivity more efficiently.
4. Journal Entries
The Journal entry is basically a record which ensures that the accounting transactions are in sequence. It is also essential to fix issues or create year-end entries per your CPA to keep it in sync with your tax return.
5. Memorized Transaction
The memorized transaction is actually a template which is put to use to speed up the data entry process. This feature is put to use for entering automatic transactions that happen on a regular basis and it consists of journal entries, payments and invoice bills. Moreover the memorized transaction boosts the efficient and also automatically enters few items.
6. Online Banking
You have to set up QuickBooks Account for online banking. In order to tackle the extra hassle of date entry you can easily make use of the major financial institutions data downloads in QuickBooks.
7. Printing Cheques
The printing cheques are a great feature to keep the cash flow updated and also enhance the efficiency. As the cheque will not be of no use until a person deposits in the bank, so ensure that you include cash flow analysis. This feature also removes all the unnecessary data entry.
8. The Payroll Management
Payroll is basically associated with the payment made to the employees. The payroll management plays a pivotal role in every organization. However, these days many companies outsource the payroll to avoid liability. But QuickBooks is an effective application to process payroll.
9. Financial Reporting
The financial reporting is an important task of bookkeeping process especially for small businesses. It is important to run and analyze the financial reports so as to ensure bookkeeping is performing in its full capacity.
10. Custom Importing
In QuickBooks Desktop you have the option of import capabilities in comparison to your financial institution. Also in this feature you can make use of ‘CS V’ converter in QuickBooks so as to make your data importable. In order to create IIF files you might have to seek developer data.