Managing the books of a small business can be a constant challenge for business owners. Keeping track of invoices and expenses, maintaining records, and remembering tax obligations – it all takes time away from your core business. If you’re trying to manage the books with cumbersome paper-based systems, you probably find it even more overwhelming than the average business owner. Small business accounting software, like Intuit QuickBooks accounting software, can cut the time it takes to manage your business books effectively. In this blog, we delve into the 11 key benefits of using QuickBooks for small business and why it’s considered one of the best accounting software options available.
1. QuickBooks Accounting Software Will Streamline Your Financial Management
The main benefit for small businesses is that financial management tools like QuickBooks accounting software can significantly streamline your financial processes. With this business accounting software, you will be able to:
- Automate repetitive tasks
- Get bill reminders for accounts payable
- Monitor your cash flow more closely
- Follow up on outstanding invoices easily with automated reminders
Managing your books doesn’t need to be time-consuming. Accounting software, like QuickBooks, can also help you avoid human error when it comes to managing your books. And, what’s more – it’s a user-friendly tool. You don’t need to have a financial background or be a computer whiz to navigate it. Simply sign up for a QuickBooks account and follow the guidelines to set up your business finances.
QuickBooks’ intuitive dashboard gives you a clear overview of your business’s financial health from day one. With colour-coded reports and visual insights, you can quickly spot trends, overdue invoices, or upcoming bills. Whether you’re a new business owner or someone upgrading from spreadsheets, QuickBooks can help you take control of your finances with less stress and more confidence.
2. QuickBooks Simplifies Tax Time
Do you sometimes find it challenging to navigate tax time, piecing together your business transactions to make sure you have accurate records? If you do, you’re not alone. Many businesses struggle to track their finances and work out their tax obligations. With QuickBooks, you can track income, expenses, and GST with ease.
With all your tax information collated efficiently in QuickBooks online accounting, you can send what you need directly to your accountant for your annual tax lodgement and BAS lodgement with just a few clicks. No more paying additional fees to accounting professionals to sift through your finances at tax time, trying to make sense of the data to find what they need for filing tax reports.
The ATO regularly updates compliance requirements, and QuickBooks stays up-to-date so you don’t have to. You’ll also have access to features that flag any missing tax information and make it easier to claim deductions. For many business owners, this reduces the anxiety that comes with tax season and can even result in real savings by minimising errors or omissions.
3. Project a Professional Image and Improve Customer Relationship Management
QuickBooks isn’t just useful for managing financial data. It’s a tool in your toolbox that can help you project a positive image for your business. It’s easy to create customisable invoices and quotes, branded with your logo and business details.
You will also be able to keep track of your customer’s monthly spend and gain other important customer insights so you can improve your customer relationship management and accounts receivable processes.
Presenting clear, professional invoices helps establish trust with clients and speeds up payments. QuickBooks’ client tracking allows you to follow up quickly with customers, and you can even set up recurring invoices for your regular clients. This not only saves time but also helps build reliable, long-term relationships with your customer base.
4. Connect Your Accounting Software With Useful Apps and Bank Data
One of the key advantages of using QuickBooks is its integration capabilities. You can connect QuickBooks to your bank accounts and credit card accounts, making bank reconciliation and financial data tracking a breeze. It also integrates with over 300 apps so you can connect to eCommerce and payment platforms and other useful tools to streamline your business operations.
App integrations aren’t just for tech-savvy business owners. Even simple connections, like linking your payment processor or online store, can reduce manual entry, minimise errors, and give you a holistic view of your sales and expenses. This saves you time and gives you the information you need to make smarter business decisions.
5. Improve Your Inventory Management
QuickBooks can connect to inventory tracking apps so you will have real-time visibility of your best sellers and poor performers. Maximise your profit with simplified inventory management and detailed reports at your fingertips, including job costing features for better project management.
Knowing your inventory status in real time allows you to reorder fast-moving products before you run out and to identify which items are tying up cash. This helps you optimise your cash flow and ensure you always have the right stock on hand to meet customer demand.
6. Experience Better Financial Reporting, Forecasting, and Cash Flow Management
If you want to make good business decisions, you need to have good information. And, if you’re using disorganised systems to manage your books, it can be hard to get an overall view of how your small business is performing.
