Running a small business can be difficult, especially if you have just started your journey. During times where astute management of your finances can be a make-or-break factor in the progress or sometimes even the survival of your business, detailed accounting is a must.
These are definitely the times when there can be several pain points in your workflow that can make life difficult. Using a feature-rich accounting solution like QuickBooks can help you address these pain points and become prepared for efficiency at present and growth in the future.
Solving these problems with a QuickBooks implementation can help you avoid some of the usual pitfalls that small businesses face while also creating a seamless, intuitive, and efficient accounting workflow that has zero waste and helps you focus on other integral aspects of your business.
The Importance of Eliminating Pain Points
It is important to constantly evaluate the financial performance of your small business, especially if you are in the formative years. Gaining information and insight regarding the profit and loss, assets and liabilities, and costs and earnings of a small business can be vital for all stakeholders including the business owner, investors, and managers.
This insight is the only way proper decision-making, process control, and planning can be devised and implemented inside the business.
Proper accounting and related work are essential for budgeting, financial evaluations, performance evaluations, liquidity management, and legal compliance. By understanding fixed and variable costs, you can implement cost accounting and avoid losing money on non-viable endeavors.
You can manage your resources with more confidence and effectiveness, prevent fraud and malpractice, and have a constant handle on the financial wellbeing of your business.
Since accounting is such an important part of the process, the pain points associated with accounting have far-reaching implications. A lack of astute financial management has often resulted in the closure of small businesses. Adopting a solution like QuickBooks can give you financial information and insight that is relevant to the unique needs of your business.
Let us take a look at five small business pain points and how QuickBooks can help solve them.
Efficiency in Accounting
Efficient, reliable accounting is definitely a major pain point for small businesses, especially if you consider the implications if things go wrong. The flexibility and features that come with hosted QuickBooks can create a fast and efficient accounting workflow that can serve your needs exactly the way you want.
Entries can be made seamlessly and you can choose from a large collection of available templates to create your records. You can also use the solution to create reports and charts, manage payroll, manage timesheets, and create invoices. The small learning curve is a bonus.
Implementing top-notch security in your accounting can be another important pain point that you need to address for your small business. Any unauthorized access or manipulation of data can adversely affect the finances of your small business- finances that are crucial for growth and development.
QuickBooks has always been known as a secure platform and the enhanced security measures in place can bring you peace of mind. Their data centers have exemplary protected and there is also the option of implementing rigorous access control, password protection for logins, and multi-factor authentication.
Arguably, one of the most crucial pain points that you can come across in the operation of your small business is sensible, data-driven money management. QuickBooks comes with a plethora of features and functionalities that are meant to help you accomplish just that.
All transactions are recorded automatically the moment they take place helping you keep things accurate when the next audit comes along. There is a centralized dashboard where you can track all your financial records and the option to link all your bank accounts can effectively eliminate the need for paper statements.
Due dates and recurring bills can be tracked effectively and checks can be printed out directly from the application.
Sales Tracking and Invoicing
Tracking sales, managing receipts, and creating invoices with a high degree of accuracy can be a major pain point for small businesses. Proper sales tracking is instrumental in getting accurate accounting data that can be later used for forecasting and the formulation of strategies. Keeping this in mind, you need a solution that has the right features and can be easily customized to suit your needs.
QuickBooks can help you here with one-touch creation of invoices and receipts. You can also bill individual customers and customer groups- a useful feature if you need to quickly bill several clients for a particular service.
You can extend the functionality of QuickBooks by subscribing to its merchant solutions that allow for easy payment processing and the ability to accept card payments. There is also the option to use the program to scan and deposit checks, taking yet another potentially manual, time-consuming operation off the table.
Saving time, effort, and resources can be crucial in the early years of a small business. The faster you can create, perfect, and establish a streamlined, optimized workflow the quicker you can get to the level of productivity and efficiency that can take your business forward.
A whole host of pain points can be sorted out using the large integration options found in QuickBooks. If you are using or plan to use other applications for solving specific problems in your business, it is highly likely that you would find QuickBooks integrations for those applications and have all your data automatically sync between your platforms. You can see all your clients in one place and implement a centralized workflow that is flexible and scales with your business.
Solving these pain points can be important if you want to keep your business firmly on its planned trajectory. By adopting QuickBooks, you can eliminate inherent uncertainties and get a firm grip on your accounting, easing your way to a better presence in a competitive market.