Track Your Expenses Using Quickbooks

 Businesses have plenty of options to automate their accounting and bookkeeping activities to save time and money. Cloud accounting software has transformed firms' operations with affordable, user-friendly products. Accounting functions can be tedious, time-consuming, and resource-intensive. However, software like Quickbooks accounting services adds efficiency and speed to monotonous activities. Companies can avail of their numerous features such as: 

  • Creating customized invoices with built-in templates or from scratch 

  • Recurring invoice feature 

  • Tracking inventory and valuing it correctly 

  • Storing transactions in the electronic ledger and journal 

  • Electronic receipt scanning and uploading 

  • Expense management with advanced features 

 

These are just the tip of the iceberg as Quickbooks accounting services incorporate several other features to target various aspects of accounting. While talking about the expenses incurred by a company, it is easy to lose track due to preoccupations. However, not monitoring and controlling it on time can severely affect the company's financial position. A company struggling to do it with manual methods must consider automating with Quickbooks.  

 

A business generates transactions in its course and records them in a journal, finally posting them in the ledger. Let us discuss the process of recording and tracking expenses with an example: 

 

A business receives $2000 worth of supplies from its vendor. It will record the purchase expense through the following steps in bookkeeping services Chicago: 

 

  1. Vendor invoice filing as a source document 

  1. Posting the journal entry and reviewing it in the ledger to verify accuracy 

  1. Generating trial balance with adjusted figures 

  1. Using trial balance to produce financial statements 

  1. Conducting bank account reconciliation and confirming the payment to the vendor through the correct account 

 

There can be additional complications about different payment methods, accounting principles, etc. All these complexities can make expense tracking tricky. Quickbooks accounting services facilitate firms with the following features: 

 

  • It lets you automatically connect all your accounts in one place for easy importing statements.  

  • Classify and reclassify transactions automatically without manual effort 

  • Keep a check on the dashboard, providing information about inflows, outflows, and profitability 

  • Capture the receipts and save them in the cloud for tax season 

  • Get a real-time financial view for better decision-making 

  • Ensure you never miss a tax deduction with the automatic sorting and categorization feature 

  • Built-in cash flow statement to know how much cash you have for current expenses 

  • Share the expense report created by Quickbooks with the accountant 

  • Flexible online plans that are feature-rich 

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