A small business will start out on a pocketful of dreams which gradually become a reality. The business owner has every right to be very proud of success as sales come in and profit margins become more stable. However, with success comes challenges and bookkeeping is one of them. The owner can no longer keep the figures in his or her head or in notebooks. Records have to be kept for tax purposes and other business needs. It is at this point where accounting software can help and the best on the market is QuickBooks.
Created For the Small Business
Intuit expressly developed QuickBooks Pro for the smaller establishments. The intent was to create accounting software which was both highly efficient and easy to understand. This software has uses that can be put to work almost immediately after it has been downloaded to the company PC:
- Documentation Made Easy.
The software will produce documents such as invoices and reports with the templates that are part of the software. These templates can also be modified to fit business needs. The software will populate accounting data onto the templates for standard format documentation;
- Better administration of Payroll and taxes
QuickBooks Pro will help a business better manage payroll, allowing for direct deposits and the calculation of payroll taxes. Sales taxes can also be tracked more efficiently with the use of this software;
- Income and Expenses
This is where the true value of QuickBooks comes into play. QuickBooks can be integrated with point-of-sale (POS) transactions and include sales tax. It can be done at the moment of transaction so that the data is captured by QuickBooks software. The expenditures can also be automated and tracked. Additionally, QuickBooks has the means to track inventory and also manage payroll. The software has everything necessary to run an efficient accounting process as if there was a separate department.
Growing with the Business
QuickBooks helps a small business position itself in a competitive market by creating accounting efficiencies. Reports are both timely and accurate, and the connection with POS assures that transactions are recorded immediately with less human error than before. Greater efficiency leads to success and more profits. For a business owner wishing to expand, the concern may be that the accounting software may not be able to take on added business.
Intuit has anticipated this and QuickBooks Premier is a logical upgrade for small business beginning to expand. This version of QuickBooks has all the features of QuickBooks Pro, but can also generate email sales orders and generate forecasts of sales expenses. The Premier version can also generate industry-specific reports and help with inventory by creating inventory assemblies and bills of material.
The QuickBooks Enterprise Solutions is available for a company that has gone from small to middle size. What is distinctly unique about Enterprise Solutions is that it is cloud-based, and allows protected access to all QuickBooks data the business already has accumulated. Enterprise Solutions also allows expanding small company to handle larger numbers of transactions, operate in more than one location, and be able to track data that is unique to the business. Multiple locations can include warehouses and Enterprise Solutions is able to track inventory in the separate locations. Best of all, it is QuickBooks Pro and Premier can both be upgraded to Enterprise Solutions.
Innovations to Come
The competition is always out there and Intuit is making improvements to its QuickBooks products. Improvements are featured on the 2014 version of QuickBooks products include:
- The recommended memory alert to be displayed when the available system memory is less than 2 GB;
- Improved performance opening the Bank Feeds Center;
- For emails, a statement sent via email can be stored in a Sent Email History tab;
- In the Enterprise Advance Pricing area, amounts on transactions will reflect new prices set in the Quantity Discounts window. Price Rules will now calculate on estimates.
These are just a few of the changes being made to make QuickBooks that much easier to work with.
The product line for QuickBooks has always had the small business owner in mind, and improvements combined with add-ons will allow an entrepreneur to grow the business while still using QuickBooks technology. Historical data that was stored in QuickBooks can easily be transferred to more sophisticated versions, and the report capability simply gets better as a person advances from QuickBooks Pro to QuickBooks Premier and finally to Enterprise Solutions. This all means that efficiency can be maintained and improved all within one product line of software, which is constantly being improved to better fit business needs.