Whether you've been running your business for a while or you're just about to jump into the game, you've probably heard of QuickBooks.
This versatile accounting software offers its clients an excellent way to keep on top of the trickiest aspects of business, including payroll, taxes, and more.
You can use QuickBooks whether your business is physical or virtual, but it's an extremely popular choice for online business owners. Ready to get started? Here's the ultimate QuickBooks beginners guide you've been waiting for.
QuickBooks is one of the most popular accounting software on the market for small businesses, both physical and virtual.
This versatile accounting software developed and marketed by Intuit can control all of the financial aspects of your business from one platform. With QuickBooks, you can do things like:
.... And much more.
For online business owners, QuickBooks Ecommerce is a popular integration. We'll explore this a little further below.
If you're running an online business (especially a shop), you won't be running like a normal business. The internet has no closing time, so customers can make transactions 365 days a year, 24 hours a day. That's a lot of potential customers!
However, it's not all smooth sailing. You'll need to maintain stock levels, track your expenses, market yourself, and keep on top of your financial planning.
If you don't, you won't be setting yourself up for success, and you risk running into bigger issues down the line.
One of the biggest tasks to handle is bookkeeping. Regardless of your business model or industry, you'll need to maintain and track your financial statements, including income statements, balance sheets, and cash flow statements.
You'll also need to keep on top of inventory tracking, sales orders, invoices, and receipts, which can be pretty overwhelming. This is where software like QuickBooks ecommerce comes in handy.
You can integrate your sales channels directly to QuickBooks, which will show all of your sales, income, and expenses in one place, in real time.
QuickBooks e-commerce integrates with Amazon, eBay, and Shopify - so, if your online business is on any one of these platforms, you can dive right in.
For inventory control and management, you'll have access to features like:
... and more.
With automated omnichannel operations, you can increase the profitability and productivity of your business, while giving your customers the option to view catalogs, set up customized price lists, place wholesale orders, and much more.
Think of it as a hands-off approach to running your business!
You can even optimize your sales channels, and see which ones are the most profitable in real-time, thanks to an abundance of reports and clear dashboards within QuickBooks.
Being ready for tax time is one of the biggest benefits of QuickBooks. You can keep on top of your taxes in the app, and even submit your tax return via the app.
Why Is QuickBooks Good For Online Businesses?
One thing you should know about Quickbooks is that it's NOT an Enterprise Resource Planning solution (ERP). This is because the majority of Quickbooks tools focus on inventory management tools and financial planning tools.
Quickbooks is used by small to medium-sized businesses to manage and run the financial parts of a company. However, an ERP would also allow you to handle company assets as well as finances.
If you're not interested in an ERP, QuickBooks is a reliable and efficient tool for your online business. Here's why:
Using QuickBooks As A Beginner
This includes budgets, employees, customer and vendor data, supplier bills, and more. You'll be able to import data from MS Excel files, CSV files, web connect files, and more.
This is one of the greatest features in QuickBooks for online businesses. You'll see a list of different categories where you can organize your business finances. These include assets, income, expenses, equity, and liability.
QuickBooks has default settings to manage these categories, but you can also personalize them with your own expenses and account types.
Setting up payroll is one of the most important things you'll do on QuickBooks. By adding your payroll here, you can keep everything in one place and categorize your expenses so you can see exactly how much you're spending.
You'll need to add important information including pay policies, tax, deductions, and set your preferences for cheque printing.
QuickBooks works best when you keep on top of things. You'll need to reconcile your accounts regularly, and ensure your account reflects the true nature of your card statements.
QuickBooks recommends doing this at least once a week, or more frequently, depending on how busy your business is.
If you're running an online business yourself, keeping on top of your finances is one of the most stressful aspects to contend with.
Thankfully, QuickBooks (and QuickBooks Ecommerce makes it easier than ever to keep track of your finances and expenses, and view snapshots of the health and profitability of your business in real-time, all from one dashboard.
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