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What To Know About QuickBooks and Why You Should Use It

June 5, 2019

QuickBooks is accounting software that allows any small business to manage sales, expenses, payroll, and other types of transactions quickly, easily, and on an ongoing basis. An added bonus to using QuickBooks is the ability to run reports, billing statements for customers, and to prepare end of year tax returns. Let’s take a closer look at why QuickBooks is a great solution for your small business.

Managing Sales

First, QuickBooks allows you to create invoices and track payment of those invoices. An advanced reporting function of the software allows you to print invoices that can go directly to customers and collect payment.

Managing Expenses

Second, it allows you to connect directly to your bank accounts to maintain an electronic record of all bills. Another advanced function is bill payment, which allows you to set bills to be paid regularly from those connected accounts.

Managing Payroll

Third, QuickBooks makes it easier to keep employees happy. The software ensures accurate accounting of taxes and deductions. Additionally, QuickBooks offers a payroll subscription option that allows you to run payroll automatically on your schedule. You can also use the software to print a physical paycheck, or your employees can even get paid faster with direct deposit.

Managing Inventory

Fourth, it allows you to eliminate the time-consuming task of manually managing inventory counts. Using QuickBooks to manage inventory is quicker and easier than a traditional spreadsheet. This happens because the software also reports on the amount of product on hand, the cost of each item, and the overall cost of the inventory. Advanced reporting allows you to add additional information to your inventory reports.

Managing Tax Documents

Finally, QuickBooks allows you to quickly and easily complete your tax return at the end of the year. Since QuickBooks has been collecting and tracking the other parts of your business all year long, there’s no fuss. No wasted time digging around for receipts, paper ledgers, or employee tax documents--QuickBooks already has everything you need in one place. Imagine clicking through a few screens and sending your tax documents directly to the IRS. Happy tax season to you!

Now that you have an understanding of how QuickBooks can assist with your day-to-day bookkeeping needs, consider how using Halon Tax can help take the headache of preparing for tax season. Our team of certified CPAs and accountants are here to double-check your tax returns. Call us today at 612-293-8094, or email us at support@halontax.com.

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Christopher Ragain, CPA

Christopher Ragain, CPA is the founder of Halon Tax and one of the industries top authorities on micro-business taxation and tax planning.

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