By Kevin Hansen, Vested Business Brokers
As a business owner who has been in operations for many years, you know that the days of calculators, and paper payroll management are gone. Everything you need as a business owner is in one form of software or another. Over the years it may have been overwhelming to make the cyber switch, but with some practice, it has probably proved to be a rather useful one. One of the most popular business software programs that exist is undoubtedly QuickBooks. This is a program that is not just for accountants anymore! QuickBooks can be a vital tool for the business owner as well. Read on for some examples of why QuickBooks is important for a business owner.
Controlling Your Capital
One of the major struggles an owner has as their business grows is delegating the control of cash flow to another employee. It is perfectly natural to want to know exactly where your money is going, and how it is getting there. With QuickBooks, you are able to keep tabs on just that! It is important, however, that you manage your daily transactions in QuickBooks yourself, so everything adds up. But once you become an expert with this program, you will be able to see how the money comes and how it goes.
When it comes to time management, QuickBooks can be a time or money saver. If you have someone working an extra job, or overtime, for example, it is easy for you to enter that information yourself when your Accounts Payable department might not be at the ready. In QuickBooks, you are able to enter one time payments, or you may choose to use a weekly timesheet for recurring jobs or long term freelancers. QuickBooks is super helpful when it comes to tracking the time and productivity for your employees, especially when you are using a do it yourself approach.
As a successful business owner, you already know that proper organization skills are a must have attribute. It is important that all of your information be stored in a streamlined manner. QuickBooks is a strong tool for organizational skills. From online banking, to printing checks, and keeping aware of transactions, QuickBooks leaves no stone left unturned. This is especially helpful when you encounter transactions with which you are not familiar. If you are running things yourself, or have an accounting department, you are able to keep tabs on all transactions. The “ask my accountant code” in your QuickBooks chart of accounts is quite helpful for issues like this. When you need to enter a transaction, or reconcile it, QuickBooks helps you keep your money, and your time, nicely organized.
QuickBooks has proved to be a vital program for business owners for years. If you are still pulling out your hair by organizing things on paper or basic computer programs, you should absolutely consider switching to QuickBooks to save yourself stress, time, and money!