QuickBooks Services - BRB Business Solutions
Quickbooks is a household name for being the most popular small business accounting software. It monitors revenue, expenses, and the company’s financial health. You can use it to make reports, pay bills, file taxes, and send customer invoices.
BRB Business Solutions employs a team of financial professionals to provide small and medium-sized businesses with QuickBooks accounting outsourcing and bookkeeping services. We offer a complete range of QuickBooks services, which includes QuickBooks consulting services. Our qualified specialists are prepared to assist you in setting up and using the QuickBooks bookkeeping accounting software.
Looking for a QuickBooks Specialist?
Call BRB Business Solutions Today at 912-200-9247!
QuickBooks Used by Small Businesses
Small business owners frequently use QuickBooks to handle invoices, pay bills, and monitor cash flow. In addition, they employ it to produce month-end and annual financial reports and prepare for quarterly or yearly business taxes. With QuickBooks, we will provide these services:
1. Produce and Monitor Invoices
Simple to create, invoices can be printed or delivered via email to clients. QuickBooks will automatically record the income and track how much each client owes you. Running an A/R aging report will allow you to see how many unpaid invoices you have, also referred to as your accounts receivable (A/R), and how many days they have been past due.
2. Keep Track of Bills and Expenses
Your spending is downloaded and categorized when your bank and credit card accounts are linked to Quickbooks. This allows QuickBooks to keep track of your invoices and outgoing funds automatically. You may quickly record a manual check or cash transaction in QuickBooks if you need to keep track of it.
To use QuickBooks to manage upcoming payments or A/P, you can enter bills as soon as you receive them. Making an A/P report may ensure that you pay your invoices on time. You will receive a detailed report of your current and past-due invoices in this letter.
3. Create Financial Reports for Your Company
Controlling your cash inflow and outflow activities in QuickBooks will allow you to create financial statements demonstrating how your company is performing. In addition, lenders frequently require financial statements when applying for a small business loan or line of credit. With a few clicks, QuickBooks enables you to create the following financial statements:
Report of Profit and Loss
The income less the expenses totaled in the profit and loss report will demonstrate your company’s profitability. In addition, the report displays your overall net income (loss) for the week, the month, or the quarter.
Balance Sheet Report
The Balance Sheet Report details your company’s assets, liabilities, and net worth (equity) at a specific period.
Cash Flow Statement
You may view all of the transactions that impact your company’s operating, investing, and financing cash inflows and outflows in QuickBooks’ Statement of Cash Flows.
4. Track Employee Time & Expenses
A bookkeeper can record a worker’s weekly time if the worker provides a manual timesheet, but employees or subcontractors can input their own time as they go through the day. The time entered and assigned to a client is accessible for inclusion on the customer’s subsequent invoice. A customer can be given credit for any entered expense by designating it as chargeable. These billable expenses will be accessible to include in the customer’s subsequent invoice, just like time. For invoicing purposes, you can track employee time without the payroll add-on.
5. Payroll
Payroll processing should not be attempted manually to save money. Paycheck calculation mistakes can result in severe fines and angry employees. QuickBooks’ payroll module may automatically calculate and run payroll as often as needed. As mentioned previously, when you enter employee time, the hours flow to your invoices and the payroll module. You may be sure that every hour you pay your employee is considered when billing a customer in this way.
QuickBooks payroll can keep your financial accounts updated with the most recent payroll run because it is connected with the program. To operate payroll, you must acquire a QuickBooks Payroll subscription, but different service levels are available to suit business needs.
When you manage your payroll using QuickBooks, you can:
- Pay staff by direct deposit or cheque
- Automatically determine federal and state payroll taxes
- Allow QuickBooks to complete your payroll tax forms
- Payroll taxes electronically right from QuickBooks
6. Monitor Stock
QuickBooks allows you to keep track of the cost and amount of your inventory. When you sell inventory, QuickBooks will automatically transfer a portion of your inventory to the cost of goods sold (COGS), an expense account that reduces your income. It takes a long time to manually complete this allocation, which is required to calculate taxable income. QuickBooks may also automatically remind you to order merchandise when your stock levels are low.
7. Make Taxes Simpler
Simplifying tax season may be the most crucial thing QuickBooks can do for your small business. The task of gathering your income and expenses is by far the most challenging part of filing a tax return. However, printing your financial statements around tax time is all you need to do if you utilize QuickBooks throughout the year. Even better, with QuickBooks Online, you can give your tax preparer direct access to your account so they can review your financials and print the documents they require to complete your return.
8. Accept Payments Online
Offering consumers the option to pay their invoices online is one of the most acceptable methods to increase your cash flow. You can incorporate QuickBooks Payments so clients can pay online from an invoice they get via email. The transaction, credit card fee, and cash payment are all immediately recorded because it is fully integrated with QuickBooks.
9. Scanning Receipts
Another crucial step to simplifying tax season can organize your receipts in QuickBooks. No more searching for misplaced receipts or manually matching up receipts with recorded banking transactions; all QuickBooks Online users may download the QuickBooks app for free on their mobile device, take a picture of a receipt, and submit it to QuickBooks Online in just a few minutes. In addition, you can add a receipt to the associated banking transaction in QuickBooks. Since all your data and receipts are stored in the cloud, QuickBooks Online allows you to upload a limitless amount of receipts.
10. Track Mileage
Many self-employed people and employees/owners drive their cars for work. For 2022, this offers a hefty tax break of 58.5 cents per mile. You must, however, retain a record of the date, mileage, and reason for your travel to be eligible for the deduction. It’s straightforward to do this with QuickBooks Online. By utilizing the GPS on your phone, its mobile app will automatically determine whenever you are in a moving vehicle. Then you may look over your outings, indicate whether they were for business or personal reasons, and mark them as billable to a client. You can then automatically include chargeable mileage costs in the subsequent invoice you prepare for that client.
Frequently Asked Questions:
Do I need a CPA if I use QuickBooks?
To achieve compliance, you need an accountant. Although QuickBooks offers information to carry out these tasks, it does not check for errors or validate that the filings are accurate and complete.
Is QuickBooks a Bookkeeping or Accounting Software?
Accounting software like QuickBooks frequently uses the double-entry approach of bookkeeping. Using this technique, bookkeepers categorize transactions as income or expense.
What Does a QuickBooks Accountant Do?
QuickBooks accountant enables the completion and management of accounting activities for numerous businesses in a single location. You can handle invoicing, payroll, project management, client accounts, detect and correct entry errors, and much more with a single solution. Quickbooks Accountant registration doesn’t take long.
Services for QuickBooks You Can Count On
BRB Business Solutions can handle your QuickBooks needs on your behalf. We are a top provider of QuickBooks services in the area and provide a complete selection of bookkeeping. QuickBooks is accessible worldwide because it is offered as a standalone solution and software as a service (SaaS). It makes routine accounting operations simple to maintain and automate while introducing cutting-edge capabilities like accounting payroll management. While learning to use QuickBooks is simple for someone familiar with accounting principles and how accounting software functions, it might be challenging for someone who is tech-challenged or has no prior experience in bookkeeping. Allow BRB Business Solutions to manage your QuickBooks accounting and bookkeeping.
Need to Integrate QuickBooks for Your Business?
Call BRB Business Solutions Today at
912-200-9247!
BRB Business Solutions
212 Quail Hollow Rd
Savannah GA 31419
912-200-9247