Why Quickbooks Is Just What You Need

Quickbooks is one of the most popular names in the world of accounting applications. The product has been designed to take care of all accounting needs of a business, giving customers a choice of choosing between software based or cloud based systems, in accordance with their unique requirements. But is getting Quickbooks worth it, or is it just another fancy cost?

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Here are a few reasons why your business needs Quickbooks:

Communication and Online Features

Quickbooks is able to communicate and share data with hundreds of other business applications. What this means is that you won’t have to spend your precious time doing it, nor have to appoint someone for it. With such an automated mode of communication between business applications, the possibilities of human errors are also taken out of the picture. Quickbooks can also receive online payments, through the Quickbooks Online Billing feature. According to it, you can send the invoice through email to your customers and the customers can, in return, pay you electronically. Quickbooks makes the chore of payment and collection easier and convenient for both parties. Other features, such as accepting credit cards and online payment of bills all serve to make Quickbooks, almost, integral for all businesses nowadays.

Automated Reporting

With Quickbooks, you’ll have the ability of generating all kinds of reports at your fingertips. Gone are the days when you needed days, at times, to prepare accounting reports. Regardless of whether you need to know where your business stands or if you’re planning for the future, Quickbooks will be able to generate accounting reports based on, both, historical and projected forms of data. Having such powers at your fingertips will not only aid you in taking important business decisions but also help you in everyday endeavors, such as securing a loan.

Simplicity and Flexibility

On the whole, accounting applications tend to be cumbersome and, at times, too hot to handle. What differentiates Quickbooks from the other applications of its kind is the fact that it’s extremely simple to use. What this means is that all your staff needs to take care of all of the bookkeeping needs of the company is a basic background in accounting and an understanding of how the software works. That’s it! Also, Quickbooks has got such customized accounting packages available for different kinds of businesses, making it one of the most flexible accounting applications out there.

Cost Saving

Regardless of what the size of your business might be, the fact of the matter is that Quickbooks will cost the same. This is what makes Quickbooks so affordable and one of the best bargains in the world of business. For a few hundred bucks, you can automate a lot of your bookkeeping tasks—of varying complexities—and save your money and time in the process. In order to truly make a win/win situation, however, it’s advisable to train your staff before shifting your bookkeeping to Quickbooks.

If you’re looking for advice on how you can best implement Quickbooks in your company, or if you’re looking for the right accounting application for your business, in general, then you should know that SKB Accounting has got the answers to all of your questions. Make the most out of Quickbooks with SKB Accounting!

Why Integration with PayPal Is the Right Thing to Do?

The two most important things that make businesses successful are their ability to minimize expenses and maximize profits. However, the efficiency of both of these considerations depends upon getting the right payment processing solution for your business. Here are a few reasons why PayPal can be the best choice that you’ll ever make in this regard:

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Bigger Transactions Made Better

With PayPal credit, your customers are allowed an access to special financing which enable them to have more time to pay for their purchases. This feature is helpful with the bigger purchases, especially, owing to the fact that it gives your customers more time to pay. But what makes this convenience an absolute gem is the fact that your business will get paid, in full, upfront. The credit line to your customers is extended on behalf of PayPal and not your own. What this means is that you’ll be able to make bigger transactions on credit (technically) and not have to worry about your liquidity either.

International Business Made Safer

One of the biggest reasons that business owners give for not going international with their activities is that they are afraid…afraid of frauds. However, with the integration with PayPal, they can turn the tides on this threat of fraud, owing to the fact that PayPal’s reputation is goes well beyond the U.S. What this means is that businesses will be able to capitalize on the international markets without having to worry about frauds. It has become a matter of fact now that online business is made secure through the usage of PayPal as an additional layer of security.

Hidden Charges Made Nonexistent

PayPal believes in transparency. What this means is that scams, such as hidden charges, are completely nonexistent in your experience with PayPal. PayPal doesn’t promise minimum rates to reel businesses in only to find out that the add ups make it a whole lot more expensive. PayPal, as a company, doesn’t need the assistance of such underhanded techniques which is the reason why it offers flat rate, based on which businesses can make their decisions. This is also a huge plus when you consider the fact that PayPal doesn’t charge any startup or cancellation fees either.

Funding Your Business Made Easier

Dips are part and parcel of a business’s lifecycle. Regardless of whether it’s because of a dip or because your need to expand, you’re going to need funding—sooner or later—for your business, right? What a wonderful thing it would be if you get these funds easily, right? But what if I told you that there is such a way? How? Well, through PayPal Working Capital of course. Certain businesses may qualify for a business loan from PayPal Working Capital, without a credit check, at a flexible payment schedule.

No matter how many advantages to integration with PayPal may be, you need to find the thing that would work the best for “you”. It’s recommended, therefore, for you to consult professionals—like the ones at SKB Accounting—in order to gain an expert’s insight into what your business truly needs!

