A modern market economy and fierce competition require effective business. The successful work of any enterprise is based on the competent management and automation of accounting. In today’s business environment, it is impossible to achieve success and stay afloat without the use of advanced technologies.
Of course, today many organizations offer all kinds of accounting services. The principle is simple – you just outsource all your accounting operations. However, today specialized accounting programs designed to automate accounting are more widely used.
In this article, we will talk about one of these programs, its capabilities and business benefits.
Intuit QuickBooks for Accounting Automation
Intuit’s QuickBooks is software that enables companies to complete and manage all of their accounting operations with a multi-function informational and technological product. The focus is on small enterprises that want to perform all their accounting functions on their own.
So, what can you get in practice using this software to automate and manage your accounting operations?
- Have no problems with the tax office and other regulatory authorities;
- Do not overpay taxes, but control and forecast them;
- To simplify accounting, reduce the impact of the human factor (user errors) on the correctness of accounting;
- Reduce accounting time;
- Promptly receive complete and reliable information about the activities of the company and its property status.
Main QuickBooks Functions That Will Help You To Implement Your Accounting Tasks As Never Before
- The ability to create permissions for different people to access information is a quality function. Permits can be provided to both internal and external individuals, such as full-time accountants, colleagues, or bank officials when they work to obtain financing for business operations.
- A comprehensive package for accounting in small business. The entire accounting platform is specifically designed for internal accounting carried out by small businesses.
- The software package can easily create these documents and allows for double-entry bookkeeping to provide verification and balances.
- The program is packed with features that help simplify the business and understand complex accounting methods.
- Legal and official accounting reports. The program greatly facilitates the preparation of official financial documents, such as balance sheets, general ledgers, profit, and loss statements.
7 Main Benefits of Using QuickBooks for Your Small or Medium Business
Despite the fact that the specifics of the activities of different companies are individual, the procedure for performing accounting and financial transactions is the same for everyone. Therefore, let’s see what benefits QuickBooks can give your business.
Advanced Cloud Data Storage and Processing Technology
The program is based on the concept of SaaS. This implies that the consumer does not need to purchase the accounting program itself. The consumer pays only for the rental of the program, which includes
- technical support,
- regular updates due to changes in legislation,
- data backup,
- virus protection.
When renting, temporary (non-exclusive) rights are transferred and there is no need to install the application on your computer. The program is launched over the Internet from any device.
QuickBooks Cloud Accounting Benefits
- You can quickly start working in the system from any place where there is the Internet.
- The service is available anywhere in the world 24 hours a day, 7 days a week, on weekends and holidays.
- No need to deploy your office computer network, maintain its performance.
- Security is ensured by working through encrypted communication channels, data is stored in a secure data center.
- Regular software updates.
- Cloud-based accounting eliminates the problems associated with the purchase and configuration of a server and payment for system administrator services.
- Different users being far from each other can work simultaneously with the same data.
All Accounting Functions in One Program
Life practice shows that in most cases centralized management is more effective than decentralized. If a decentralized approach works in large corporations, then it is more reasonable to centralize small business management, in particular, its accounting department. For this reason, all basic accounting functions are consolidated in the program:
- Cash management
- Expense tracking
- Assessment of the current financial situation of the enterprise.
Enhanced Individual or Collaborative Features
The structure and form of the organization of the accounting department may be different. A number of companies prefer to adhere to the old vertical method, other enterprises boldly outsource accounting tasks, and individual entrepreneurs are also accountants in one person.
When using any type of organization of the accounting structure, only well-established communications with other departments and units make it possible to obtain the necessary information for managing and ensuring control over the economic and financial activities of the organization.
But when an enterprise uses QuickBooks, the way the organization of the accounting department is no longer paramount. This program allows you to share data, give and restrict access to reports and financial indicators, depending on the current task of an employee.
Thus, the management of accounting can be both successfully concentrated in the hands of one person and reasonably delegated to other employees of the accounting and other departments of the company.
Support in the Right Place at the Right Time
Bookkeeping and taxes are vibrant, dynamic, constantly evolving and supplementing areas. The legislation governing these areas is voluminous, variable and does not always provide direct and clear answers to controversial questions.
In turn, the practice of applying legal norms, unfortunately, is rather ambiguous and often contradictory. In the event of unusual situations and other difficulties, even an experienced accountant is not always able to find the right solution within the current legal field. And young specialists (or small organizations, individual entrepreneurs who do not have an accounting department) are completely deprived of the opportunity to quickly navigate and competently act in atypical or crisis conditions.
Therefore, the developers did everything so that users could get quick answers to questions regarding working with the program. This has been done so that any non-standard situation or complexity does not lead to further problems, but would be a non-stress source of additional experience.
For example, if you need to change the language of the program, you can start with this brief guide or ask a support team for help. By the way, if you need a professional translation, there is an opportunity to contact the Word Point for help.
Data Storage Security and Regular Automatic Backups
Every day, companies create new data, such as emails, invoices, reports, and contracts. Saving this data is a constant concern for IT professionals.
But what happens if the data is accidentally deleted, the laptop is stolen, or the files disappear as a result of a virus infection or a hacker attack? And what if your archive tapes are damaged by a flood or fire?
A complete loss of data can have tremendous consequences. An integrated data backup system will help to avoid the occurrence of such an emergency and an extremely undesirable situation. Data backup is an innovative technology that continuously encodes and transmits data in real-time to a special server. The process of backing up information is incredibly fast and fully automated. The data stored in QuickBooks is protected by 128-bit SSL encryption.
Focus on User-Friendliness and Intuitive Use Possibility
Regardless of the form of ownership, tax system and the number of employees, the company needs to report to the regulatory authorities on time. But it is simply physically impossible to keep track of all the updates and take them into account when compiling reports.
Therefore, the accounting program should have convenient navigation, intuitive interface, simple information flow management.
This is necessary so that employees
- managed to make the right report by the right date and made no mistakes due to the rush
- didn’t spend valuable working time on training to work with a specific program.
If your company uses QuickBooks, it is as easy as a pie. This program is completely user-friendly and even a schoolchild will be able to master it.
One More Step Towards Innovative Business Practices
New technologies for small businesses allow the more rational organization of production in order to increase the profitability of the enterprise while reducing its cost. As part of their business, every entrepreneur tries to get stability and maximum efficiency. This makes it reasonable to introduce modern innovations and effective accounting systems focused on the future into a business.
QuickBooks is an innovative and promising accounting solution. It is obvious that with a competently automated approach to accounting, the attitude to the finances of the enterprise will be more careful. It would be wrong to say that it will also automatically lead to an increase in profits since many other factors affect profits.
However, it can be safely said that this is an opportunity to optimize costs and reduce losses. Improved financial results make the company and its employees more open to various innovations. And this is one of the goals of QuickBooks as well.
QuickBooks accounting software was created to make accounting operations automated, provide more transparency and flexibility, and get more opportunities to be always up to date with your financial indicators. Just try to introduce it to your business and you will never return to the old-school methods and solutions.