Bookkeeping is an important business function, helping owners stay on top of their finances. These days, bookkeepers have various specializations. Although general bookkeepers has many things to offer, you may eventually need a bookkeeper who have areas of specialization including QuickBooks. Keep reading to know why you may want to hire a bookkeeper who is experienced with this software.
What Bookkeepers Do
A bookkeeper keeps a company’s financial records. The information in the records they keep helps businesses survive. Accurate records prove that certain transactions happen. A bookkeeper maintains the books of a business, tracking income and expenses. Depending on the business’s size, bookkeeping may include the use of accounting software, databases, and spreadsheets.
In addition, a bookkeeper that offers QuickBooks services in Minneapolis tracks the money, often, through daily accounting software postings. By having an idea of how much their business makes and their monthly expenses, they can set budgets, forecast future income and expenses, as well as obtain additional financing. Although a bookkeeper does not handle HR functions like hiring and onboarding, they keep records of salaries, taxes, benefits and other withdrawals on payroll.
What is QuickBooks
QuickBooks is an essential financial tool. Bookkeepers use this program to keep track of financial data. Here’s how the software can help bookkeepers and businesses:
- Accounting. QuickBooks manages the daily income and expenses of a business. A bookkeeper uses the software to track income and expenses electronically.
- Payroll. QuickBooks can track the money meant for payroll, employee benefits, and taxes.
- Invoicing. QuickBooks allows bookkeepers to easily create and track invoices. Also, it has an inventory tracking feature that tracks the amount every client owes and automatically records the income.
- Automated backup service. The automated backup service in QuickBooks makes financial data safe and secure. Should a company run into issues, the data can be easily restored through this backup service.
- Printing financial statements. In QuickBooks, all financial transactions tend to sync into the dashboard. As a result, the software helps monitor the balances of a business and print financial statements that educate business owners about the financial performance of their company.
- Integration. Application integration allows businesses to run efficiently and smoothly by reducing the energy and time spent on different tasks and streamlining communication. With QuickBooks, users can integrate hundreds of business tools like Envoice, Paypal Bill.com, and Gusto.
- Simplifying tax time. QuickBooks makes tax preparation easy for both small business owners and accountants. Keeping track of income and filing tax reports is easier with this software.
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