There are many accounting systems that a business may opt to purchase and install. Among the best of these systems, especially for small businesses, anywhere from zero revenue to multi-million dollars in revenue, is QuickBooks. The first and very important pro to using QuickBooks is its very inexpensive purchase price. Many versions are only a couple hundred dollars, with no annual premium. Businesses that have installed and use QuickBooks often state the following additional benefits that arise from its use:
- QuickBooks allows synchronization of business processes with back accounts
This upgraded feature enables a business to keep track of its daily cash flows and expenditures—an absolute must of good accounting software, especially if you’re going to use it in conjunction with the services of an outsourced or part-time CFO. This will enable more on-demand reports of Key Performance Indicators.
- QuickBooks enables a business to label transactions
QuickBooks, when used as the primary financial accounting system, will provide many powerful features. Among these features is its chart of accounts, enabling accountants to label individual transactions. This ensures that each transaction may be monitored closely and tracked solely, or that future similar type transactions can be automatically labeled, saving time and work.
- QuickBooks helps in forecasting
With QuickBooks, you are able to effectively track your expenses, and perform preliminary financial forecasts. While not the complete nor absolute solution when it comes to projections and forecasts, QuickBooks has some fundamentals and exporting capability to allow good financial accountants and CFO’s to use the information to produce quality forecasts. Absolutely critical to accomplish this, however, is to frequently update the QuickBooks system.
Work with one of our professionals to explore whether using QuickBooks is right for your business.