Quickbooks for Small Business

Quickbooks is a small business accounting software that can help you with day to day bookkeeping, syncing all your business bank accounts and business credit cards, invoice clients, track inventory, and much more. It makes your small business accounting much easier.

To start a new business is easy. All we need is a fantastic business idea, a vision, and money for the new venture. During the execution stage, there are various crucial decisions to be made. These decisions pertain to day-to-day smooth functioning of business.

You will need to decide about your marketing strategy, stock management, handling sales bills and invoice, tax filing, employee work hours and more. You think of hiring a person to handle these functions. These expenses will be a burden on your start-ups. Is there a way to lessen this initial burden? Is there a common platform available to take care of these administrative functions? Is there an efficient system to handle these tasks accurately?

The solution is simple – Quickbooks for Small Business from Intuit.

Quickbooks is a cloud accounting software program especially designed for small businesses. This is a comprehensive package that helps small businesses. You can run the entire gamut of functions all by yourself or employ someone to assist you with it. This helps you to save on staff.

The top uses of Quickbooks are creating invoices, connecting credit cards and keeping a track of income and expenditures. It also generates profit & loss, balance sheet and cash flow reports. It handles payroll, tracks inventory, simplify taxes, handles online payments received and scans receipts.

Let’s check the various features of Quickbooks so that you can understand if it is right for your business.

Quickbooks Small Business Accounting Software Features

Quickbooks Accounting software provides smart solutions for accounting. It is rated one of the best accounting software on the market. It can be installed on the desktop or you can use it via a mobile app. It can be accessed online and it easily integrates with apps like Google, Shopify, PayPal, etc. An automatic backup facility is available to ensure none of your data and records are lost.

It helps you with bookkeeping, bank reconciliations, and sales tax, tracking of expenses, creation of estimates and report generation and more.

There are 5 plans for small businesses. They start from $5 per month for the Freelancer plan and goes up to $75 per month for the Advanced plan. The most popular plan is the Plus plan for $35 per month. All plans offer the feature of capturing receipts and offers excellent customer support. The plans are easily upgradable since there are no fixed contracts.

Quickbooks Payroll Features

Quickbooks Payroll mainly includes issuance of payroll checks, handling payroll taxes and form fillings. Handling payroll features is easy and previous accounting experience is not needed. The data is imported from a spreadsheet.

Payroll features include the following – creation and updating of payroll, bank deposits for employees, federal and state forms, Employee compensation service and handles tax forms and computation. There are 3 types of desktop payroll to choose from i.e. Basic for $29/month, Enhanced for $45/month and Assisted payroll for $109/month. One interesting feature in Assisted payroll is No Penalties guarantee. This means if you give full and correct information regarding taxes then the service provider will take full ownership of any mistakes made by them.

It offers 5 subscription plans and the fees are $2/month per employee. It doesn’t have a limit for adding employees. However, it has been noted that if the employee count exceeds 800 then you may experience some performance issues.

Quickbooks POS Features – Best POS System for Small Business?

Quickbooks POS feature offers the best Point-of-sale service for retail business.

It offers desktop, mobile, and web-based POS options for businesses of all sizes. It allows you to enter sales information directly to its accounting software. It is simple and user-friendly.

POS software allows you to scan bar codes, record sales, calculate inventory, process credit card, print labels and has shipping tools, calculate discount and loyalty points, and manage purchase records.

Quickbooks POS software can be availed by paying a one-time fee. The Basic is for $1,200, Pro for $1,700and in case you have multiple stores then opt for Multi-Store plan for $1,900

The price for hardware ranges from $109.95 to $409 and the subscription fees will be $79/month.

Quickbooks Capital – Small Business Loans Features

Quickbooks Capital is a financial service offered by Intuit Financing Inc. The company grants business loans to its eligible customers. It provides working capital loans for short terms.

It is similar to PayPal working capital loan. Quickbooks Capital was launched in 2017 and it is relatively young. This is a good finance option for seasonal business or new business as it will be difficult for them to source funds from regular agencies.

It offers loans for a term of 6, 9 or 12 months. The interest rates are around 3.14% to 18.17% which is at par with other leading companies. The sanctioned borrowing limit is $6,000-$100,000

The eligibility criteria are simple. The applicant should be a user of Quickbooks online services with primary bank accounts linked to Quickbooks. The personal credit score should be 620 with business revenue of $50,000 per year. The applicant shouldn’t have filed for bankruptcies in the past 2 years. The applicant should be from any one of the 48 listed states. A personal guarantee is required as collateral. There is no prepayment or pre-closure penalties.

The application process is simple as most details are captured from the Quickbooks account. The approved loan is sanctioned within 2 days. There are no hidden charges and the customer support is excellent. For small businesses, Quickbooks Capital is an excellent option for short-term funding with competitive rates.

Conclusion – Quickbooks for Small Business

Quickbooks provides complete business solutions. It provides accounting software, POS and Payroll software. The software is user-friendly and the subscription rates are competitive. It also gives additional discounts for Payroll and POS services in case you have already subscribed to their accounting software. Quickbooks Capital gives excellent short term funding options. The application process and criteria is simple and easy.

For small businesses, most of the administrative, accounting and financing issues can be solved by using Quickbooks. If we calculate the basic rates for all Quickbooks software for accounting, payroll, and POS with both hardware and software, it is highly affordable. The best part is the entire software is integrated into accounting software. You just need to buy add-ons for Payroll and POS. Quickbooks truly gives all-in-one solutions for small businesses.

The Ultimate Guide to Quickbooks For Small Business Owners

If you’ve ever wondered wether your business needs Quickbooks, this is the only guide you’ll need on Quickbooks for your small business.