QuickBooks Online allows you to run a range of reports to help you manage your business. From profit and loss reports and balance sheets to cash flow reporting and tax management, the software is designed to make it easier for you to find out what you need when you need it.
You can customise your reports to highlight what’s most important to you, whether it’s monthly revenue, outstanding debtors, or expense breakdowns. Advanced reporting helps you spot trends, prepare for busy periods, and avoid cash flow surprises.
7. Process Payroll with Ease
You can add payroll software functionality to your QuickBooks cloud subscription for just $5 per employee per month for standard payroll. Subscriptions also come with automatic payroll compliance updates so you can be certain that you’re working within the latest ATO requirements for tax compliance.
Payroll compliance is an area that trips up many small businesses. QuickBooks’ automated payroll updates keep you in step with changing regulations, helping you pay superannuation, calculate leave, and provide payslips with confidence. This saves you from late fees and employee disputes.
8. Trusted Financial Data Protection
It’s important to keep your accounting system and financial data safe. They are valuable assets to your business. Using cloud-based accounting software means your data will be protected if your business computers and servers are lost or damaged, for example in a fire or flood. Using a trusted accounting software tool such as QuickBooks ensures data security from a cybersecurity standpoint. QuickBooks has security measures in place, including 24/7 security monitoring, to protect from data breaches.
Beyond disaster recovery, QuickBooks’ multi-factor authentication and user permissions mean only those you trust can access your data. You also get regular data backups, so you never have to worry about losing important financial records.
9. Affordable Pricing
QuickBooks offers various subscription levels and pricing plans. So, you can choose the price and option that best suits you and your small business. If you’re on a tight budget, the Simple Start plan is an entry-level subscription with all the basic features a small business needs to manage their books.
If your income and business grow and you need more users registered, there are no lengthy contracts to be concerned about. Business owners can cancel or upgrade their QuickBooks plan whenever they need to.
Pricing transparency means you can scale up or down as needed, without being locked into expensive contracts. This flexibility is ideal for startups, seasonal businesses, or anyone wanting to try a new system without a big upfront investment.
10. Free Switching Service Offered on QuickBooks Online Subscriptions
If you’re considering a switch to QuickBooks online accounting, they have a free switching service available on some plans to make the transition less of a headache for business owners. Whether you’re currently using Excel, Xero, MYOB, or Reckon, you can switch from your old accounting solution to QuickBooks easily.
A smooth transition means you don’t lose historical data or spend hours re-entering old transactions. QuickBooks specialists can help map your old accounts and records, ensuring nothing is left behind, so you can get up and running quickly.
11. First Class Accounts Has More Than 100 QuickBooks Bookkeepers Available to Help You
No matter how good accounting software is, it’s important to remember the “garbage in, garbage out” principle. Small business owners may still struggle to find the time to set up their accounts correctly and to do the ongoing data entry required to maintain accurate accounting records. Despite the many benefits of QuickBooks, there are still some things such as uploading receipts and recording payments that you just can’t avoid.
That’s where qualified QuickBooks bookkeepers can come in very handy for small business owners. They can set up your accounting records, and help you to make the most of the robust accounting features that tools like QuickBooks offer.
Do you want to outsource to a professional?
First Class Accounts has a team of more than 100 qualified bookkeepers who are trained in QuickBooks spread right across Australia. If you want to focus on your core business and outsource your bookkeeping to a professional, First Class Accounts can help.
A First Class Accounts bookkeeper can provide tailored training, help you set up payroll, or assist with integrating other business tools, making sure you get the most out of your QuickBooks subscription. Their ongoing support means you’ll never be left figuring things out on your own, and you’ll always have an expert to call for help with compliance, reporting, or day-to-day questions.
QuickBooks for Small Business: An All-In-One Solution
In conclusion, Intuit QuickBooks accounting software offers a comprehensive solution for small businesses looking to streamline their financial management. With features like automated bookkeeping, expense tracking, multi-currency support, and a mobile app for on-the-go access, QuickBooks provides the tools necessary for efficient business performance tracking.
Whether you’re handling invoicing, managing payroll, or need assistance with GST tracking, QuickBooks for small business owners—and accountants—offers powerful tools and peace of mind. And with support from a dedicated First Class Accounts bookkeeper, you can focus on what you do best: growing your business.
