Benefits of Having Quickbooks Accounting Software Over an Accountant

Accounting refers to keeping records of the financial information of an organization in a professional manner. This information is essential for various concerned people like investors, creditors, management, and regulators. It helps in keeping a record of the revenues and the expenditures. It aids in formulating the future business plans.  

In the earlier times, accounting was performed manually by an in-house staff of the business firms. But in recent times various accounting software like QuickBooks accounting services have emerged which have made accounting tasks simpler and less time-consuming.

Many business organizations are facing the dilemma regarding whether to invest in accounting software or not.  Some of the business organizations are also using QuickBooks support services.

The various benefits of using an accounting software over an accountant have been discussed below:

• Helps in saving time- The latest accounting software like QuickBooks can help in completing the accounting tasks in a prompt manner. Whereas when the tasks are done manually, the time duration is much longer. So by using accounting software, the business organizations will be able to get access to financial data at an earlier stage which will help in taking important business decisions quickly. 
• Reduces cost- For organizations who have substantial and continuous accounting work, using accounting software is the best option. It can help in reducing the number of in-house accountants required in the organization. The cost of purchasing accounting software could prove to be much less than the cost of hiring in-house staff.
• Software does not feel work pressure- There is a tendency among human beings to feel tired after working for a certain number of hours, but with machines, there is no such limitation. An accounting software can work for as long as required without having any effect on the quality of the tasks. Moreover, you will be getting all your accounts complete every morning.
• The option of directly printing checks- The latest software like QuickBooks offer amazing features like an opportunity to print checks, ability to view all the bank records on a single screen etc. All these options are not available with manual accounting.
•  Makes the tax preparation process simpler- Tax preparation can prove to be a complicated affair for many accounting teams. But the latest accounting software can make this task extremely simple due to the inbuilt options.  
•  Help in keeping track of sales- Through accounting software, sales invoices can be printed and proper record of the revenue generated can be kept. This helps the higher management in doing the right business analysis and making plans for the future.
• Opportunity to focus on the core activities- For business organizations with a limited number of staff members, accounting software offers the opportunity to concentrate on core activities and maximize the business potential. 

Cogneesol is among the best accounting services providers in the world. These services are aimed at helping the business firm managements in boosting their productivity by concentrating on core activities which are related to revenue generation. 

To get more information, contact us at info@cogneesol.com or call us at +16466882821.        

An Evaluation of Top Accounting Software – QuickBooks, Peachtree/Sage50, Intacct

In today’s cut throat business environment, the focus has shifted from traditional and laid back methods of yester years to ones where the emphasis is on optimizing operational efficiencies. This is mostly achieved through concentrating on core competencies in-house and spinning off back office functioning to lower priced options. One of this is accounts and bookkeeping functions. Doing so is especially helpful for small business accounting, start-ups and mid sized companies that have to look constantly for ways and means to reduce expenditure to increase profitability.

While outsourcing of accounting tasks is now the much preferred choice of businesses, the process has been facilitated by the introduction of cutting edge software that has made accounting processes very simple. On top of the pile are QuickBooks, Sage 50 (erstwhile Peachtree) and Intacct.

A brief evaluation of their main features will be in order –

QuickBooks – It all started with it being a way out to simplify personal financial management and later progressed to becoming a tool offering maximized accounting solutions. The main benefit of QuickBooks is its ability to assist every facet of the accounting system. QuickBooks accounting services provides paths to constantly monitor income and expenditure and helps in quick and speedy finalization of bank reconciliation every month. Tedious and repetitive tasks like payroll management and tax computation and finalization is made easy with QuickBooks.

QuickBooks bookkeeping services are amenable to almost the whole gamut of industries and business. Those that stand to gain heavily include wholesale and retail services, any small and midsized business and wherever top class accounting solutions are needed to increase performance levels.

Sage 50 - Formerly known as Peachtree Accounting, Sage 50 in its new avatar is accounting software that complements small to large businesses and individual entrepreneurs who want to streamline their bookkeeping functions. The main advantage of Sage 50 is that it is very versatile and flexible software and offers its users a wide range of options. These include choices to businesses to fully integrate it in their total existing systems or opt for standalone functions such as payroll management or inventory management or invoice management. It can even be structured for exclusive client servicing.

What then are the key metrics of Sage 50? For one, it aids in devising comprehensive accounting solutions. Accounts payable, bank and credit card reconciliation, inventory tracking and monitoring, purchase planning and checking of income and expenditure are some of the key heads of accounts. It also helps in forecasting cash flow and working capital requirements.

Intacct – Unlike the other two, Intacct is a cloud based solution offering the whole range of accounting functions. It can be customized to match specific requirements of different business sectors such as retail and wholesale, hospitality and tourism and healthcare. However, these are just illustrative examples only.

