When you run a small business, you are probably doing most of the work yourself. That includes the administrative work of keeping track of invoices, payments, and other financial transactions. Online accounting software, such as QuickBooks, can help reduce some of the stress involved in keeping up with these tasks. You may also be wondering, what is QuickBooks exactly?

What Can Online Accounting Software Do?

Small business owners may prefer to keep track of simple transactions on a spreadsheet. While this can work fine for straightforward income and expenses, a spreadsheet is not adequate for a growing business. You need to keep track of your revenue for many reasons, including business planning, understanding your profitability, and calculating the amount you’ll owe for quarterly tax payments.

When you add employees to your business, you’ll have a need for payroll calculations, which will also include the relevant deductions and taxes. Purchasing large items such as equipment as your business grows, means that you will also need the ability to manage and depreciate those expenses.

Advantages of Automation

You can certainly add columns and rows to your spreadsheet, but the more you do that, the more difficult it is to understand your costs and how they are affecting your business. In fact, runaway costs can destroy your business.

The more complex your spreadsheet becomes, the more time you’ll spend updating it and, of course, that takes you away from the core of your business, taking care of your customers so your business can continue to grow. In addition, the more you try to track manually, the more apt you are to make mistakes.

All of the information you keep in your spreadsheet can be automated with online accounting software, so you can spend less time on it and make fewer errors. Most accounting software gives you options for invoicing and tracking payments, managing inventory, and processing payroll.

The Big Picture

One of the biggest advantages to using online accounting software is that you can see the overall picture of how your business is doing at any point. You can use the software to make comparisons from year to year and to know exactly how your business is doing year-to-date.

A professional accounting and bookkeeping service can help you interpret your numbers and plan for a solid financial future for yourself and for your business. The information generated by the online accounting software is essential for determining the actions necessary to grow your business successfully.

What is QuickBooks?

QuickBooks is often cited as one of the most user-friendly small business online accounting software programs. You can use QuickBooks to invoice customers, to track payments, and to generate financial reports for your business. There are several different levels of access available, depending on your needs and how much you want to spend on the software, but even the basic version will help your small business keep track of income and expenses and calculate estimated taxes each quarter.

You can run reports so you can see your progress at a glance, so you’ll have the big picture you need to run a successful and growing business. You can also track your business mileage in QuickBooks and connect your bank accounts to make transactions and calculations automatically. Profit and Loss reports as well as Balance Sheets will give you the information you need to see where your business is at any given moment.

Help with QuickBooks

Even with the advantages of an online accounting software, you may need assistance with getting started with the program or with interpreting the numbers generated by your transactions. The professionals at Clear View Business Solutions are experts in QuickBooks.

We are Advanced Certified QuickBooks Pro Advisors who will get to know your specific business needs and assist you with getting the most out of the program for your business success. Our team is your go-to resource for Tucson area QuickBooks training, implementation, and advising.

CONTACT CLEAR VIEW BUSINESS SOLUTIONS FOR SMALL BUSINESS ACCOUNTING HELP

The professionals at Clear View understand what it takes to maintain accurate, helpful financial records. We will work with you to help ensure your financial records are in good shape so you can focus on your business operations. Learn more about how we can help you and your business by contacting Clear View Business Solutions to speak to our team about our services. Give us a call at (520) 544-0177.