Quickbooks Can Save Your Small Business Money

Posted on: 24 August 2020

The size of a business does not matter — proper accounting management is an essential element of a business. As a small business, however, the task of staying on top of your accounting needs can sometimes be a challenge, as there is a lot to learn. QuickBooks service can help with the process, and help you avoid a potentially costly mistake as you navigate your expanding business. 

Streamlined Invoicing

It is highly likely that your business sends out invoices to receive payment, but there are a couple of issues that can cause problems. First, inaccuracies can happen. Invoices that do not include correct information can lead to an underpayment or a delay in payment, as many clients will refuse to pay until they receive an updated and accurate invoice. 

Second, slow delivery may be an issue. An invoicing system in which someone from the accounting team has to manually draft an invoice can extend the amount of time it takes to complete and submit the document for payment. QuickBooks streamlines the invoicing process. 

First, the software pulls invoicing data from the information already in the system. For example, if you have data that shows a customer ordered 25 items at a certain price, the invoice drafted will automatically retrieve this information and insert it into an invoice form. As a result, there is less room for error and the process is completed faster. 

 Accurate Reporting

When it comes to the Internal Revenue Service and your state's taxation office — every cent that your business earns and spends must be accounted for. If there is any inaccuracy discovered in the data you provide these agencies, you can incur financial penalties.

A small business has a lot of different moving parts. Consequently, it can be hard to keep track of all your receipts, invoice records, expenses, and other financial matters. QuickBooks software has a feature that allows you to input or upload this type of data. 

Once inputted and allocated, you can run a report at any time to get a detailed record of all your accounting data for a specific area. When the end of the year rolls around and you are ready to start planning for your taxes, having all this information together makes the process easier and minimizes the risk of any inaccuracies on your returns that could cost you money.

QuickBooks services can help your business save money in a variety of ways. Learn more about this software option to find a configuration that works best for your business needs.