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Apr 1, 2022, 06:08 PM 52 read

Is QuickBooks good for a small business?

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Accurate, up-to-date bookkeeping is the backbone of any successful small business. No matter what type of business you operate, an understanding of bookkeeping best practices is essential for keeping your business running smoothly, now and in the future.   If learning the ropes of small-business bookkeeping sounds intimidating, have no fear. Discover the different options available to you, and why it’s so important to keep detailed financial records.   Using QuickBooks for Small Business to track manage income and expenses and keep track of the financial health of their business. You can use it for invoicing customers, paying bills, generating reports, and preparing taxes. The QuickBooks product line includes several solutions that work great for anyone, from a freelancer to a midsized business.   QuickBooks offers several alternatives, but we recommend QuickBooks Online for most new businesses. You can try QuickBooks Online for free with a 30-day trial that doesn’t require a credit card.   Visit QuickBooks Online   Ways Small Businesses Use QuickBooks Small business owners typically use QuickBooks to manage their invoices, pay their bills, and track their cash flows. They also use it to generate month- and year-end financial reports as well as prepare for quarterly or annual business taxes. Some business owners manage QuickBooks themselves while others prefer to use an in-house or outsourced bookkeeper.   Create and Track Invoices You can create invoices easily and either print them or email them to customers. QuickBooks will record the income and track how much each customer owes you automatically. You can view the amount of your outstanding invoices—known as your accounts receivable as well as how many days they’re overdue by running an A/R aging report. Below is a sample A/R aging report from QuickBooks Online:   Keep Track of Bills & Expenses QuickBooks keeps track of your bills and expenses automatically by connecting your bank and credit card accounts to QuickBooks so that all of your expenses are downloaded and categorized. If you need to track a check or cash transaction manually, you can record it directly in QuickBooks in a few minutes.   You can also enter bills into QuickBooks when you receive them so that QuickBooks can help you track upcoming payments—or A/P. You can ensure that you pay your bills on time by creating an A/P report. This report will provide you with the details of your current and past-due bills. Below is a sample A/P aging report from QuickBooks:   Print Financial Statements for Your Business By managing all of your cash inflow and outflow activities in QuickBooks, you can print financial statements that provide useful information about how your business is performing. Lenders often require financial statements when you apply for a small business loan or line of credit.   You can produce these three primary financial statements in QuickBooks with a few clicks:   Profit and Loss Report Balance Sheet Report Statement of Cash Flows Below is a brief description of each of these reports, along with a snapshot of what they look like in QuickBooks Online.   To know more about QuickBooks Online vs QuickBooks Desktop visit https://apps4rent.com/blog/quickbooks-online-vs-desktop/  

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