4 Myths About QuickBooks You Should Be Aware Of
There is no denying that eighty percent of small businesses use QuickBooks over any other accounting or bookkeeping software, and at any given moment many of those same businesses find themselves at their end of intelligence when trying to close out the worth of data of a year.
Therefore, there is no point of doing all the work putting your data in QuickBooks and that comes out wrong at the end of the year.
In order to set the records straight, here are some common QuickBooks myths –
1. Any small business can easily get started on QuickBooks
Intuit let’s their potential customers to believe that QuickBooks is as much easier as online banking. However, often use of the software is intended to be user-friendly, but the setup needs both, i.e. knowledge of accounting and the software as well.
An improperly set-up QuickBooks file is critical to building an asymmetrical foundation for a company. The result would be always wrong, no matter if the rest is done correctly. In that situation, consult a professional to get the things properly set up and trained you briefly.
2. Many problems occur due to no upgrade
The accounting principles haven’t changed since the invention of QuickBooks. It always operated on debits & credits basis. An upgrade just provides you some additional features and that’s it. Though you have the new version of the software, an improperly set up file will still not properly work.
3. Signing up for the payroll service eradicates most of the issues
An improperly set up company file in QuickBooks will definitely lead to more complications and frustration.
The payroll service in QuickBooks is automated, so if the base of data is wrong, then as a result payroll calculations will also be wrong. If you think that payroll service will make your payroll life easier, so you still need to ensure that the company file is correct.
4. Working in QuickBooks is not right for my business type
Basically, QuickBooks is based on GAAP (Generally Accepted Accounting Principles).
These principles are true across the board such as service, nonprofit, construction, retail, partnership, etc. To enter the data correctly, the program will keep tracking your money.
Any company can make use of QuickBooks as certain types of companies are quite more difficult to get set up.
Hopefully, by being clear about these myths, will help you a lot in future. Most of the businesses are able to enter the day-to-day transactions into accounting software and a little direction will help in preventing all the hard work from being a waste.
No doubt, QuickBooks is highly suitable for accountants and CPAs when it comes to bookkeeping tasks. In addition to that, QuickBooks Hosting Services would be more beneficial considering the tremendous benefits they bring along.
It’s recommended thus to go for the right QuickBooks hosting service provider as that’s the only way to make the most out of the accounting software.