Importance of Accounting for your Company’s Financial Health
The real value of having a good accounting department is that you, the owner, receive timely and relevant financial information. This allows you to make informed business decisions resulting in the growth and financial health for your company.
There are two main factors to a business’ accounting department. The first being the people. The bookkeepers and accountants that you use for your company are the primary components to a strong accounting team. The second is the software that your company uses. A good accounting software package will make you and your accounting staff’s lives easier. This is because, a good accounting software package ensures that you will have access to the financial information you need.
QuickBooks Makes it Simple
QuickBooks Online has proven to be a great accounting software option for small businesses. Due to QuickBooks Online’s extensive reports list and customization options, you can stay up to date on the performance of your company.
QuickBooks Online Can Improve Your Company’s Financial Health
If your company is already using QuickBooks Online, you know how effective it is. From basic accounting functions all the way through month-end financial statements, QBO gives you the data required to make informed business decisions. It is because of QuickBooks Online’s ability to guarantee accurate information that you can feel confident in your decisions.
If you have not yet taken the plunge with QuickBooks Online, let us tell you why you want to consider this software for your business.
QuickBooks Online may seem intimidating at first, and that is because it is new. As with any new software there is a learning curve, however QuickBooks Online makes it easy. Additionally, that is why we are here. We work extensively with QuickBooks Online and can assist you with anything from setting up your account to printing financial statements, and everything in between.
Here are the ways that QuickBooks Online can improve your business’ financial health.
Great Sales Analysis
Sales will always be the driving force behind what maintains your company’s financial health. Sales are so important because they determine how much money your company is receiving. If you don’t know how your sales are functioning, you will not know how to make timely adjustments in your products and sales strategies. There also could be a possibility of a net loss due to your expenses being larger than your income.
With reports for QBO, you can design custom real-time sales reports that will help you identify possible sales issues. The speed at which you will be able to overcome negatives and reinforce positives will make your salesforce as productive as it can be.
Improved Customer Service
Repeat business is the cornerstone of a financially healthy company. Selling to a customer once is much easier than selling to the same customer at least twice. Customer eyes are always watching. They always like working with companies that are ready and willing to respond to their needs.
The QuickBooks Online accounting software platform puts customer information right at your fingertips. If you want to impress a new customer, have the accurate answers they need right when they need them. With QBO, you will be able to respond in a timely manner to customer requests.
By the way, all the data you collect for each customer tells a story about the customers. You can use the information QBO gives you to understand your customers better and start to anticipate their needs.
Keeping a Firm Hold on Inventory Control
As a merchant or manufacturer, you can never afford to run short of inventory of goods or raw materials. The inventory control system QBO provides allows you to make quick and effective decisions about ordering stock and selling merchandise without hesitation.
Ultimately, you can design and use inventory reports for QBO to help you find the optimum levels of inventory you need on hand at all times. That will result in real savings and eventual financial health. You can also save money at tax time because the QBO inventory system will help you accurately value your standing inventory. The last thing you want to do is make a financial accounting mistake that leads to the overpayment or underpayment of your taxes.
Financial Health Means Growth for your Business
Assuming your business is your dream, there is a good chance you would like to keep your business growing at least until you get it to where you want it to be. The QBO platform can help you grow the business.
Accurate information will help you make the right decisions. Error-free reporting and analysis will keep you from making the mistakes that hurt small businesses. Having everything you need when you need it will save you time and money. That is how you build financial health. QBO can help you do all these things.
If you need future financing for expansion, potential lenders want to see how your business has been performing. With QBO, the ability to design, produce, and print financial statements in QuickBooks Online is as easy as clicking a mouse. Your future lenders will be impressed by your ability to comply with their requests without question or pause.
Finally, your information needs will grow as the business grows. QBO has no bounds. Modules you aren’t using today will always be available as your business grows and the need arises.
Keep in Mind
You don’t have to be an expert to know how to set up QuickBooks Online. You only need to know how to pick up the phone and ask us for help. We will always be here to help you make QBO the best tool you have to help keep your business financially healthy.