Gone are the days when accountants would spend hours immersed in heaps of paperwork and endless calculations. In the digital age, everything from business operations to accounting services have gone online.

This makes accountants’ lives a lot easier, and has enabled them to focus on bigger issues like devising long-term strategies and financial forecasting. We have QuickBooks to thank for most of these developments.

QuickBooks is an online accounting software designed by Intuit—especially for small and medium scale enterprises so they can handle their business financials on their own.

Here’s why your business needs it:

1. Cloud-based system

One of the biggest advantages of QuickBooks is that it’s cloud-based, which means you can access it via the internet without the need to download additional software on your computer.

This also means that your organization won’t have to bear extra infrastructure costs. All of these costs are borne by the QuickBooks vendor who, in this case, is a third party commercial provider.

Other than that, your vendor also takes care of technical support, installing all updates in a timely manner to keep your software up-to-date and troubleshooting any issues.

2. Tax reporting

With QuickBooks, there’s little to worry about as far as tax filing goes. It allows you to download all the required forms (both federal and state level) and can even fill them out for you automatically. QuickBooks also generates reminders and sends you push notifications in case you’re nearing the deadline for tax filing.

It’s capable of calculating a cumulative tax amount on behalf of the payroll of all employees, along with all tax deductibles. The software can also be easily connected to your bank account, through which it automatically deposits the right amount to employees or the appropriate authorities.

3. Payroll processing

A huge logistical issue companies face when it comes to payroll is the need to incorporate multiple payment options. There are employees who need to be paid via a check whereas others prefer deposits.

QuickBooks enables companies to incorporate a variety of payment options and pay employees without incurring any additional costs.

Other than that, QuickBooks also takes casual leaves, holidays, overtime, days off, bonuses, retirement benefits, insurance claims, etc. into account when calculating the final amount. All of these individual details are applied to employees’ payrolls at the end of the month automatically. It helps you keep all the payroll information organized as per the categories that they belong to.

At A&B Accounting and Business Solutions, we use some of the most dependable accounting, bookkeeping, and QuickBooks services for businesses. Along with QuickBooks set up, we also provide the training needed to make use of the software. For further details about our professional accounting services, drop us a message now.