What Utility Do The Statement Of Cash Flows Hold?

Considering the popularity of the profit and loss, people tend to underestimate the utility that the other parts of financial statements have got to offer, especially the statement of cash flows. Here are a few reasons why the statement of cash flows is important for your business and decisions:

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Cash Is a Better KPI than Most Others

Focusing, merely, on the excess cash that a business generates can serve to be a better Key Performance Indicator than a lot of other items on the profit and loss accounts. Why? Well, it’s because it shows that your business is generating…well…cash! Isn’t that the purpose of doing business in the first place? Having excess cash means that your business won’t have any severe problems relating to liquidity, which is a good meter for all businesses. Having too many assets caught in accounts receivable, for example, can result into a, mere, growth on paper at times, owing to the fact that there’s always a chance that the proceeds won’t be recovered.

They Tell You Where the Money Went

Cash flow statements give you the complete picture of your cash expenses. From this, you can decipher where your money went and whether or not something needs to be addressed. Your company might be giving loads of profits on the profit and loss statement, but what if you don’t have enough cash to make the next payment for your loan? Won’t that put the going concern assumption for your business in jeopardy? Such and other similar issues cannot be identified through a look at the profit and loss statements, merely. Analyzing your cash flows, every once in a while, will help you in streamlining your expenses.

A Focus on Cash

If the statement of profit and loss all that you consider, you’ll be a subject to the false impression that generating profits is the only way to generate excess cash, when it’s not. Creation of excess cash can be done, also, through taking measures such as cutting down your expenditures. Or, in other words, cash creation can be done while spending cash. As an example, consider that a company collects from customers faster and more efficiently than it pays off its suppliers. Hasn’t the company created extra cash using this simple measure? Such insight can only be gained through the statement of cash flows.

Making Big Decisions

Will you be able to finance your assets in the long term? The fact of the matter is that expansion requires not only the generation of assets but also the financing of it. An analysis of the cash flows will give you an idea of whether or not you’ll need to use external sources for the purpose of financing your growth. There are a number of decisions that can be taken in this regard, hence an understanding of the cash flows statement is important to ensure that you make the correct one.

Considering the importance of cash flow statements for your business, you’ll be best served by putting your faith in professionals for expert advice. If you’re looking for advice on how you can make the most out of your cash flows, SKB Accounting has got your back!

The Easily Ignored Sections of Annual Reports—What Secrets Do They Hold?

Making the decision to invest in a company can be tough, considering the intricacies involved. Some people make it on a feeling of gut while others—the smarter ones I’d say—do it on the basis of a company’s annual report. The importance of a company’s annual report cannot be stressed upon enough when it comes to getting a good picture of the company, yet it’s not given its due importance by most investors. Here are some of the sections of annual reports that most investors conveniently decide to skip:

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The Auditor’s Report

 

Imagine making a decision to invest into a company based on its high account receivables (an extremely simplified example) without having the knowledge that the auditor had given a note regarding it indicating that, to the best of their knowledge, a part of these receivable will be unrecoverable. What then? It’s pivotal for investors to, at least, look at the auditor’s report once to ensure that there are no modifications that have been issued. Check also to see if a company is in the habit of changing its external auditors regularly. It might be more relevant for you than you may think!

The Director’s Report

The Director’s Report lists among the most commonly ignored sections of the annual report, by an average investor, owing to the fact that some investors don’t feel that words should be made a part of a report that describes a company’s financial position. To put it in a nutshell: the Director’s Report will tell you about any expansion plans that the company might have. This, when combined with the economic outlook, contribute to be an effective meter in the determination of the future of the company.

Corporate Social Responsibility

Companies tend to make profits…big profits. Wouldn’t you want to know how those profits are impacting the society? Companies have a responsibility to carry out their CSR initiatives owing to the fact that they generate their profits off of the society. If a company hasn’t been conducting its CSR activities like it means (painting a few walls in the name of it) then you truly need to consider whether such a company—that doesn’t seem to care about the society—deserves to get a hold of your hard earned money.

The Business Model

Considering the fact that a company’s business model, pretty much, dictates the performance and direction of the company, it’s a surprise that more investors don’t pay much heed to it. Looking at a company’s business model not only tells you how it has gotten to where it is (a priceless piece of knowledge, no doubt!) but it also informs you of what the company intends to do in the future. Considering that the investments you make today will reap benefits in the future, isn’t it important to have an idea of what the future will be like for the company?

According to the greatest investor of all time, Warren Buffet, “Read 500 pages every day. That’s how knowledge works. It builds up like compound interest”. Reading, truly, is the habit of the truly successful people. However, if you’d like an expert’s advice on a company’s annual report, our professional experts at SKB Accounting will be more than happy to be of assistance.