Updated July 28, 2015
Quickbooks Strengths And Weaknesses Chicago Illinois
The question should actually be altered to, “Where will I save the most time using my copy of Quickbooks?”
Let’s make some basic assumptions. Number one, from an accounting standpoint, your a basic laymen. You haven’t spent 20 years in public accounting. Number two, you have a basic business. Nothing too international or complicated.
Now the question is easier.
- Accounts Receivable
Keeping track of who owes you how much over what period of time is the primary time saver. Sending out professional looking invoices is certainly helpful. But the main thing is that the computer never forgets. It will also keep track of the aging on the receivables. If you use the program for nothing more than this, it will save you time and help to improve timely collections.
If you don’t have a payroll service, then this will be quite helpful. Processing the individual withholding amounts and the payroll tax deposits on a general ledger program will save you plenty of time. You will have to make sure that the program is continually updated with the latest payroll tables, and information. But generally, this will save time.
- Accounts Payable
Maybe, maybe not. You can use the program, rather than just grabbing a bill, cutting a check, and popping it in the mail. Its a little more complicated, but in certain instances, it can provide organization which may ultimately be helpful. But many business owners find this to be a waste of time.
No. In all of my years of practice, I have never seen a virtual inventory that was accurate. You will spend a ton of time on this and when you take your physical inventory, the one in the computer will be wrong.
- Loan Balances
No. Unless you can split principal from interest on your individual payments, don’t even try it. Remember also that, depending on the type of loan, the schedule of principal versus interest will change every month.
- Bank Balance
Probably not. Unless you pay attention to it every day and know how to reconcile on the computer, it will never be correct.
Unless you are a public accountant with 20 years of experience, using the entire system simply won’t work. The program is only as good as you are.
If you are having problems with your Quickbooks Strengths And Weaknesses Chicago Illinois or have issues with your accounting in general, we would love to help. I enjoy hearing from my readers, and can be contacted at
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Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.