The Benefits Of Using Intuit QuickBooks Over Paper Ledgers
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Traditionally, business accounts were kept in paper journals and ledgers. This is format that most accountants learned to use over the years. However, the advent of technology programs, such as Intuit QuickBooks, have provided easier ways to manage your business accounts. While computer-oriented accountants and bookkeepers love the convenience of new technology, more traditional accountants may be weary of the systems. If you still need some convincing, here are some reasons why changing to Intuit QuickBooks could be beneficial for your business.
Secure Business Records
With paper ledgers, you generally only have one copy of your books. These need to be safely stored away and are always at risk of getting damaged or stolen. If your office building were to catch fire and your ledgers were not safely stored in a fireproof safe, you could effectively lose all your business's accounting records. With the Quickbooks software program, you back up your data and keep the backup copies off site. If your computers are stolen or damaged, the data will not be lost and can simply be reloaded on to another computer. In this way, your business can continue to operate effectively without interruption.
Easy Search Features
When you need to look up information on a particular client, a month's sales figures or specific payments to suppliers, it can be a tedious task if you have paper ledgers. You first need to find the appropriate ledger and then page through it until you find the right information. This can be both time consuming and frustrating. With a QuickBooks software package, you can use the search feature to pull data from the system quickly and easily. If you are looking for transaction information on a specific client, you can call up the client file and get the details of all of their transactions and invoices for the month. In a similar way, if you want to look up the sales figures for a particular month or week, you can simply call up the invoices for that period. You can also use this information to create charts and graphs for presentation purposes.
No Need for Replication
At some point in time, a paper ledger will fill up and you will need to transfer information from one ledger to another. You need to make sure that the information is transferred accurately and follows on that from the previous journal. If you need to have copies of this information, the only way that you can do that is to photocopy the ledgers or rewrite parts of them. With a software accounting system such as QuickBooks, you will never need to do this. The data and accounts information is securely stored in the system, and reports and information can be drawn from the data at any time. Once a client file is created, it is there in the system and can hold as much data as required. When you need to send out invoices or statements to your clients, you can simply draw the information directly from the system. There is no need to write and address invoices and envelopes.
Interface with Credit Card Processing
With paper ledgers, you will need to manually record all the credit card transactions processed by your business. You then need to balance this with your banking account when the funds clear in your merchant account. A new feature in QuickBooks incorporates credit card processing into the software system. This means that when you process a credit card transaction, it automatically records it into your company's books. In addition, it stores the customer's credit card details in a secure folder so you can refer back to the information if you need it at a later date.
Easier Employee Handover
With manual paper ledgers, it takes some time to train a new staff member with the procedures of your particular company. While there are generally accepted accounting practices, accountants and bookkeepers often create their own filing systems according to their personal preferences. When a new employee starts, they need to become accustomed to the accountant's personal systems. With QuickBooks, all the information is stored on the software system. Anyone who is already trained in and familiar with QuickBooks will require less training to get up to speed with your company's systems. There may be a few unique ways in which you do things but most times new employees who are already proficient in working in QuickBooks can generally hit the ground running. This saves your company time and money in the long run.
Article Source: Articlelogy.com
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