The business is an act where we have to perform according to the current market and financial conditions of the organization. A successful businessman is a person who can maintain a perfect relation between the income and expenditure of his company. In the present situation, there are many applications which act as a catalyst to boot your performance. Quickbooks is one such platform.
What is QuickBooks?
QuickBooks is software which mainly deals with accounting. This software was developed by American financial software and a business company called Intuit. QuickBooks helps the organizer to create business plans, spreadsheets, invoices, and Charts to keep an eye on his cash flow.
The main benefits of using QuickBooks
QuickBooks software is helpful for small as well as emerging companies because it deals with some important aspects of the business.
- Cloud Accounting: It means that we can access our company data from anywhere with full security, even on your smartphones or tablets.
- Invoice preparation: QuickBooks help us to prepare professional invoices, estimates, and sales receipts quickly
- Banking: QuickBooks banking software will automatically update your bank transactions in its database.
- Cash Flow Management: The cash flow from our company has been monitored and maintained by QuickBooks. It will update us about the payment deadlines, and it will also schedule the payment accordingly.
- Time Tracking: We can calculate the total working hours of an employee and automatically add those data to the invoice.
- Customer Services: QuickBooks, customer care executives will provide answers to your questions and support you with some valuable information on running your business smoothly.
- Mobile Applications: Along with QuickBooks subscription, we get access to some mobile applications. These applications will help you to conduct your business activities faster by using an android or IOS device.
Best Quickbooks Applications
Sorting out the best applications from Quickbooks is a difficult task. Here are some such applications listed below.
- Expensify: It is a Quickbooks application for managing expenditures. Expense management becomes so easy by using this application. We can easily upload bills or receipts by taking a picture or scan these data directly to the database. We can easily fetch these data whenever required.
- TSheets: This application will reduce the extra effort of copy-pasting the details regarding an employee working time or freelancer hours from a spreadsheet. TSheets helps you to track the working hours and enter these data directly to the payroll accounting. This process appears far better and precise than manual tracking.
- Billbeez: This is one of the best applications in Quickbooks because it deals with artificial intelligence. It gives a perfect financial ecosystem for business owners to work. We can monitor the income and expenses constantly and act according to it. Billbeez helps to track expenditure based on labels. It gives an online solution that makes it easy to manage your business finances.
- Fundbox: It is a Quickbook application detail with the finance of an organization. Fundbox helps to build a risk profile for every individual invoice, and it approves whether the user profile is eligible for funding. The amount for the approved invoice gets deposited into your account. Fundbox is an ideal solution for bridging short term cash gaps.
- Method: The Method is the application that is considered as the CRM(Customer Relationship Management) system of Quickbooks. This application will give many more pieces of information than an invoice in Quickbooks. This extra piece of information was collected by studying the early history of your customers. You can fully customize this application. At any period time, you can select the features that you need for this application to perform according to your wish.
- Brightflow: Cash Flow Forecasting is an essential factor in every business. Brightflow is a QuickBooks application which deals with Cash Flow Forecasting. It gives accurate pieces of information regarding the future daily cash position of the organization, which helps the financial advisors to plan according to that. Brightflow automatically updates the company’s cash flow forecasts with your actuals from spreadsheets uploaded in QuickBooks Online every day. With the help of Float, we can visualize the future of your company and can invest in business or take drawings confidently.
- Webgility: It gives support for e-commerce business. The Webgility will help you to sync your online sales to the corresponding clearing accounts. The activities will be monitored and practically reconcile itself by using this application.
- Tax Planner Pro: Tax Planner Pro is an application from Quickbooks which deals with the tax payments. This application grabs your company data from QuickBooks Online (QBO) and gives you projected and accurate tax information. Tax Planner Pro helps the CPAs(Certified Public Accountant) to complete the tax documentations on time without any extra payroll.
- Transaction Pro Importer: The Transaction Pro Importer is an application in Quickbooks Online that helps you to export every data from your old system into a new spreadsheet. A ton of transactions gets imported into QuickBooks Online very quickly.
- Bill.com: Bill.com is an app that helps you to make your life simple. It is an automatic payable process for your account. This application will sync that payment back to QuickBooks Online.
The Advantages and disadvantages of QuickBooks
Advantages of Quickbooks Online
- The Quickbook applications are user friendly and easy to use
- The Efficiency of application in Quickbooks is high and can be used even in complicated situations.
- Quickbooks online subscriptions are economical. So beginners, as well as small scale business organizers, can also afford its price.
- It provides well-organized accounting reports to the users.
Disadvantages of Quickbooks Online
- The application lacks business-specific features like barcode reader etc.
- Lack of direct professional support is the main disadvantage of the Quickbooks online.
- The large file size of this application may affect the speed of processing the data.
- Only a limited number of users are permitted in Quickbooks online.
- There appears some instability in the applications that need to be updated.
The applications present in the Quickbooks online provide better possible supports to the new organizer to establish a business. We are eagerly waiting for better innovations from QuickBooks Online in the near future.