No matter what’s the nature and size of a business, keeping an accurate record of all the tasks that happen in a brand is critical to make it successful in the industry. Whether you’re an owner of a startup or an accountant in a small or medium scale organization, you’re definitely missing out on a big business opportunity if you’re one of those who are not using QuickBooks.
Maybe you’re not aware of QuickBooks’ importance, but it is the most crucial investment for your small and medium-sized enterprises (SMEs) – playing a huge role in bringing profits to your brand.
Basically, QuickBooks (QB) is accounting software. It is specially designed for SMEs to help them with streamlining their finance and accounting processes. This software has a variety of editions that can be tailored as per the specific requirements of your brand.
If you’re still not convinced and wondering why your business needs QuickBooks, then continue reading this post. Here, you will come to know about some of the most frequently asked questions (FAQs) about QB, which show why you need to invest in it.
So, without wasting any time, let’s get started.
The simple answer is – YES. This feature of QB is beneficial for brands that are looking to facilitate their clients by accepting credit cards and delivering higher values. Regardless of the QuickBooks version you select, you can insert credit cards as a payment option as this aspect is available in all the versions of QB. That means you can do all your business-related transactions via credit cards, such as:
- You can pay your suppliers via the credit account of your business
- Your customers can pay you via credit cards and so on
Also, a unique feature of QB assorts all the credit card payments separately when it comes to tracking monthly expenditure – you do not need to put in extra efforts for this on your end.
Question 2: Can I Do Job Costing on QB Online?
Job costing is a method of recording the expenses and revenues for a specific job. It includes all the bookkeeping and calculations related to the labor, material costs, and overhead linked to one task.
If we come to the question, yes, carrying out job costing is possible with QB online. But to do so, you need to make some additional efforts. To do job costing, you need to allot labor expenses to each particular task that your business performs. Once you adjust all the settings, all the assessments and calculations will be carried out automatically with the job progress.
Question 3: How Many Employees Do I Need to Handle QuickBooks?
The answer to this question entirely relies on the level of your operations that occur in your company. If you’ve just started off, then you don’t need to hire a full team to optimize the accounting operations of your business. All you require is – register for QB Pro and go through some tutorials. It enables you to perform all the necessary tasks of your brand, such as cost tracking, quarterly tax filings, payroll generation, sales invoicing, and more. QB Pro can accommodate up to 3 users.
However, with the growth of your business, you can go for more advanced editions of QB. To swap your version, you will have to contact your hosting provider. Also, if you’re not sure which edition you should choose, you can ask your hosting vendors to help you with this. Your best options are QB Enterprise and QB Premier.
Question 4: Should I Need a Separate Payroll Service?
One of the significant issues with accounting software is that – users are liable to pay for the payroll service separately. But with QB, you don’t need to go for a separate payroll service as it comes with a built-in payroll service. However, if you want the QB to calculate how much payroll tax to withhold, you require to subscribe to one of the payroll services of QuickBooks. Also, it is entirely up to you to determine whether you desire to pay your taxes along with other liabilities or outside the QB account.
These are some insights to help you clarify some commonly asked questions about QB. Hopefully, you got your answer after going through the post. So what are you waiting for now? If you want to take your business to the next level, then you must invest in QuickBooks as soon as possible.
Being a newbie to this, if you’re not sure which version of QB you need to pick for your brand, then consider contacting Cloud 9 Hosting. Regardless of your business level or how many customers you’re handling, we will help you in choosing the version that will fit the specific needs of your enterprise. To know more about QuickBooks hosting services, feel free to contact us.