6 Benefits of QuickBooks for Small Business and How to Set Up

Introduction

So, you’re a small business owner looking for assistance in managing accounts and finances of your business, and every other blog on Google is recommending QuickBooks?

We don’t blame ‘em. After all, QuickBooks is a highly sought-after software for finance management no matter the size of your business. But how do we judge if the benefits of QuickBooks for a small business is worth the investment? That’s exactly what we’ll be discussing today!

While it is obvious that larger businesses with more complex finances are sure to get their money’s worth with QuickBooks, the same might be true for a small business QuickBooks setup too. Let us explain.

Benefits of QuickBooks for Small Business

QuickBooks is an all-in-one account and finance management software. The hype surrounding it may seem too much but you clearly can’t ignore the advantages of using QuickBooks accounting software. We have listed the best of its features below so that your search for “QuickBooks benefits for small business” can come to an end!

1. QuickBooks Saves Your Time and Energy

Whether you’re a small business owner or a solopreneur, there is no denying that your time and energy are your biggest resources in managing your business. Tools that save either of these are going to be a God-sent. But, a tool that saves both? COUNT ME IN! 

Setting up QuickBooks for small businesses does exactly that. It saves you time, energy, and memory by keeping all your income, expenses, and transaction records.

2. QuickBooks Automates Your Calculations

Gone are the days when you had to manually update your business’ income or expense in ledgers and registers. Now, all it takes is one click to update any new financial developments in your business and the rest is handled by the software. Every time that you record a new debit, credit, asset, liability, or equity in QuickBooks, it automatically updates it wherever the changes are applicable.

3. QuickBooks Offers Various Integrations

One of the most significant benefits of QuickBooks for small business is that it is not a standalone platform that claims to do it all. QuickBooks has beautifully integrated other software that help make small business QuickBooks setup all the more fruitful. 

Examples of these integrations are PayPal which automatically syncs your transactions without entering them manually, and Shopify for those who run an ecommerce business. Google Workspace (G-Suite), CRM softwares, and many more are available. 

One such integration is by none other than Qbox by Coral Tree Tech. A software that enables you to use QuickBooks Desktop anywhere in the world. Yes, even if you do not have the internet. A service that is ideal for remote workers and digital nomads who would like to avail the benefits of QuickBooks for small business without being restricted to one place and a computer. 

4. You Can Access QuickBooks Anywhere in the World!

This feature is available for the QuickBooks Online users. However, if you prefer to use QuickBooks Desktop for your accounting needs, you can still get this remote access functionality by using Qbox. Sign up here for a FREE 30-day trial!

5. QuickBooks Offers Plans for Every Business

QuickBooks desktop and the online version have various pricing plans that are suitable for solo businesses to large corporations. No matter the scale of your business, there’s a QuickBooks plan out there that will help you manage your business accounts efficiently.

The online plans are charged monthly, starting from $35 per month, and the desktop plans are charged annually starting from $349 per annum. Most features in both plans are the same, but the difference is where the contrast lies.  

6. Your Best Friend in Tax Season!

I’ll say it out loud. Tax season is a pain for small businesses!

Where’s the tax applicable, what is eligible for tax returns, where can we smartly save our income and where is it necessary to pay the taxes? Everything is a big hassle to manage. Here’s where the benefits of QuickBooks for small businesses really shine through. QuickBooks comes in handy every fiscal year. It helps you determine your taxes and pay efficiently according to your business type and expenses. 

The Bottomline - Is QuickBooks Worth the Hype (and Money) for Small Business?

Whether you’re a service or product-based business, being small-scale right now does not mean that your business will stay the same forever. Investing right now - if you have the means - in high-quality systems will save a lot of time, effort, and money in the long run. Therefore, QuickBooks is a reliable software that will allow you to start on the right foot. 

Small Business QuickBooks Setup - A Tutorial

Let’s get into the nitty-gritty of how to set up QuickBooks for small businesses.

Step #1: Purchase and Download QuickBooks

• Go to the QuickBooks website and purchase the plan that you find most suitable according to your business needs. If you’re unsure, go with the lowest-priced plan because you can always upgrade later. 
• Once the purchase is finalized, download the QuickBooks Desktop software.

Step #2: Install On Your Device

• Once the software is on your computer, install it by following the guidelines that appear.
• Insert your product and license number. 
• Do not fret if the computer reboots. It is absolutely normal if the computer restarts after the installation.

Step #3: Fill Details About Your Company/Business

• Launch the software and create a new company file. 
• Go to the “No Company Open” window and click on “Create a new company”
• You’ll see a drop-down tab with a few options. Choose “Express Start” to get started quickly by filling in just the basic information.
• Choose “Detailed Start” for a more guided and customized setup.
• If you’d like to go with the most detailed setup, choose “EasyStep Interview” where you’ll have the option to fill in extensive information about your business. 

Step #4: Add Fiscal Year & Get Started

• Select the fiscal year month and dates as per your country’s system. 
• You may now see the home page with three headings “Vendors”, “Customers” and “Employees”. Under each, there will be various folders with arrows guiding towards the next step after each folder.
• Your small business QuickBooks setup is complete.

Step #5: Edit Your Folders

• You may now proceed to edit all relevant financial details in the folders for example invoices, bills, bank accounts, assets, etc.

Integrate Qbox for Access Anywhere And Everywhere!

In this era of virtual working and digital nomad lifestyles, Qbox is the perfect solution to take full advantage of using QuickBooks Desktop without having to deal with its flaws. Qbox allows accessing QuickBooks Desktop over the internet in a cloud-based system. You can securely share your files over the cloud with multiple users without the hassle of constant saving and transfer of files. 

Although Qbox gives access to multiple users over the internet, it won’t allow multiple edits simultaneously. Qbox locks the QuickBooks Company file when under edit so that no conflicts in information changes arise from either party.

Moreover, in the rare occasion of a mistake, Qbox lets you access up to 20 previous versions so that you can easily go back to any stage of your file. Take our word for it this feature is brilliant and so useful!

In short, think “classic software meets modern requirements!” Sign-up to Qbox and claim your 30-day FREE trial with QuickBooks Desktop.