An Overview Of QuickBooks

Hello, readers! Welcome back to the Hoods Tax & Accounting blog! If this is your first time here, welcome! We’re delighted to be able to share up-to-date information about taxes, bookkeeping, and accounting. Our blog is also dedicated to educating you about tax-advantaged savings accounts, tax provisions, programs, and more! We aim to provide you with the tools needed to meet your short and long-term goals. Our seasoned professionals are experts on the tax code, eligible deductions, and QuickBooks—all necessary fundamentals for saving you money! The Hoods Family has been around since 1988 and our comprehensive accounting and tax planning services are among the best in the Lowcountry. If you are in need of tax preparation, accounting, QuickBooks training, or business consulting services, do not hesitate to schedule an initial consultation! We are officially in tax season, and Tax Day is fast approaching. We recommend preparing early to maximize your savings and refund. We do offer contactless services using a combination of over-the-phone consultations and digital drop-offs, for safety and convenience. You can read more about our hours and submit a request for a meeting using our website!

It’s now October, which means there are only a couple of months left in this tax year! Make sure you have your documents ready– Don’t wait until the last minute! We are still available to help with any questions or concerns you may have. Before we get into today’s topic, we would like to make you aware that we are offering tax planning appointments to assist with questions about withholding, small business tax, retirement and investment accounts, sale or purchase of rental properties or other estates, and more! Reach out to us to set up an appointment with one of our knowledgeable tax professionals.

In our last blog, we discussed the differences between a bookkeeper and an accountant. . Both of these professions have to do with finances, and both of them can be beneficial to you in your personal life or your business’s operations. But what are the key differences between them, and do you need to hire both? We answered these questions and more in our previous post, so be sure to check it out!

Today, we’ll be talking about all things QuickBooks. QuickBooks is an accounting software made by Intuit, and is geared toward small and medium-sized businesses. It is essentially a financial management suite with tools for everything from accounting and tax filing to payroll and budgeting, and everything in between! Here at Hoods Tax & Accounting, we are filled to the brim with QuickBooks Pro Advisors. These are professionals that are trained, tested, and certified by Intuit on a wide range of topics specific to the software. Our QuickBooks Pro Advisors can set up your company file and teach you how to use the software so that you can run your day-to-day operations smoothly. If you are interested in learning more about QuickBooks and how it can benefit you and your business, you’re in the right place. Let’s get started.

Search for the most popular accounting software and you’ll most likely come across QuickBooks. Initially introduced in 1983, the software has grown in popularity and is now one of the most widely used when it comes to small businesses. QuickBooks is best known for its bookkeeping component, but it also offers a range of accounting and finance tools, including payroll, commerce, payments, and more. All of these features can be integrated, making QuickBooks a one-stop shop for all of your accounting needs. However, you do not need to sign up for all of these services. Instead, you can start with one and gradually add others as your business grows. Let’s take a closer look at some of these features.

Income And Expense Tracking

Expense tracking is important for businesses because it helps you maintain a healthy cash flow. It helps you see exactly what you are spending and where you are spending it. When you become financially aware, you will be able to see your spending habits and adopt better habits, which will improve your money management. Additionally, when tax time rolls around, you will be able to view all of your expenses and receipts in one place– This will save you a lot of time! QuickBooks tracks your expenses throughout the year and gives you access to income, outstanding invoices, and more. There are many different reports available to let you analyze your bills and expenses. 

Invoicing 

Invoices are one of the most important parts of a business, especially when that business provides products or services. QuickBooks allows you to create and send professional invoices from scratch by using a customizable template or by using an earlier estimate. You can add your business’s logo and colors and tailor it to your liking. You can also set up an invoice for recurring payments. Additionally, QuickBooks allows you to add billable hours to invoices. You can create, send, and manage invoices from the app and know exactly when it is viewed and paid. “Pay now” buttons can be added to let customers pay quickly and easily online, or you can print them out and send a hard copy. You can view reports easily to see the number of outstanding invoices you have or the total amounts due from clients. 

Payroll

Another essential part of any business is payroll. QuickBooks offers an Auto Payroll feature that allows you to set up payroll to run automatically on a certain date. Your employees will get paid the same day via direct deposit. Not only will your employees get paid on time, but you don’t have to worry about last-minute adjustments or compromised paper checks. Additionally, QuickBooks calculates, files, and pays payroll taxes for you and provides tax penalty protection for up to $25,000. You can also create and file 1099-MISC and 1099-NEC forms as needed. 
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Why should I use QuickBooks?

We’ve already touched on some of the beneficial features of QuickBooks, but if that wasn’t enough for you, let us double down on one particular benefit: QuickBooks makes tax time less of a burden for your business. All you need to do is print out all of the information your accountant needs or invite them to view financial statements without the need for a login ID or password. Plus, gone are the days of running around trying to collect receipts at the last minute for tax time. Instead, you can scan and upload receipts in real-time and invite your accountant to view them as needed. QuickBooks is relatively easy to learn and has an intuitive interface as well as tutorials.

We strongly encourage you to hire a QuickBooks Pro Advisor to keep your business in great shape. These experts get discounts on QuickBooks products and can extend them to you, and they are the first to be notified about new products, so they can keep you up to date. Additionally, QuickBooks Pro Advisors can help you select, install, and implement the software you need and train you and your staff on how to properly use it, so you get the most out of the service. If you are interested in setting up an appointment with one of our knowledgeable professionals, contact us today! 

We hope you found this article helpful, and we encourage you to reach out to us if you have any further questions or need any assistance. Here at Hoods Tax & Accounting, our tax professionals are always eager to give our clients as much help as possible when it comes to their finances. If you have any questions regarding your taxes, or if you need help with tax planning, contact us! Hoods Tax & Accounting offers a variety of services including small business consulting, QuickBooks training, tax preparation, accounting, payroll, and more! Visit our website for more information, as well as helpful links to resources you may find useful. Thank you for reading and we hope to see you back next time to keep learning about various tax and accounting topics!