How QuickBooks can help you write an accounting report?

Accounting is a very vast industry with complex method and terminologies used in the accounting process, there are invoices, estimates, reports, payrolls and transactions etc. are involved in an accounting process. In this article, we are going to discuss about accounting report to get an idea and how QuickBooks developed by Intuit can help with that. 

What is an accounting report?

An Accounting Report is basically the business owner’s “State of the Union” address. It helps them to communicate their plans and growth direction to others as well as gather support to move forward. An accounting report is a very valuable type of product that can be used by many parties - with or without being specifically labeled as one by the company itself.

Also, a business report is used to meet the demands of investors, employees and creditors. The most crucial information needed to make decisions regarding a company is provided in such reports so that everyone involved with the business can use them without delays or problems.

Why accounting reports are needed?

While accounting reports can be a bit overwhelming, choosing the proper ones for your business will help you easily know where your money is coming from and where it's going. But on top of that, they'll also create an accurate financial budget, allow you to accurately predict cash flow, helping you assess your overall profit margin. In addition to that , seeing how well the numbers are doing comparatively to previous months or last fiscal years will help you come up with a forecast of what's to come and make adjustments in case anything isn't working as well as anticipated.

Also, these reports are a must when it comes to business. They will help you monitor where your money is coming from and going towards, as well as provide a better look at the status of certain accounts in addition to providing insight into how everything is holding up.

Types of accounting report

General ledger

A general ledger contains a detailed record of your company's transactions and important information about cash, receivables, payables, inventories, and fixed assets.

Balance sheet 

Your company's balance sheet is a snapshot of its financial health. It shows the company's assets, liabilities and equity, in one easy-to-understand page.

Income statement

Another important component is the profit and loss report known as income statement as well. Measuring the performance of an organization over a set period of time, this report can tell you how much money was earned or lost during that period as well as how it compares to previous periods' results.

Cash flow

Cash flow analysis is the tool a business can use to measure the financial condition of a company over time. It covers a variety of topics and helps make sense of most company's changes in liquid assets for instance. It shows details about increase or decrease in short term investments and more that are likely important to shareholders and debtors alike.

How QuickBooks can help you create an accounting report?

QuickBooks is accounting software developed by Intuit which helps track your company’s finances and makes it simpler to do so. The software has various features that help make the daily tasks of sales, stocks, etc., easier to understand. QuickBooks is like a recipe book for companies to keep track of their finances. It’s a convenient and easy to use tool that makes basic accounting activities easier. You can use the software immediately after downloading it and it has features that help you keep track of any necessary accounting tasks.

Not only that, but with QuickBooks on cloud, it gives you an amazing technology when merger with your QB pro, known as QuickBooks pro hosting.  With the help of QuickBooks's cloud hosting, you can generate regularly reports on financial transactions, taxes paid, expense reimbursements and inventory purchases. You will be able to keep track of all the expenses that your company has incurred during a specified period of time and review them at any given time which will help you maintain efficiency in monetary matters throughout your company's work.

If you’re a small business owner, time tends to be your most valuable resource. QuickBooks pro hosting services offer a safe space for your files so you can focus on growing your business. We recommend working with us if you’re on the hunt for a reliable QuickBooks hosting company that has years of experience protecting vital customer data.