QuickBooks is the leading accounting software for small and medium-sized businesses. One of the primary reasons it is so popular is the user-friendly interface. You don’t have to be an accountant to excel with QuickBooks. Writing checks and reconciling bank accounts is much less tedious when you have the right tools.
Entering data such as client, vendor and employee information is done in a clear, concise form-style environment. Entering transactions can also be done in “form view” or in a “register view” depending upon the transaction type and what you prefer. Most of what you need will be on the toolbar or the home screen by default, but you can customize the interface to add and remove items to accommodate your needs.
Manage your accounts payable by entering the bills you receive from vendors as you receive them. When you are ready to pay bills, generate the built-in accounts payable report to show you which bills are due. Then select the bills you wish to pay and which bank account to pay from. The checks will be entered into your check register and the bills will be marked as paid. Next you print your checks and send them to your vendors. You do not need to be an expert at debiting and crediting your income and expense accounts. The amounts spent on your various categories such as office supplies, payroll, utilities, marketing, etc. will all be tracked based on the bill that you paid.
You can also synchronize information from many banks with your QuickBooks data, automatically download and categorize credit card transactions and bank reconciliations.
QuickBooks has the ability to track assets and loans, inventory and payroll. It also has accounts receivable and invoicing functionality, but most law firms find they need a bit more sophistication and control over their billing than what QuickBooks affords. A billing software application such as Timeslips provides more billing arrangements, better client funds/retainer funds management and allows you to control the order in which each item appears on your bills.
Using QuickBooks for accounting and Timeslips for billing can be the ideal mix, particularly if you link them together. Having these two applications integrated allows you to enter clients and payments into Timeslips and transfer that data to QuickBooks. This saves time on redundant data entry and the payments can automatically be allocated to fee income accounts based on who performed the work. Of course, you don’t have to separate fee income if you do not need to. It can simply go to one general fee income account if there is no need for that level of detail in reports.
There are numerous built-in reports, such as a profit & loss, balance sheets, income statements, bank reconciliations, accounts payable and others. It gives you reliable records you can be confident about when it comes to tax time. You can have up to 3 users accessing QuickBooks at the same time, and you can collaborate with your accountant by making a copy of your company file and sharing it with them. Configure the robust security features to allow or restrict access to sensitive information.
QuickBooks is a great tool to help you keep tabs on the flow of money in and out of the firm. If you would like to know more about QuickBooks or schedule a demonstration, please contact Plummer Slade, Inc. at firstname.lastname@example.org or call 412-261-5600.