10 Essential QuickBooks Tools to Maximize Efficiency
With over 64.4 percent of small businesses using the QuickBooks software for bookkeeping and accounting functions, add-ons are essential to improve the software's functionality to overcome the challenges small companies might encounter and enhance accuracy on tasks.
The QuickBooks accounting software is a financial management tool designed by Intuit to track cash flow, build workable business insights, customize and share invoices, and analyze business reports. The software also helps manage and track inventory, process payments, perform payroll functions, carry out tax obligations, make budgets, and effectively handle customers. These features help businesses eliminate errors, remain compliant, avoid tax-related issues, avoid fines and penalties and build a reputable firm.
The QuickBooks software has both premise and off-premise versions; that is, the software can be hosted or locally installed on a computer. The hosted QuickBooks grants unlimited access from anywhere and allows for collaboration on business files at a go, provides a more secure storage and backup system and reduces the cost of running a business. On the other hand, the QuickBooks Desktop version provides access only via the computer it is installed in, reduces third-party access, personalizes control over information and puts the business in charge of backups.
Add-ons are software modules for applications or software like QuickBooks to compensate or enhance the software's features. The add-ons allow for improved functionalities and can fulfil business needs better.
Importance of Add-ons in QuickBooks Software
There are add-ons to suit almost any need of business operations. These add-ons range from time tracking, automation, file sharing and duplication, flexibility, and management of expenses.
Add-ons are essential for the following reasons;
Add-ons can improve inventory functions such as the processing of sales orders, the manufacturing of support tools, and inventory management.
Businesses can process expenses and receipts easily using digital records. The use of expense management add-ons would help to synchronize credit card payments.
Payment plans with QuickBooks Add-ons
Users can automate the scheduling of flexible payment plans for clients. The add-ons automate updates once payment is made on QuickBooks.
Users can schedule appointments automatically with add-ons. These appointments can be made on the user's end and can be easily rescheduled by cross-checking the real-time availability. This can be accompanied by follow-up messages, approvals, and automatic reminders.
Electronic storage scanning and attaching documents can eliminate the use of papers. The documents can be connected with the QuickBooks entry feature.
Employee Management and Time Tracking
These kinds of tools are suitable for tracking and delegating employee schedules and tracking employee working hours. With this, businesses can process payroll reports without hassle.
With QuickBooks add-ons, tasks such as data entry and calculations can be automated. This helps to improve accuracy and save time.
Top 10 QuickBooks Add-ons For Accountants
The Bill.com software is designed for billing and payment purposes. It supports e-payment modes such as PayPal, Credit Cards, and ACH. The software provides manageable methods of creating and paying bills, streamlining payment processes and accounts payable. It also supports the management of invoices. With this, businesses can synchronize billing and payment reports, gain control over business activities, save time and increase efficiency.
This is an inventory management add-on that aids the tracking of project and inventory management while improving visibility and collaboration. The software designed for retailers, manufacturers, and distributors help unite diverse business sales channels and get a birds-eye view of business information. It also helps to eliminate manual inventory calculations and track easily using serial and lot numbers.
BillQuick is a project management, billing, and time tracking add-on for QuickBooks. It aids the data entry method, time and expenses tracking, simplification and automation of HR tasks. BillQuick also supports the automatic creation of invoices and management of multiple contract types. This helps to reduce costs, save time, hasten the bill filling process and eliminate redundancy.
The SmartVault add-on provides secure storage over documents and provides a singular platform (QuickBooks) where users can access and share company information. Quotations, invoices, and agreements can be managed in the software. The software has a high-level security cloud-based system that improves workflow and compliance.
This is a customer relationship management software that assists in preparing statements, invoices, and customer data. The add-on helps to increase customer base and customer return, track leads, enhances accuracy in the estimation, and track customer-related activities. The software integrates well with QuickBooks and helps to keep the system synchronized.
This software supports the remote connection and collaboration of several users using an automatic synchronization function. These files can be shared amongst employees and can connect with several devices at a go.
TSheets Time Tracking
This is a time tracking tool for tracking time spent on business activities. The tool helps employers and managers create schedules and tracks overtime, vacations, and breaks regardless of the location. On the other hand, employees can register work time conveniently in the software from anywhere. The software also supports assigning tasks to employees, invoice creation and sharing, and payroll functions with robust reporting features. Users can also access advanced time tracking features for various tasks, projects, and fields.
Invoice Tracker By ability
Invoices are critical aspects of accounting processes. The invoice Tracker by ability is a reliable add-on that helps to automatically synchronize invoices. This synchronization aid the fast payment of the invoices. Email reminders can also be automatically created with this add-on to assist the payment and follow-up of unpaid invoices. With this, cash flow is increased, time is saved, and business growth is ensured.
This data management add-on allows for the proper management, importation, and exportation of data into QuickBooks. The software saves time and reduces errors by directly importing data into QuickBooks. Additionally, this add-on provides secure storage during importation and exportation.
Cash flow 360
This is a payment processing software designed to maintain cash flow. It processes payments through e-checks, debits and credit cards and supports batch payments.
QuickBooks is accounting software that provides multiple functionalities but, like every other software, lacks some flexibility. These add-ons offer additional capabilities to suit the needs of businesses.