Can QuickBooks replace my accountant?By My Service Depot on Tuesday, August 27, 2019
You've got QuickBooks. Do you still need an accountant? We take a look at what QuickBooks can and can't do.
Whether you operate a sole proprietorship or a large company, keeping tidy financial records makes it much easier to file your taxes each spring. You also need to track invoices and payments in order to handle potential client disputes, issue refunds, and understand how to budget effectively for the next year. Digital records make it easier than ever to store, manage, and analyze your records.
Of all the digital finance options available, QuickBooks represents the leading bookkeeping software for small businesses and individuals alike, and we’re proud to offer QuickBooks integration with our Smart Service field service management software. You won’t find the same, real-time integration in any other competing field service software. Smart Service-QuickBooks integration means you can avoid entering financial data more than once.
But can QuickBooks replace your accountant entirely? Not quite. QuickBooks stores and analyzes data for you, but you still need a human accountant to give you sound financial advice and to keep up with the latest changes in tax legislation. Here are some things QuickBooks can and cannot do for your small business.
Easily Create and Send Invoices
As a small business owner, you can’t collect money unless you know how to create and send invoices. Forget about using hand-written invoices; it’s too easy to lose those sheets of paper and nearly impossible to index them by more than one parameter. On the other hand, when you create digital invoices with QuickBooks, you can look them up by date, service type, customer name, and any other data.
Plus, QuickBooks allows you to accept online payment for invoices. With more and more people choosing to handle the majority of their payments online, this represents a convenient and forward-thinking option for your clients.
Pay and Track Business Bills
Do you still write checks to pay bills? What if you could pay your expenses with just a few clicks or taps, all from the same interface? QuickBooks allows you to pay your business bills and keep track of upcoming due dates. You’ll save time by no longer getting on the phone or using snail mail to pay some of your bills. You can even schedule payments to withdraw automatically or have recurring transactions “memorized” so you can easily repopulate billing information. Plus, you’ll save money by not having to buy new checks as often. With everything listed in front of you, paying business bills will require just a few minutes of your time.
Track Employee Time
With the Smart Service mobile app, your employees can track their time for each client. Because SmartService integrates with QuickBooks, this time tracking info transfers to QuickBooks to make it easy to accurately populate hourly pay stubs for your employees. After that, it’s a simple matter of approving payment.
Create Sophisticated Financial Reports
If you land a commercial or industrial client, you might get asked to provide financial reports. That’s because larger clients typically like to know exactly what they’re paying for, even if you already provided an itemized estimate. Without software like QuickBooks to generate detailed reports for you, you could end up with quite a headache trying to figure out how to package and present data that shows your efficiency and productivity. Because QuickBooks has all of your financial information in one place and makes it easy to segment it in numerous ways, financial reports are a snap to produce.
Give Your Accountant Easy Access to Tax Information
It’s never been so easy to do your own bookkeeping for your field service business, but you might want a certified public accountant (CPA) on your side to double-check your finances when it comes to taxes. It’s always wise to have a second opinion, especially when you first starting out as a small business owner and haven’t yet mastered the nuances of business tax.
Fortunately, QuickBooks makes it easy to work with an accountant thanks to a special accounting login. Your accountant can review your business expenses and income in order to accurately file your taxes and get you the best deduction.
Of course, QuickBooks will only prove useful to your accountant if you use it religiously to track every last penny that has anything to do with your business. Remember to log everything into QuickBooks for best results.
Smart Service and QuickBooks Make Business Management Simple
If you use Smart Service as a field service management app, you don’t have to worry about logging information in multiple software systems. Smart Service-QuickBooks integration means you schedule work, create invoices, track time, make payments, and generate reports all from the same platform. Take advantage of the best bookkeeping software on the market combined with the best field service management software. Request a Smart Service demo today to take your business to the next level.