Intacct provides a high degree of customization. It is possible to have reports generated with specific fields of choice, have client wise tailor made financial solutions for vendor monitoring and inventory management and go for total employee tracking including payroll processing, tax computation and finalization of tax returns. 

While this software can be used across all sectors, unlike Sage 50 and QuickBooks accounting software this is rather more complex software as it is cloud based. Hence it is not considered to be suitable for small businesses and startup where the level of professional expertise amongst employees is not expected to be as high as those in midsized and large corporations. 

A brief summary of the features of QuickBooks, Sage50 and Intacct will bring things to a clearer perspective –

QuickBooks – Pros - Offers great support to Outsource QuickBooks accounting, precise financial management, user friendly navigation, seamless integration with third party applications. Cons – Limited inventory management options.

Sage50 – Pros – Accurate financial management, robust web based accounting, reliable inventory management features, easily monitored work-flow, multiple accounting options. Cons – restricted inventory management.

Intacct – Pros – Complements a wide range of business sectors, integrates with specific client needs, tailor made dashboards. Cons – Top of the line features that may be too complex for small businesses and startups.

Recommended Post : Quickbooks Software : What Does It Do With Your Business Accounting?

Finally, whichever accounting solution that you might go with, be assured that it will optimize your business efficiencies.                    

           

QuickBooks Accounting Services - Empowering Small Businesses

There is no fixed definition of small business. It varies between countries and parameters that help define it. The common perception is that companies that have simple ownership patterns like partnerships or sole proprietorships or even corporations that do not have elaborate stakeholding structures can be labeled as small businesses. 

An example will clear the air to a certain degree. Under Australian Fair Work Act 2009, the criterion for small business ranges from fifteen employees and ditto for the European Union. In the United States, small businesses are classified as those having less than 500 workers.

• In many countries around the world, small businesses are given huge incentives by the Government as they are seen as a dynamic vehicle for economic growth. 

• Small convenience stores, restaurants, tradesmen, bakeries and even professionals like accountants, lawyers and photographers are put in this category. 

• Small manufacturers with limited capital investments in plant and machinery are also clubbed here. Quantum of turnover, assets, and profits are also taken into account.  

• All these points to one definite direction – that small businesses have limited needs and more or less are those that operate within fixed preset boundaries. 

• Start-ups that are on their way to becoming profit generating entities also fall in this category. It is in this scenario that their need for accounting services has to be evaluated. 

But any business big or small has one requirement in common and that is the need to have a good accounting setup so that the process is always clear, precise and accurate. And this is where QuickBooks Accounting Services have a big role to play in empowering small business and driving them forward. 

How then do small businesses stand to gain from these services - 

Ease of operations – This is very important as most small businesses outsource their accounting process primarily to avoid investments in setting up hardware and software and hiring trained accountants. As a small business owner, your system is continuously updated by accounting services almost on a real-time basis. 

The advantage of QuickBooks software is that the online dashboard is periodically updated and gives snapshots of all financial data. Thus it is possible to track income and expenditure, accounts receivable and payable, cash flow requirements and other operational data. You are thus in total control of your small business.

Streamline time management – The main strength of QuickBooks is that it automates tasks. Small business owners are perpetually running short of time. You have to look into so many aspects that are the priority for you. QuickBooks automates key accounting procedures such as recurring invoices and payments of bills, categorizing expenses into different heads of profit and loss account and syncing bank and credit card transactions with general ledger cash. 

This saves time on procedures that would normally have taken up a lot of your attention. It is in addition to the built-in report formats that are updated continuously, enabling you to get financial statements on the go at any point of time.

Be connected on the go – QuickBooks accounting software keep your books in order and you might find it necessary to monitor your data continuously. In this Internet-fuelled age, this is easier than you think. With specialized apps, you can access QuickBooks from your smartphone or tablet anytime to take important business decisions or cash in on sudden openings and opportunities. 

For a small business, this can often be the thin dividing line between failure and success. The software is also compatible with such tools as PayPal so you can transact business even if your customer is not using QuickBooks.  

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Why Use QuickBooks for Small Business Accounting?

How does QuickBooks service function? You scan your invoices and documents and upload them to the outsourcing agencies through secure servers or as attachments to email. They will log into your server over secured remote access service, update your existing records and log out. When you next log into your system, the records have been updated leaving you with time to be devoted exclusively to core business activities. 

If you are a small business owner looking to be empowered with quick growth and development, availing professional Outsource QuickBooks accounting is your best option. To this end, get in touch with us at info@cogneesol.com. Our team of experienced and qualified accountants will ensure that you can concentrate single-mindedly to chalking out plans for business expansion while we fully take care of your accounting functions.