How to Use QuickBooks to Grow Your Small Business
As a small business owner, you probably wear multiple hats. You watch over the marketing and operations end of your business so you can manage its growth properly. Even if you do not have a financial background or expertise, it’s important to also manage your money well to manage your business effectively. One way to do that is to learn how to use QuickBooks to grow your small business.
Realistic Financial Picture
The best way to maintain a realistic financial picture for your business is to work with a professional firm that provides financial advisory, tax services, accounting, and bookkeeping services. When you want to manage your numbers on a daily basis, QuickBooks helps you track your transactions so you know where you stand at any given moment.
As a small business owner, you need to keep a close eye on your expenses and income, so you’ll have a clear picture of your profit margin. You need to be sure you know the numbers behind your business activities to manage your records and efficiently track your money. Working with a program such as QuickBooks will give you and your financial firm a more accurate picture of your current situation as well as possibilities for growth.
Managing small business growth effectively means that you set goals based on your potential and your ability. When you learn how to use QuickBooks to grow your small business, you will have a clearer sense of your current budget as well as your future expenses and income needs.
Keeping your transactions up to date in QuickBooks and then reviewing those transactions on a regular basis enables you to identify high-income areas and established revenue sources. You can also anticipate upcoming expenses and plan for ways to increase your net, given your known income over a period of time.
How do you bill your clients for your services? You cannot grow your business unless you have a manageable way to invoice and receive money from your clients. The invoicing feature in QuickBooks enables you to quickly send bills out and receive the income from your customers, so you don’t have to worry about a separate invoicing software. In addition, the batching feature enables you to create multiple invoices with minimal data entry time.
Understanding your current business performance will help you plan for your small business growth. QuickBooks generates reports you need to truly understand where your business currently stands and helps you project how you can reach your goals within a given period of time.
Transactions are categorized into topics such as office expenses, rent, and taxes, among others, so you’ll have a clear picture of where your money is being spent. Using this information, you can determine if expenses need to be cut or income needs to be increased to grow your small business.
Although there is a desktop version of QuickBooks, using QuickBooks to grow your small business will undoubtedly be easier and more user-friendly with the online version. QuickBooks Online is also less expensive than the desktop version and can be used on mobile devices so you can track your finances from anywhere you conduct your business. There is also no contract with the online version, allowing you to upgrade or downgrade when necessary. Updates to the online version are rolled out automatically, saving you time and headaches.
When you do not have a financial background or experience with “keeping the books,” all of this may seem a bit overwhelming. The good thing about QuickBooks is that it does a lot of the work for you, automatically calculating quarterly estimated taxes and tallying income over a certain time period, for example. You can then provide the information to your accountant or tax preparer who can help you find ways to further improve your profitability and grow your business.
Clear View Business Solutions also offers QuickBooks advising services, to help you learn more about how to use QuickBooks to grow your small business. Our professional team will customize the accounting software for your specific needs, so you can track your income, expenses, and growth potential with ease.
CONTACT CLEAR VIEW BUSINESS SOLUTIONS FOR HELP WITH YOUR SMALL BUSINESS GROWTH
At Clear View, we help small business owners become more profitable. We know small business, as many of our team members have been small business owners themselves. Our particular areas of expertise include small businesses and entrepreneurs in the service sector. Learn more about how we can help you and your business by contacting Clear View Business Solutions to speak to our team about our services. Give us a call at (520) 544-0177.