QuickBooks is one of the popular accounting software launched by Intuit. It is an ideal choice for small businesses and self-employed entrepreneurs. Every year, Intuit comes up with advanced features in QuickBooks. Thus, for 2018 it has introduced AI and machine learning driven innovations; recently in the Fourth Annual QuickBooks Connect Conference. The people gathered in the meeting experienced the actual ways of QuickBooks, which is an ever-growing system that continues to evolve and deliver tailored experiences. It is an open platform that helps to build essential relations between customers, partners, and products.
Sasan Goodrazi who is the Executive Vice President in Intuit said, “QuickBooks is the world's largest self-employed and small business ecosystem, connecting more than 7 million people who work themselves to half a million accountants and 5000 app developer”.
So, here we are going to discuss, how QuickBooks can leverage the collective efforts of all the customers, partners and developers to give small businesses a shrewder way to do business.
Money Management: Money is the only survival option for human beings in this absolute world. And it is obvious that self-employed and small businesses are putting their efforts to gain profits, but they are striving hard to manage their cash flow on a daily basis as it is the core of any business. They fight to receive timely payments, face difficulties in procuring loans from the bank to develop their business and often tamper in managing payroll. So here are three ways that make QuickBooks the best choice for small businesses and self-employed to streamline their cash flow.
(1) Access to funds - Usually in the first 5 years 70% of new business needs finance to grow, but only 23% are able to access the funds. Therefore, Intuit introduced QuickBooks Capital to eliminate the complications from the loaning process for small businesses. It was built on 26 billion QuickBooks data records to help small businesses overcome the barriers they have faced in requesting lesser loans.
(2) Receive payments accurately - On an average, it takes 45 days for small businesses after sending invoices but still, 64% of small businesses have outstanding invoices in their balance sheet and payments are received after 60 days. To overcome this challenge Intuit's new QuickBooks Payments has enabled small businesses to create a “payments- enabled” invoices in seconds, which automatically save their time and efforts. This gives the customers of small businesses an easy way to pay online by credit cards or free bank transfers.
(3) Payroll process - One of the toughest tasks for small businesses is managing the payroll process, which eventually affects the cash flow. Keeping in mind this pain, Intuit has introduced full-service payroll in QuickBooks that offers 24- hours direct deposits. Now the small businesses can run payroll up to 5.pm PT of the day before the payday.
Wise Decisions: Making a decision is tough for small businesses and self-employed people because most of the time they don't have relevant information so they just presume the things. Without useful insights on millions of transactions, entrepreneurs take the wrong decision and risk their business assets. So, QuickBooks has embracing machine learning and data-driven insights and became one of the prognostic and proactive tools that wisely helps in critical turning points, which makes the customers cautious and more confident in the decision they need to make.Here are some existing examples of these features:
(1) Predictive assistance- QuickBooks works as a virtual assistant and help small businesses and self-employed customers with accurate financial insights. It is just a game of seconds for QuickBooks to analyze the data of businesses who use QuickBooks Assistant. It helps you analyze how much profits you have earned last month, how much tax you have to owe at the end of the year, how efficient is current cash flow, etc.
(2) Performs the tasks for you - Making use of machine learning help customers who are self-employed in entering their financial data in the QuickBooks that includes income, expenses, etc., easily. So, this categorized form of data assist better for further references and save time and money as well for entrepreneurs.
Valuable Connections: Intuit understands that the regular people in the business that is your accountants, employees, etc. are the pillars of any business. So, QuickBooks has become a network that is connecting self-employed and small businesses to its customers, in-house team, and clients. This network is driving success by:
(1) Associating accountants - About 89% of the entrepreneurs agree on the fact that they are more successful when they diligently work with an accountant to achieve success. Intuit recently introduced “Find-A-ProAdvisor” platform that now connects almost 1000 small businesses to accountants on a daily basis.
(2) Compatible with Mobile Apps - Generally, entrepreneurs look for compatible mobile apps to run their business efficiently. On average, owners can use 15 distinctive apps, but with Intuit's App store, you will have 500 apps to maintain your workflow with various features. So now accountants can manage QuickBooks online or QuickBooks Accountants for their clients easily.
Future roadmap for small businesses:
QuickBooks is user-friendly software that comes with great innovations every year. QuickBooks accounting for small businesses has impacted every entrepreneur as they have adopted this software in their organization to streamline their accounting process. No doubt it delivers faster and accurate result, which makes it an ideal choice for business owners. But along with innovations in this software, it becomes difficult for an in-house team to fit in themselves with every now and then change that Intuit brings. So companies prefer to outsource QuickBooks to a reliable third party firm like Cogneesol Inc. to efficiently update their balance sheets and adapt the changes that occur in QuickBooks every year.