QuickBooks is a simple and complete accounting and invoicing software for dealers

The success of a business depends in large part on its financial management. Managing a business's finances is a daunting task. Between the management of customer, CPI receivable, salaries and commissions payable management, cost accounting or sales taxes, as a startup you will not be at the end of your sentences. Business owner, professional or liberal, using efficient and reliable invoicing and accounting software is essential for your activity. Today there are a multitude of offers of varying quality, with prices and features that can vary a lot.

Fortunately, QuickBooks exists to help entrepreneurs and dealers manage these tasks.

What is QuickBooks?

QuickBooks intuit is accounting software for small businesses and dealership. It is designed for the management of inventories, costs, income, expenses, CPI, taxes and anything related to the management or activity of a business. You can also use it for managing customer or supplier clearing, generating cost accounting reports and even paying your taxes.

The QuickBooks products includes several solutions that perfectly match the needs of the individual dealers to the multinational. It is therefore important that you choose the right one. You can take a 30-day free trial for test and before sign up. During the trial period, you can use a fully functional version of QuickBooks and test all features. In addition, no credit card is required when registering.

How to use QuickBooks for your business?

Businesses use QuickBooks as a management solution for sales accounting and for tracking their cash flow in their business. They also use it to produce end-of-month and end-of-year analytical accounting reports. In addition, this software is useful for dealers for the management of transactions and sales taxes.

Many financial operations can be performed by this software while maintaining integrity and speed, and this is the most important advantage of using it in dealership. Here are some important solutions:

• Revenue management

You can manage revenue in QuickBooks by creating invoices to track sales by customer and also liability accounts. In addition, according to this solution you can know in real time the exact amounts that your customers owe you (also called balance of accounts receivable).

• Management of invoices and expenses

The software automatically keeps track of your invoices and expenses when you connect your bank accounts and credit card to your user account. So all your expenses are downloaded and categorized. If you need to keep track of one or more cash, check, or transactions made from your bank accounts, you can save them directly to QuickBooks in just a few minutes.

Also, in the management part, it is possible to create a quote and turn it into an invoice when clearing engage.

In addition, this software allows you to pay your payable liabilities at any time when they are due. For example, you can make sure you are paying your state fees on time by creating an accounts payable report. This report gives you real-time details of a pending payables or if you are late so you can be sure to pay it quickly.

• VAT management

VAT can quickly become a nightmare for a business. QuickBooks software can take care of this task for you. Indeed, your VAT declarations and registrations are carried out automatically by QuickBooks and this in strict compliance with all the necessary rules.

Also, with the automation of VAT management, you can get your tax situation in real time, so you always know what you owe the tax authorities or, conversely, the money they owe you.

Generate financial reports and key information about your business

By managing all of your bank account movements in QuickBooks, you can access multiple reports that provide real-time financial information about your business. All reports are preloaded and can be completed with just a few clicks. The reports are updated in real time as and when movements are observed in your bank accounts.  

This can be useful if you need to provide financial information to a potential investor or your bank as part of a business loan or credit application. Besides the Accounts Receivable Report and Accounts Payable Report, you can run the three main financial reports that you need to assess the overall condition of your business at any time, like:

• Profit and Loss Report

The Profit and Loss report can be done in minutes in QuickBooks. It shows you the profitability of your business by summarizing revenue and expenses. The report shows you the net result as well as the losses for a specific period, for example a week, a month or a quarter.

• Balance sheet report

The Balance Sheet report shows the assets, liabilities, and equity of your business at any given time. Note that the balance sheet report in QuickBooks Intuit can be created without much difficulty, because it is already pre-established as and when you have movements on your bank accounts.

•  Statement of cash flows

You can also create a cash flow statement in QuickBooks intuit. The point of this type of report is to show you all the activities that affect the operation, inventory values, financing or cash flow of your business.

• Process payroll

Errors made in calculating liabilities and governmental fees can lead to significant penalties and the dissatisfaction of your trade. QuickBooks has its own payroll calculation feature that can automatically calculate and execute liable payments accurately and on time basis.

• Accept payments online

One of the best ways to improve your cash flow is to offer customers the option of paying their bills online. With QuickBooks, you can add the intuitive payment function for customer sales to every transaction.

  Once activated, all customer invoices that you send by email will have a "Pay Now" button. Your customer can therefore click on this button and pay their invoice using a credit card or by entering their bank details and make the payment.

  Scan receipts

Another way QuickBooks Intuit makes it easier for dealers is the ability to organize paper receipts from within the software. All QuickBooks Online (QBO) subscribers can download the QuickBooks Online app for free on their mobile device, take a photo of a receipt, and upload it to QBO in minutes.  

No more lost receipts or manual tallying of invoices with the list of bank transactions. Indeed, QuickBooks allows you to attach a receipt to the corresponding bank transaction and therefore automatically link it. You can upload an unlimited number of receipts to the QBO, which are stored in the cloud along with your data. This can be very useful for businesses that spend a lot and keep track of their accounts.

Quickbooks pricing plans

QuickBooks Intuit for Online Management offers competitive prices and a variety of subscription offers. In addition, having retail service accessible at all times, some offers benefit from a premium version customer service.

The Simple Start subscription costs $ 8 per month for 1 single user. With this plan you can create wholesale and invoices, track income, expenses, VAT and generate basic reports.

The Essentials subscription costs $ 12 per month for 3 users. It includes all the features of Simple Start as well as tools for monitoring and managing invoices. The main difference with Simple Start is that you can manage the application with multiple accounts.

The Quickbooks Plus plan costs $ 21 per month and can be used by 5 users. It includes all the features mentioned above. All 5 users have the right to create purchase orders, manage inventory, track projects and pay supplier invoices. From this tariff offer, you also have access to cost accounting.

The Advanced plan costs $ 45 per month and can be used by 25 users at a time. As with QuickBooks Plus, cost accounting is accessible with this offer. In addition, the Advanced plan comes with Smart Reporting which includes five digital training courses for your team, access to a dedicated manager and premium customer service. Please note that this subscription is not eligible for the 30-day free trial.

In the next article, we will provide more detail about costs and benefits of subscription pricing plans for QuickBooks.