QuickBooks is an accounting software program that helps manage sales and expenses and keeps track of daily business transactions. FJ Koelle & Associates is a Certified QuickBooks Pro Advisor® (are you?) and we help clients with program set up, training and reporting. When used properly QuickBooks can greatly help a business with its bookkeeping and accounting.
Some of the things that QuickBooks does for our clients include,
1. Manage sales and income
Sales can be tracked by customer which gives you insight into which of your products and services are most popular, how often they’re being bought and by whom. You can also find out which invoices are past due so you can remind a customer that payment is needed.
2. Keep track of bills and expenses
QuickBooks can be linked to your bank and credit card accounts so your expenses are automatically downloaded into your system. A check can be printed directly from QuickBooks and an Accounts Payable Report can help you pay your bills on time.
3. Get insights into your business with QuickBooks reports
You can create the following reports through QuickBooks: Accounts Receivable, Accounts Payable Report, Profit and Loss, Balance Sheet and Statement of Cash Flows. All of them are already set up in the system and they’re updated as new information comes into the system.
4. Run payroll and pay employees
With a payroll subscription you can access the latest payroll tax tables to calculate employee and employer payroll taxes. You could pay employees with a check or direct deposit, payroll taxes are calculated for you, the payroll tax forms are filled out and you can e-pay through QuickBooks.
5. Keep track of inventory
QuickBooks will keep track of items purchased from vendors and received into inventory as well as the payment and sale of those items. Inventory costs and quantities are automatically updated after transactions are entered into QuickBooks.
6. Simplify taxes
We can be given a user ID and password to access your QuickBooks data and use information to file tax returns. QuickBooks tracks everything so you don’t have to spend time organizing receipts and bank statements. This allows us to account for your income and expenses, it improves accuracy and saves both you and us time and energy when putting together your tax returns.
QuickBooks can make many functions in your business easier and less time consuming allowing your employees to focus on other things that need to get done. If you have any questions about QuickBooks, business accounting, tax issues or need financial consulting, give us a call at (215) 659-5000.