99.9% of Small Businesses Agree. But Do You?

Last week we told you all about Evernote and how it can help you stop stressing at tax time.This week, we want to share another tool that will help you melt away stress during tax season: Quickbooks.

Chances are, you’ve heard of it. The question is, are you using it? And if so, are you using it to its full capability?

At the most basic level, Quickbooks helps you to track day-to-day income and expenses. But if you dig deeper, you’ll understand why 99.9%* of all small business owners include “Quickbooks,” on their list when they’re asked what five things they would bring with them if they were stranded on a desert island.

Here are a few of our favorite Quickbooks features and benefits:

Categorizing projects

Want to see every project you completed or service you sold to just one of your clients? Eager to find out just how much of your revenue is generated from one particular product or service that you sell? When you utilize the categorization tool in Quickbooks you can do all of this.  You can also establish pricing for all of your products/services so adding them to invoices is a breeze.

Quick and Easy Invoicing & Payment Match

With Quickbooks you can easily create a new invoice from your homepage, fill in all the details and send it to your client with just a few clicks! And even better, once you create one invoice, it stores all of the info so creating subsequent invoices is even faster!

Set up a merchant account and you’ll have the ability to accept payments directly through Quickbooks so you can get paid faster. Granted, you do have to give up a certain portion of your pay to utilize this service, but when you want to get paid fast or by people who don’t have enough cash-flow, this is a great option. Bonus: Quickbooks can automatically sync with your bank account(s) so you can track incoming payments no matter how they’re processed (Paypal, check, etc.)

If you do a lot of repeat business with your customers, you’ll love the recurring invoice feature in Quickbooks. It’s super simple to schedule invoices that go out at the same time each month so you don’t have to remember to send it.

Income & Expense Tracking

It’s always smart to keep tabs on your spending habits. That’s one of the reasons we love Quickbooks. It makes it so easy to see how much you’re spending on gas. Or on meals with clients. Or on travel. Or you name it. You can create as many categories as you need. Hello cash flow projection accuracy!

If you’re a goal-setter and the type of person that likes to compare how your sales/expenses this year compare to last year, you’ll feel like you’re in heaven when you run reports on demand with Quickbooks. You can compare just about anything with this cool tool—year, quarter, month, week, even day. See what you want to see, when you want to see it. Boom!

Payroll Management

If you’ve got employees, you need payroll. Quickbooks has a built-in service that allows you to easily pay your employees on time, every time—they even offer direct deposit! And when tax season rolls around, it will automatically generate completed W-2 forms so you don’t have to get grumpy when you find out Staples has run out of stock—again.

24/7 Global Access

Quickbooks offers mobile and desktop apps as well as an online version, so no matter where you are, you can access the information you need, when you need it.

If you’re not using Quickbooks, we encourage you to give it a try. You can use Quickbooks online for 30 days absolutely free. It’s pretty simple to manage, but if you don’t have the time or interest in managing it yourself, give us a call. We’re happy to refer you to someone that can run it for you so you can get back to doing what you do best.

Next week we’re going to share a tool that’s going to help you get organized faster than you ever thought possible. Make sure you come back to read it!

  • In the interest of full disclosure, no we did not do any formal research to verify our findings regarding islands, Quickbooks and small business owners. Truth is, sometimes you don’t have to do research. You just know. That is all.

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