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Major Benefit of QuickBooks Accounting Software

Major Benefit of QuickBooks Accounting Software

Users can download the software from Intuit’s website or purchase a CD. There are many perks of using this accounting software, some of which have been mentioned below:

1. Multi User mode with Real Time Chat

Multi User mode enables multiple users to access QuickBooks data at the same time. These users can be connected through different desktops and work easily on the accounting data. With the updates rolled out in 2017, Intuit substantially improved the communications tool available in QuickBooks. With the recent improvements, users can easily communicate with each other in real time. This functionality now works as an inbuilt chat app which can be used for improving collaboration which performing accounting activities.

2. Remote Access

Users can purchase the remote access feature of QuickBooks Desktop/ Mac. Through this feature, users will be able to work on their QuickBooks data anytime, anywhere. They will be able to download or copy the data and make changes to it on the go. The remote connectivity is powered by Cisco which enables a secure transition of data from one system to another.

3. Advanced Reporting

Advanced reporting, as the name suggests, helps users in creating comprehensive reports based on the data collected in QB. Data is thoroughly analysed with inbuilt algorithms.

Many types of reports can be easily created and printed, such as:

  • Budget vs Actual Report
  • Detailed Sales Reports
  • Financial Reports
    • Profit and Loss Statement
    • Balance Sheet
    • Statement of Cash Flow
  • Asset and Depreciation Report

Thus, this tool can be used for creating future strategies. The insights gained from these reports can also be used for curtailing costs.

4. Inventory Tracking and Managing Manufacturing

Charts of Accounts can be created within QuickBooks. Various asset and liabilities account are linked with this. From here, users can easily track all the inventory items presently available. Bill of Materials can be used for tracking raw materials, assemblies and subassemblies.

By doing so, users can subvert the need for purchasing a particular software for managing both manufacturing and inventory. Further, due to multi user mode, large organizations can share the data across various organizations. This cross organization collaboration is bound to increase the overall proficiency of the operations.

5. Creating Invoices and Paying Bills

Transactions can be easily recorded into QuickBooks. What makes it even more exciting are the invoices and bills inside QuickBooks. Users can simply create invoices and mail them directly to customers. The bill can be customized by implementing a company logo along with digital signatures. It can also be used for reminding customers/ clients of overdue payments.

Users can also receive bills and pay them directly though QuickBooks. By interlinking bank account with this accounting software, users can make payments directly without the hassle of logging in again and again into their bank account. Instead of interlinking their bank accounts, users can also interlink their credit cards.

Use the highly customizable accounting software and leverage its functionalities in order to curtail costs and boost efficiency. Users can purchase either Pro, Premier or Enterprise version of this software. QuickBooks is highly compatible with Cloud Hosting and can broaden the horizon by offering even more functionalities. Intuit has also launched their own cloud hosted version of this software, QuickBooks Online. Users can purchase subscription of this online accounting software.

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