Lenders often require financial statements when you apply for a small business loan or line of credit. Below is a brief description of each of these reports, along with a snapshot of what they look like in QuickBooks Online. The report shows you the bottom line net income loss for a specific time period, such as a week, a month, or a quarter:.
Profit and Loss report in QuickBooks Online. The Balance Sheet Report shows what your business owns assets , what it owes liabilities , and its net worth equity at a particular point in time:. Balance Sheet report in QuickBooks Online. The Statement of Cash Flows in QuickBooks will show you all of the activities that affect the operating, investing, and financing cash inflows and cash outflows for your business:. Mistakes made in calculating paychecks can result in steep penalties and unhappy employees.
QuickBooks has its own payroll function that can calculate and run payroll as often as you need it automatically. The hours tracked then flow to both your customer invoices if billable and your payroll. This ensures that every hour you pay your employees for is considered for billing to a customer. The purchase of a QuickBooks payroll subscription is required to run payroll, but you have several levels of service to choose from to fit your needs. QuickBooks can track the quantity and cost of your inventory.
As you sell inventory, QuickBooks will allocate a portion of your inventory to cost of goods sold COGS automatically, which is an expense account that reduces your income. This allocation is a requirement for calculating taxable income and very cumbersome to do by hand. QuickBooks can also remind you to order inventory automatically when quantities are low.
This report shows a list of your inventory products, quantity on hand, average cost, and their total value:. Perhaps the most important thing QuickBooks can do for your small business is to simplify tax time.
By far, the largest headache in preparing a tax return is compiling your income and expenses. If you use QuickBooks during the year, all you need to do at tax time is print your financial statements. Better yet, with QuickBooks Online, you can invite your tax preparer to access your account directly so they can review your numbers and print whatever information they need to prepare your return. One of the best ways to improve your cash flow is to offer customers the option to pay their invoices online.
You can add QuickBooks Payments formerly known as Intuit Merchant Services so that customers can pay online directly from their emailed invoice. QuickBooks Payments is similar to other merchant services. Another key to making tax time a breeze is being able to organize your receipts in QuickBooks.
All QuickBooks Online subscribers can download the QuickBooks app to their mobile device for free, take a picture of a receipt, and upload it to QuickBooks Online in just a few minutes—no more lost receipts or manually matching up receipts with downloaded banking transactions. QuickBooks allows you to attach a receipt to the corresponding banking transaction. You can upload an unlimited number of receipts to QuickBooks Online; the receipts are stored in the cloud along with your data.
This can be helpful for companies that track numerous expenses:. This provides a generous tax deduction of 56 cents per mile for QuickBooks Online makes this incredibly easy.
Then, you can review your trips and add a note with the purpose of each business trip. Why so many product names? Is Intuit just trying to confuse us? We can partially blame the internet for the incredible range of product names. When QuickBooks started out, software was something you bought at a physical store, loaded onto your computer, and used on your personal workstation. They include:. You can think of QuickBooks Self-Employed as Mint plus some features an independent contractor or freelancer with no employees might find helpful.
With the Self-Employed product, you can send invoices, track mileage, and keep images of expense receipts right in the app. You might find you outgrow Self-Employed quickly if you want to use your data to help you make decisions for the future forecasting or even just to make simple profit and loss statements. If you have employees or inventory, QuickBooks Self-Employed is probably not the right product for you.
All business owners benefit from QuickBooks Desktop reports. They help you see at a glance how your business is doing. The reporting benefits include the typical profit and loss statement, balance statements, cash flow projections, outstanding invoice reports, and best-selling item reports, to name just a few reports all businesses will benefit from.
Beyond the more common reports though, QuickBooks Desktop products track employee information, too. By using the free TSheets by QuickBooks app in conjunction with their QuickBooks Desktop product, businesses can keep track of employee time and employee-related expenses.
If your business employs several employees who perform a lot of project work, this tracking is especially helpful. It gets down to the granular level — if you want to find out how much the business paid for particular employees to work on particular projects, you can! These programs also help you calculate sales and income tax. Deciding which QuickBooks Desktop Version is right for you depends on which features you need or want and deciding how much money you want to spend.
For example, if you know you will want more than 3 users to access your QuickBooks Desktop product, you also know QuickBooks Pro will not work for you but QuickBooks Premiere might. Since the interface for the Desktop products is the same, upgrading is generally pretty easy and can be done at any time.
Turning now to the QuickBooks Online products, Intuit is putting a lot of its development effort here these days. While its QuickBooks Online products may not have all of the features you can find on the QuickBooks Desktop products, the list of supported features is constantly growing. You can choose the cheapest option that has the features you need right now confident that an in-app upgrade is just a few mouse clicks and a credit card payment away, should you choose to upgrade later.
Available in or 30 users Up to 5 Up to 3 Up to 5 Track sales, sales taxes, and customer payments. Easily create a business plan. Search for: Search Button. Set individual user permissions to control access to sensitive information. Track fixed assets such as computers and other office equipment with Fixed Asset Manager.
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