According to accounting.com, Accounting is a process of recording, assessing, and communicating financial transactions — helps individuals and organizations understand their financial health.
Essential Accounting Tasks for Business Owners:
- Update financial data
- Deposit cash and checks
- Reconcile payments and receipts
- Update inventory records
- Backup data
- Pay vendors and suppliers
- Review employee timesheets
- Compare your month-to-date P&L to your budget
- Scan documents and receipts
- Review bank and credit card statements and reconciliation reports
- Review financial statements with your bookkeeper or accountant
- Chase down overdue receivables
- Compute estimated taxes quarterly, and make payments
- Prepare full-year financial statements
- Submit your annual tax return
In this tutorial, I am going to share the Best Accounting Software for Online Business
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QuickBooks Online is the ultimate solution for online business.
The majority of accounting professionals or eCommerce Entrepreneurs use QuickBooks Online. It has endless online training resources and forums to get support when needed.
Pros
- Scalable
- Commonly used by accounting professionals
- Integration with third-party applications
- Cloud-based
- Mobile app
Cons
- Upgrade required for more users
- Occasional syncing problems with banks and credit cards
