Modern accounting processes are a lot like puzzles. The scope of modern accountancy does not only include bookkeeping but also includes various crucial aspects about how your business operates as a whole. As a small business, you need to use the accounting data at your disposal to generate insights that will benefit you. Accounting data, properly analyzed, can tell you all about how you are performing in comparison to similar businesses and what you should do to improve. You should keep track of where your greatest profits or losses are coming from. This will help you identify areas where it is worth spending a little extra or cutting back.
Accountants are like sculptors. They can help you identify areas where your business will flourish, but also points where you have to change the way your business operates so that it better reflects the current needs of an ever-changing market. Ultimately, they help you conduct any necessary changes and make sure that anything you do in those areas is profitable. However, if there’s a mistake or anything else goes wrong during the process, then mistakes will be made, which might lead to fines for penalties or money for solutions.
A better proposition would be to use QuickBooks accounting software especially merged with QuickBooks pro hosting to manage your accounts. Here are a few areas where it will help your records to be accurate and save you from any sort of penalty.
Accuracy of financial reports
A financial report is like a health report card for your business because it lets you know how well things are going in terms of revenue, expenses, and profitability.
In order to draft these reports accurately, businesses need to use specific methodologies and formats that are overseen by the IFRS and GAAP. It is important to remember that analyzing such a huge amount of data can be challenging, but a lot of companies have systems in place that aim to make it easier using the latest automation technologies. It takes hundreds of accounting figures into account, including sales, depreciation, amortization, etc. In conclusion, preparing accurate financial reports is no easy feat.
QuickBooks pro hosting provides you with a flexible environment to make sense of your numbers. You can set up various reports with just the information you desire, track sales and expenses, review financial information in real-time, and understand how costs can fluctuate over time by examining historical data. You can produce reports quarterly, monthly or weekly saving you hours of work entering data across multiple spreadsheets every day!
QuickBooks pro cloud hosting users can also import information from third-party financial institutions directly into the reports. Additionally, industry-specific accounting is no problem for QuickBooks as it works to match users’ needs and preferences.
Managing Payroll
Payroll can be described as an important accountancy process within business management. Failing to be correct with payroll could lead to your workers handling issues and being dissatisfied, and not performing at the level they usually do. Payroll accuracy is also vital for employee taxation and legal matters.
Because of how efficient the QuickBooks payroll system is when merged with QuickBooks hosting, you don’t have to worry about going through a hectic process to produce each payroll. Instead, when it comes time to pay out employees or contractors, you simply run a report through the software and mark who has been paid and who hasn’t. This can easily be done online and will help streamline your payroll process tenfold so that the work doesn’t weigh you down as it would otherwise. You also have complete control over paying your employees by check or direct deposit, which we know you are going to love!
Payroll taxes don’t have to be problematic. QuickBooks accounting software will calculate them, file the appropriate forms and make all required withholdings such that you are never caught off guard with any unpaid tax bills.
Automated data entry
Most businesses enter their data manually and the process is slow, inefficient and prone to miscalculation. Relying on manual methods of data entry brings with it a range of issues including the growing size of business, more complex tax legislation and increased complexity in financial statements and profitability reports.
Here’s how QuickBooks pro hosting can help when it comes to organizing receipts: you simply take a picture of a receipt and then scan it. When you do that, this accounting software not only interprets your receipts but also categorizes and stores them in the system where you can access them. Additionally, the software links these receipts with your bank transactions – so now all of your expenses are in one place!
Since QuickBooks hosting is cloud-based, there’s no limit to the number of receipts you can scan and save. Plus, the process hardly takes up a few minutes. And if you use a mobile scanner (like your camera) to capture and store receipts, your accounting tasks — especially on business trips — become even easier!