"QuickBooks" – A boon to SMEs and Foreign Subsidiaries

What is “QuickBooks”?

“QuickBooks” is an accounting software which was initially launched to help small business owners to maintain their books of account. The software enables businesses to have a structured set of financial statements and also proves to be a simple yet efficient assistance for entrepreneurs who had limited knowledge/training in accounting.

Who can use it ?

Entities in India which are subsidiaries of those foreign entities which adopt “QuickBooks” as their accounting software. Usually, the foreign entities want their subsidiaries to maintain the accounts with the same software all around the world in order to maintain uniformity. In India, there are hundreds of companies which are subsidiaries of foreign companies and they adopt “QuickBooks” as their accounting software.

How does”QuickBooks” help SMEs?

Tracking of invoices, inventory, expenses, etc is made simpler and quicker by the software and it eliminates the need for entering the same data in various applications.

There have been various versions and improvisations to “QuickBooks” from its initiation. It starts with the basic”QuickBooks” Simple Start and comes with add-ons that can be bought at extra cost in order to upgrade to the Pro version. The basic version comes with a simple tutorial which makes it even simpler for starters.

The software provides options to maintain a customer database and records payment from customers. The company can also maintain a vendor database and writing checks for payments to be made is simpler than you can imagine.

Varied tax reports and invoice formats are available and these can be customized and also exported into MS Excel. It’s easy to get the current balance of any client, and customers who are no longer doing business with your firm can be made inactive and hidden from view, eliminating clutter and reducing the time to find active customer information. Inactive customer data can easily and quickly be restored with a click of the mouse

The current balance of a particular customer can be viewed in a short time and customers who are blacklisted or with whom the business relationship does not last can be hidden or made inactive. There is also an option to re-activate the inactive customers, if need be at a later point in time

“QuickBooks” offers a lot more options and menus that are customisable and can make maintenance of a proper set of financial statements hassle-free.

What is the kind of problem with adopting “QuickBooks” ?

“QuickBooks” being an advanced version of accounting software is not easily manageable by the accountants at bottom level. It basically needs a professional approach and skill.

Cogzidel has expertise in maintaining the accounts in “QuickBooks”. If you are looking for a Professional Accountant to do your accounting in “QuickBooks” software, you are at the right place. Pls contact us at info@cogzidel.in and we will be glad to help you.

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