Understanding basic accounting
Accounting forms the foundation of every successful business. Every business needs a system to be accountable for the utilisation of funds in order to keep its cash flow in smooth operation. The universal system used to keep financial records and reports of all funds spent, received and owed to a business is basic accounting, and keeping this system streamlined requires careful planning and implementation of processes.
Even the most basic accounting systems need the stability of meticulous processes to be followed. Financial records are used to determine how well or poorly a business is doing in terms of profit and loss and need to be kept up to date and accurate for a number of reasons, namely:
- to keep track of monthly and annual spend
- to help financial managers plan an effective company budget strategy
- to show shareholders and donors how every cent was used
- to avoid losing money due to mismanagement, corruption or theft
A software suite such as QuickBooks accounting software allows businesses to manage and keep track of all fundamental financial records with its DIY basic accounting features. Each program offers a comprehensive accounting system to help businesses balance their books. Continue reading to learn how your business can benefit from QuickBooks accounting software.
Basic accounting is crucial to your business
An effective basic accounting system acts as an unseen supervisor or manager, ensuring that all procedures are running smoothly in order to achieve financial success. The following financial statements form a basic accounting system and are essential to the financial success of any business:
- Income statements – Records all funds that are received by a business such as generated sales, fundraising, donations and grants.
- Expenditure reports – Records all funds that is spent by a business such as operating costs, office rent, costs for stationery, workshops, media production, catering and bank charges.
- Balance reports – These are records that state the remaining funds that are left over at the end of each month, after all expenditure has been paid to its relevant parties.
Managing expenses and income statements is easy with the help of a basic accounting system. QuickBooks accounting software provides you with the ideal software program suited for your type of business. While QuickBooks SimpleStart is designed for small to medium start-up businesses, QuickBooks Pro offers enhanced features for established companies with complex financial statements and QuickBooks Premier provides all businesses with the assurance of an advanced accounting system.
QuickBooks accounting software provides a simple solution for basic accounting
Running the financial system of a business can be challenging at times, especially if you haven’t spent years mastering the accounting language. While employing a full-time accountant will help your business achieve financial success, it may also be expensive to maintain a qualified accountant’s salary. QuickBooks accounting software is ideal for small-to-medium businesses because it employs a solid accounting structure that can help you to streamline your businesses financial recording processes with quick and effective solutions. With QuickBooks SimpleStart, QuickBooks Pro and QuickBooks Premier, our easy-to-master software programs cater to the needs of every type of business.
QuickBooks SimpleStart - for new and home based business
The simplest way to manage and track money going in and out of your business.
QuickBooks Pro - manage your business accounts simply and easily
Manage your business accounts simply and easily.
QuickBooks Premier - fast and easy advanced accounting
Fast and easy advanced accounting.
Quick Payroll is designed to meet the fast growing needs of dynamic South African SMEs.
It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
Quick Payroll Lite is designed to meet the fast growing needs of dynamic South African SMEs. It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll Lite interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll Lite is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
Quick Payroll Startup is designed to meet the fast growing needs of dynamic South African SMEs. It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll Startup interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll Startup is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
