It is important to choose the best software that fits your business model for accounting and bookkeeping. Some software allows you to digitally track your finances AND has accounting features. You must consider what is the most convenient and user-friendly software for you and your employees.
Many small business owners start out using Quickbooks because you do not need to be an accounting expert to use it. Here is a guide on the Quickbooks basics.
The QuickBooks software integrates with PayPal, Shopify, and Square, making it easy to track payments among many other features.
There are five plans to choose from, which are all targeted at small businesses and freelancers. Each small business plan allows you to:
- Track income and expenses
- Invoice and accept payments
- Maximize tax deductions
- Run general reports
- Capture and organize receipts
- Track miles
- Manage cash flow
- Track sales and sales tax
- Send estimates
- Manage 1099 contractors
How It Works
Quickbooks has many features that help you get the job done. Since there are so many features to use, it can get a little overwhelming. If you have specific questions about the features and how they perform, head to their website for detailed explanations. You even can try out demos to make sure you are comfortable with the system before purchasing it.
All the information added to your account makes it possible for you to run reports on the success of your business, profit-and-loss statements, business expenses, balance sheets, and more. You can access some features on the mobile app and complete everything else online.
Payroll is an optional add-on for your account. Employers get many benefits from using Quickbooks Payroll services. Some services include HR support, worker’s compensation, health benefits, and 401 (k) plans.
There are 3 payroll plans to add to your account that are mainly used in small to mid-sized businesses.
Quickbooks Online Mobile App
Download the mobile application on your phone to access Quickbooks on the go. You can enter transactions, record expenses, and send invoices anywhere. If you just made a purchase, you can take a quick photo of your receipt and Quickbooks will track the date, vendor, amount, and payment method for you.
The base plan works best with the app because each feature is available on both versions. No matter the plan, though, you can still use the mobile app.
Quickbooks and Accounting Help
PLCFO’s many years of experience with QuickBooks, but our company can adapt to whatever software works best for your business.
QuickBooks can only be upgraded to a newer year or higher version, but if you need to downgrade, historically, there has been no way to do it. We figured out a way to downgrade to an older version of Quickbooks or convert it to a different year if you need to.