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2018-08-09 00:00:10Growing a Business: Staying CompetitiveEnglish Ways QuickBooks Helps You Budget

4 Ways QuickBooks Helps You Budget

2 min read

Staying within your budget is always important for financial success, particularly if you’re a new business. QuickBooks offers the features you need to create a budget that works for your business and put you on the road to financial success.

Keep Track of Receipts

It’s all too easy to lose track of how much you spend on your business daily. With QuickBooks compatible apps like Receipt Bank, Fyle, and Rydoo Expense, all you need to do is snap a photo of your receipt with your smartphone. The software scans the image and saves the data, which you can sync with QuickBooks in a few clicks. Track your receipts daily and know how much cash you have on hand in real-time so you can decide when to splurge on a much-needed item for your business and when to cut back.

Easy Invoicing

If you do your invoicing in QuickBooks, you can send invoices to customers by email as soon as you make a sale. Then it’s up to you on how to encourage them to pay faster. Some of the ways to get customers to pay before the due date include:

  • Discounts on future purchases when paid before the due date
  • Online payment options
  • Late fees or interest for past-due invoices
  • Payment reminders

Keep in mind that your customers probably aren’t purposefully avoiding their bills. They, like you, are busy, so using QuickBooks to send invoices directly to their smart devices offers a very effective way to get them to pay fast, which improves your cash flow.

Dashboard View of Your Sales

You might be surprised at how little you know about your sales. Sure, you know that a certain product has sold, but QuickBooks sheds light on facts like the time of day, week, or month that most customers make purchases. This kind of data allows you to manage your inventory more effectively with critical information such as when to have popular products on hand and what type of discounts move the product off the shelves. What you’re looking for is consistency in sales, which makes it possible to stay within budget throughout the month and year.

Accurate Filing of GST and Income Tax Returns

Accuracy is key when it comes to filing your business taxes. Keeping track of your business finances throughout the month ensures accurate filing of GST returns and annual income taxes. Once you get into the habit of entering all your business financial information in QuickBooks, you can generate the reports you need to file GST and income tax returns in just a few clicks. Filing on time ensures you don’t pay late fees that eat into your budget. Accuracy helps you avoid things like GST notices, which you might get for inconsistency in your returns.

Chasing paper bills, invoices, and receipts can cause you to lose track of your finances. Inexpensive software like QuickBooks makes it easy to stay within budget continuously, which ensures business growth and long-term financial success.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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