Small business owners use Quickbooks Tool Hub for tracking their cash flows, managing their invoices, and paying their bills. They would use Quickbooks for generating monthly and yearly financial reports along with preparing quarterly and annual business taxes. Most business owners manage Quickbooks independently, whereas, others prefer using outsourced or in-house bookkeeper.
Let us delve into the different ways whereby small businesses would use Quickbooks.
Creating and tracking invoices
You could create invoices, print them, and email them to your customers easily. Quickbooks Tool Hub Download enables you to record the income automatically. It would help you track the amount that every customer owes you. It enables you to view the outstanding amount of your invoices along with calculating the number of days they have been overdue.
Keeping track of expenses and bills
Quickbooks would keep track of your expenses and bills automatically. Quickbooks connects to your bank and credit card accounts for downloading and categorizing your expenses. If you require tracking a check or cash transaction, you could record it in Quickbooks in a matter of minutes. It would help you pay your bills on time through an Accounts Payable report.
Printing financial statements for your business
When you Download Quickbooks Tool Hub, rest assured to manage your business cash inflow and outflow activities properly. It enables you to print financial statements for providing useful information about gaining knowledge and understanding of your business performance needs.
Numerous lenders often need financial statements when applying for a small business loan. You could produce the three most important financial statements in Quickbooks in a matter of a few clicks, namely, profit and loss report, balance sheet report, and statement of cash flows.
Tracking employee working hours and payroll
Payroll has been an important arena that you do not want to handle manually. Any mistakes made in calculating paychecks could result in high penalties and discontented employees. Quickbooks has its payroll function that calculates and run payroll automatically, as and when you need it.
It would also help track the working hours of your employees. The tracked hours would flow to both your customer invoices and the payroll. It ensures that for every hour you pay your employees, it has been deemed for billing to a customer.
Quickbooks could track the cost and quantity of your inventory. When selling inventory, Quickbooks would allocate some part of your inventory to the cost of the goods sold automatically. It would be the expense account reducing your income. Such an allocation would be a requirement for calculating taxable income and relatively difficult to do manually. Quickbooks would remind you to order inventory automatically when the quantities are fewer.
It would be pertinent to mention here that Quickbooks has been a popular small business accounting software. It comes in a wide variety of editions, both on the desktop and online. It would be inclusive of various features enabling you to keep track of your expenses and income, tracking your inventory, paying your employees, and simplifying your taxes.