We have touched before on the pros of switching to digital accounting software, but we wanted to focus a little more closely on QuickBooks. If you are not already using it, the chances are you have heard of it from fellow business owners or through their advertising campaigns. If switching to QuickBooks is something you’re considering, this might just convince you to finally make a move.

QuickBooks now has over 3.6 million users worldwide, an increase of extra 1.4 million subscribers since spring 2018, making it one of the most popular online accountancy software along with Xero and Free Agent. Aimed at sole traders, small business owners and VAT registered it offers a fantastic range of cloud based tools to help you stay on track and save time.

What do most of our clients use it for?

To stay on top of their cash flow.

You can issue quotes and invoices, track payments, add expenses and see an overview of your businesses’ financial performance. You can get up to date reports, including balance sheet, profit & loss and cash flow statement. The software also lets you see all unpaid and late invoices within a matter of seconds and allows you to set up reoccurring payments which and generate invoice automatically. The “Snap and store” option on QuickBooks smartphone app allows you to take a picture of your receipts, categorise them and safely store online without having piles of papers lying around the office.

Payroll and Auto Enrolment

You can quickly generate payslips for your staff and either download them to print out, or send directly from QuickBooks. You will also be able to do P45’s or P60’s and generate payslips for employees on statutory maternity leave or sick leave. The system also allows you to add details of your company’s pension provider for auto enrolment and manage pension contributions.

To make self-assessment and VAT returns a breeze.

Since you can connect your business bank account, integrate QuickBooks with your online sales platform (Shopify, PayPal),easily add expenses, run payroll and auto enrolment, it puts the end to laborious manual data entries and calculations. You can view an estimate of what you will owe, without any major surprises. VAT registered customers can review their figures then submit your VAT return at a touch of a button. You can even calculate the VAT-related expenses you can claim back.

Most importantly, you can share account access with your accountant. Our in-house, dedicated QuickBooks expert can look over your submissions, give feedback and helpful advice. With Making Tax Digital fast approaching, this is a great tool to be ready, save time and give an accurate overview of your business.

If you think that QuickBooks is something your business would benefit from, get in touch with us and use our special discount for new sign-ups. To see our other suggestions of cloud based accountancy softwares, please read our past blog: About Quickbooks, FreeAgent & Xero…

If you’d like to get involved with or need help with Quickbooks or other digital accounting software call our friendly team on on 01752 895648.