Streamline Your Small Business Finances with QuickBooks

Small Business Finances

Running a small business involves wearing many hats. You're the salesperson, accountant, HR manager, and more. With so many responsibilities, it can be difficult to stay on top of your finances. That's where QuickBooks comes in. We use the solution to manage our books, so read on to find out if it might be the right solution for your business.

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What is QuickBooks?

QuickBooks is accounting software designed specifically for small businesses. It allows you to easily track income, expenses, inventory, payroll, and more in one centralized system. If you are preparing for tax season, read our related article with tips and tools for easy prep.

QuickBooks online invoicing software
Get paid easily and quickly with QuickBooks online invoicing software.

Benefits of Using QuickBooks

Here are some of the main benefits QuickBooks provides for small business owners:

Organized Finances

QuickBooks organizes all financial information in one place. You can track everything from invoices to bills to inventory. This gives you a bird' s-eye view of your cash flow and finances to make better business decisions.

Time Savings

Manually tracking all your finances is highly time-consuming. QuickBooks automates tasks like reconciling bank statements, tracking mileage, managing inventory, and running reports. This saves you countless hours you can reallocate to growing your business.

Tax Deduction Tracking

Come tax time, you want to make sure you maximize your deductions. QuickBooks makes this easy by automatically categorizing expenses and providing mileage-tracking tools, ensuring you get all the deductions you deserve.

Invoicing and Payments

You can quickly create professional invoices in QuickBooks and even accept online payments through the software. This makes billing clients seamless and helps you get paid faster.

Mobile Access

The QuickBooks mobile app allows you to manage your finances on the go. You can create invoices, track expenses, view reports, and more in the office or on a client site.

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How Does QuickBooks Compare to Other Solutions?

QuickBooks is the most widely used small business accounting software. But how does it stack up against competitors? Here's an overview:

QuickBooks vs. Spreadsheets

Many small businesses start out tracking finances in Excel or Google Sheets. While spreadsheets are flexible, they lack key features:

  • Limited reporting – Spreadsheets only offer basic reports compared to QuickBooks' advanced reporting.
  • Higher risk of errors – Entering data manually leads to more mistakes in spreadsheets.
  • No automation – You must manually reconcile accounts and manually create invoices in spreadsheets. QuickBooks automates these tasks.

QuickBooks vs. Sage

Sage is QuickBooks' top competitor in desktop accounting software. QuickBooks tends to have a better user interface and be more intuitive for non-accountants. Sage offers more customization and industry-specific features for manufacturing and distribution businesses.

QuickBooks vs. Xero

Xero is QuickBooks' main competitor for cloud accounting. Xero offers more customization and 250+ integrations compared to QuickBooks' 750+. QuickBooks has a larger market share and offers more robust inventory management features. QuickBooks integrates with various solutions, including real estate investment software like Stessa.

QuickBooks vs. FreshBooks

FreshBooks is better suited for freelancers and service-based businesses. It offers excellent invoicing and time tracking. QuickBooks provides more reporting features, users, and overall capabilities to scale.

No matter which competitor you compare it to, QuickBooks consistently comes out as a top choice for small business accounting.

QuickBooks Product Options

QuickBooks is offered in various desktop and online products to meet business needs.

QuickBooks Online

QuickBooks Online is a cloud-based version ideal for small businesses. It's accessible from any device.

QuickBooks Desktop

QuickBooks Desktop is installed locally on your computer. It offers more customization and is better suited for larger businesses. Plans start at $299/year.

QuickBooks Self-Employed

Ideal for freelancers and independent contractors, QuickBooks Self-Employed offers basic invoicing and expense tracking for $15/month.

QuickBooks Payroll

You can add on payroll processing within QuickBooks to handle payroll taxes and payments. Plans start at $45/month.

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Is QuickBooks Right for You?

QuickBooks is an excellent choice for nearly any small business. Here are a few signs it may be suitable for your company:

  • You need to create recurring invoices and accept online payments
  • You want to save time reconciling bank statements
  • You have inventory to track and manage
  • You need to monitor your cash flow in detail
  • You want to maximize tax deductions

QuickBooks makes managing your small business finances much easier. The software pays for itself by saving you time, organizing your finances, and giving you insights to grow your business.

Get Started with QuickBooks Today

Ready to simplify your small business accounting? You can try QuickBooks now and Save 30% on QuickBooks for six months. Sign up now to streamline your finances and take control of your business.

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