It is not uncommon for financial consulting groups to provide QuickBooks in their breadth of services. If you are new to the world of business and just beginning to find your way through the wealth of documents and materials that you are required to maintain then this blog is meant for you.
- What is QuickBooks? QuickBooks is a software program designed to meet the accounting needs of small businesses. It is a tool that allows small business owners and entrepreneurs to organize and track a variety of financial data. Some business owners may choose to hire an in-house or separate financial consulting service who will likely also use QuickBooks to handle the company’s financials.
- What applications of QuickBooks are relevant and essential to maintaining the fiscal records of a company? QuickBooks can perform all the record-keeping tasks that are necessary for a business. QuickBooks can be used to create, manage and maintain invoices while also tracking sales and accounts receivables. A separate function allows the program to track bills and expenses while connecting to a business or personal account that will allow for automatic payments. A summary of what is owed by a client is always readily available.
- QuickBooks can create profit and loss statements that are tailored to a specific time-period request. Do you want your profits and losses over the last few weeks? Months? Year? Set the parameters on QuickBooks for a quick, detailed statement.
- QuickBooks also allows business owners to create a detailed balance sheet report. Included are the assets, liabilities, and equity available in the business at any particular point in time.
- Other valuable information that can be organized and presented through QuickBooks is a company’s cash flow. Payroll can also be run, a valuable component that frees up cash that might otherwise be spent on outsourcing payroll.
- QuickBooks is an excellent tool for tracking company inventory. This program simplifies the task by organizing information according to average cost, quantity on hand, quantity sold (or returned due to damage, etc.) and the total value of the inventory.
QuickBooks is also useful for keeping track of tax liabilities and can even be set to accept online payments and scan receipts. For help getting your QuickBooks company setup or learning how to extract reports and perform reconciliations and tax returns, contact ORT Consulting Group for all your financial needs.