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Striking Features of QuickBooks That You Must Know

Striking Features of QuickBooks That You Must Know

QuickBooks is a popular accounting software system which is commonly used for managing expenses and sales. It is also used for monitoring day-to-day business transactions, like bill payments, customer invoices, and more. Globally, the system is widely used by small- and medium-sized businesses.

This software comes with certain striking features that make it a vital tool for running a business successfully. These features are quite cost-effective and should not exceed your business budget. One of the major benefits of QuickBooks is that credit card and bank accounts can be connected so that you receive automatic downloads and subsequent categorization. For seamless integration, you can connect QuickBooks with apps you are already using.

Here is a quick look at the major features within QuickBooks that aid business growth.

1. Inventory Tracking

You can use QuickBooks to automatically track inventory on hand from the initial shelf level through the shipment. The per-item cost can also be monitored to give you a clear idea of your profitability.

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2. Cash Flow Management

With the system’s help, you can be sure of the amount you are owed and from whom, and you can gain clear-cut knowledge of the time payments are due. You can directly monitor how many customers are overdue through emails from your phone.

3. Spending Automation

Use this tool to efficiently manage all your vendors as well as their bills. Recurrent payments can be seamlessly set up as automatic bills.

4. Professional Payment System

Custom sales receipts, invoices and estimates can be created in a professional manner, highlighting your brand image and business perspective.

5. Instant Payment

For easy one-click payments, you can add a ‘Pay Now’ button to online invoices. Customers can make fast and easy payments using debit cards, credit cards or bank transfers.

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6. One-click Reporting

QuickBooks can give you an instant snapshot of your business performance. With a single click, you can generate a balance sheet, a profit and loss report, and other reports.

7. Dashboard Highlights

Once you sign in, you can instantly see expenses, income, pending invoices, and other major business financials on a dashboard.

8. Accounts Sharing

Your records are instantly accessible to your accountant irrespective of place or time. This feature is also free. This is in fact an extremely hassle-free way to collaborate and communicate with your accountant.

9. Financial Statement Preparation

QuickBooks can automatically keep track of payments made to subcontractors. All statements can be properly prepared, helping you to stay compliant.

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10. Mobile Business

This software empowers you to conduct your business from anywhere in the world. Whether you are in the airport lounge or a coffee shop, you can update customer data, run payrolls, or manage a late invoice, all from your tablet or mobile phone.

11. Paperless Receipt Management

This is an amazing feature which helps you stay organized wherever you are. For convenient tax preparation, you can take a receipt snapshot and simply connect it to a transaction.

12. Payroll Management

QuickBooks can help you easily run and file payroll taxes. Using enhanced payroll options, you can pay by direct deposit or check after entering employee hours. Full service payroll is also available; this will allow you to generate flawless paychecks and file taxes accordingly.

Apart from these exclusive features, QuickBooks also has something in store for those who are self-employed. By opting to use this software, freelancers can track their mileage automatically. Moreover, the software will do all the calculations for your quarterly taxes, enabling you to set some funds aside and avoid year-end surprises.

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To install QuickBooks in your computer and get continual technical support, all you need to do is dial the QuickBooks phone number and hook up with technical support. That way, you’ll be able to install the software easily without hiring external support.

So, get ready to make your life hassle-free!

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Adnan Manzoor

Data Analyst & Life Coach

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Last Updated on March 4, 2019

How to Use Credit Cards While Staying Out of Debt

How to Use Credit Cards While Staying Out of Debt

Many people will suggest that the best thing to do with your credit cards during these tough economic times is to cut them up with a pair of scissors. Indeed, if you are already in huge debt, you probably should stop using them and begin a payback strategy immediately. However, if you are not currently in trouble with your credit cards, there are wise ways to use them.

I happen to really love my credit cards so I will share with you my approach to how I use mine without getting into deep financial trouble.

Ever since about 1983 when I got my first Visa card, I continue to charge as many of my purchases as possible on credit. Everything from gas, groceries and monthly payments for services like my cable and home security monitoring are charged on credit. Despite my heavy usage, I have maintained the joy of never paying any interest fees at all on any of my credit cards.

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Here are some tips on how best to use your credit cards without falling into the trap of paying those nasty double-digit interest fees.

Do Not Treat Credit Cards as Your Funding Sources

Too many people treat their credit cards as funding sources for major purchases. Do not do this if you want to stay out of trouble. I use my credit cards as convenient financial instruments so I do not have to carry around much cash. In fact, I hate carrying cash, especially coins. When you buy things on credit, the purchases are clean and you will not get annoying coins back as change.

I do not rely on my Visa, MasterCard or American Express to fund any of my purchases, large or small. This brings me to my golden rule when it comes to whether I will pull out any of my credit cards either at a retail or online store.

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I never purchase anything with my credit cards if I do not have the actual cash on hand in my bank account.

If I really cannot pay for the item or service with cash that I already have at the bank, then I simply will not make the purchase. Remember, my credit cards are not used as funding sources. They are just convenient alternatives to actual cash in my pocket.

Make Sure to Always Pay Off Balances in Full Each Month

The next very important part of my overall strategy is to make absolutely sure that I pay the balances in full each and every month no matter how large they are. This should never be a problem if the cash has been budgeted for my purchases and secured in the bank. I have always paid my full balances each month ever since my very first credit card and this is why I never pay interest charges.

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Using Credit Cards with Rewards

Most of my credit cards are of the “no annual fees” type, including one MasterCard on a separate account I keep at home as a spare in case I lose my wallet or incur any fraudulent charges. However, I do use a main Visa card which does have an annual fee because all purchases on that card reward me with airline frequent flyer points. For me, the annual fee is worth it since I do travel and I get enough points to redeem many free flights.

You have to decide for yourself if you will charge enough purchases on credit each year without paying interest charges to warrant a credit card that rewards you with airline points (or other rewards). In my case, the answer is “yes” but that might not be the case for you.

I occasionally use a MasterCard or American Express card on small purchases just to keep those accounts active. Also, I have been to the odd retailer that accepted only a certain type of credit card, so I find that having one from each major company is quite handy. Aside from my main Visa card which earns the airline points, the rest of my cards are of the “no annual fees” variety.

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So this is how I use my credit cards without getting into any financial trouble with them. This strategy is recommended only if you are not in debt, of course. In fact, it is worth keeping in mind once you’re out of debt so that you can keep your credit cards active and treat them responsibly.

What are your credit card usage strategies? Let me know in the comments — I’d love to hear what methods you use.

Featured photo credit: Artem Bali via unsplash.com

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