QuickBooks by Intuit has completely streamlined the process by which accounts are maintained by small and medium enterprises.
Though it is top end accounting software and takes care of almost every aspect of bookkeeping, you can add on specialized applications that improve its performance by leaps and bounds.
The main benefit is that as a CPA, you save time with more automation. Much of accounting is the tedious transfer of data between Excel sheets, using long formulas to find the optimal stock in hand, the discovery of reordering levels, accounts receivable, and payable management.
Most of the third-party applications can be safely integrated with the QuickBooks software to save time and resources. Let us take a look at the best five of these.
Here are the five best applications that make life easier for accountants and CPAs:
Recur360 has been developed by the aptly named Out Of The Box Technology Group. It makes it easy to generate, manage, email, organize, and maintain recurring billing and collections. If a customer has subscribed to the services and pays monthly, this is the best app for getting rid of all the headaches.
The app will, by itself, process all recurring transactions and send PDF invoices to emails. It works with all types of credit cards and online payment gateways.
Recur360 will auto-generate late payment notices and also deliver them if the payment is outstanding on the due date.
Sending out bills and collection notices to hundreds or even thousands of clients takes a lot of manpower. If done by hand, each invoice has to be scrutinized and then individually dispatched to customers. Further, it is difficult to chase each payment and send reminders where needed.
This type of repetitive work is entirely unnecessary with Recur360. At $72 per month, it is a useful addition that can help you to sync transactions between your system and the QuickBooks application.
2. Acctivate Inventory Management
This application is definitely pricey but would manage your entire warehouse operations smoothly. Control of stock is of utmost importance to small businesses. If capital gets tied up in inventory that does not move, it can spell the end of the company.
Acctivate Inventory Management not only tracks inventory and tells you the monetary value immediately but can handle thousands of subcategories. You have absolute granular level knowledge of what is sitting on your shelves far better than manual stock-taking could ever tell you.
It also calculates the perfect lead time for inventory, making it possible to place orders with the vendor at the ideal moment.
With a link into your online store backend database, you also get to accurately display to your customers which items are out of stock.
Before QuickBooks, inventory control was mostly a matter of educated guess since smaller businesses can neither invest the manpower nor the enormous technology needed for maintaining the optimum stock levels.
With Acctivate priced at $4995 (one-time), there is no need to worry on this front. At any time, you can summon reports that show the net payment position and analysis of the payment method used.
If you own a web store, the accounting needs are slightly more sophisticated. The very nature of online commerce is its always-on 24x7 environment.
eIntegrator makes it possible to adapt QuickBooks to the e-commerce arena.
It is a completely hassle-free software that does most of the work that a capable ERP suite can. You can calculate the cash flow and find the level of inventory and other assets.
At any time, you also have an idea of good in transit both from vendors and to customers and the amount owing. Since success in e-commerce requires cut-throat pricing, that is better done when you are informed by software, which allows you an in-depth look into your business and Balance Sheet at the click of a mouse.
Use eIntegrator for supply chain management to tighten up receipt and dispatch, and hundreds of thousands of dollars that were tied down in slow stock would be released for your new projects.
Easy to configure, it can be set up in a matter of hours and works silently in the background. Priced at $399, it is a valuable investment.
How do you understand if your books of account are correctly maintained? If the reports they generate match facts on the ground, we can say they are accurate.
This is where QQube steps in. QuickBooks is excellent for collecting raw data from transactions. But this has to be arranged, sorted, and correctly presented.
QQube does anything with reports. From budgets to estimates and comparisons between them, advanced pivot tables, perfect prediction of job costing, and insight into expenditure.
It is not that more reports make you better informed but reports that are more suitably compiled. QQube works as a Management Information System application that negates the need for any outside agency to perform analytics.
Being able to witness every aspect of your business in colorful 3D charts and diagrams offers you a better understanding and leads to scope for new sales and lowering expenditure.
Also, the more significant number of reports makes the task of auditors easier as they have ready access to forecasts as well as real-time values.
5. Cashflow 360
Cashflow 360 is the aspect of business that is most crucial. You might have a profitable operation, a superb sales team, and growing revenue. But are you cash positive or is it all tied up in fixed assets and with debtors.
This is where Cashflow360 offers you an exceptionally detailed overview. It not only allows you to use it as billing and invoicing software but at only $30 monthly also lets you understand how funds are locked up in your business.
Use any gateway to accept payment, instantly account for it, and ask for reimbursement from the bank. You could also transfer the amount to your vendors quickly via ACH into the QuickBooks software. In addition to that, at times when hundreds of transactions happen daily, you can maintain an eagle eye on the cash position at any time.
Otherwise, you would often have to opt for short term loans and overdraft from the bank to tide you over, and the interest payments are too expensive.
QuickBooks has around a hundred different add-on applications that can be integrated with it. These are a few that we believe make the task for any CPA or accountant lot more comfortable by allowing them a detailed look into the finances of the business.
This is by no means an exhaustive list but a good starting point for your QuickBooks experience.