Automation, technology and IT has revolutionized almost every industry and business sector. There also has been a trend of tech startups in the finance and accounting industry.
Different accounting software, fintech solutions, applications, and platforms have evolved how accountants would do their job.
Instead of hiring CPAs and accountants, small businesses often rely on accounting software and fintech solutions. Quickbooks has become one of the most popular software that has revolutionized small businesses’ accounting and financial management.
Small businesses often rely on Quickbooks, whether it’s about budget management, recording expenses & income, or payroll management.
Due to the increased reliance of small businesses on Quickbooks, the trend for accountants to learn and excel in fintech solutions and accounting software has also increased.
Whether doing independent practice or freelancing, accountants and CPAs are inclined to learn and become skillful in managing accounting software.
Quickbooks has different certifications and courses for professionals, accountants, and people who want to get the expertise of Quickbooks Intuit. Many accountants and professionals who want to become experts in Quickbooks often get confused if the certification is worth it or not.
Therefore, we have come up with the article to share everything about Quickbooks, its certification, and whether should you get Quickbooks certification. So let’s get into it.
What is Quickbooks Intuit?
Quickbooks Intuit is accounting software that allows you to create, store, and send customer invoices to your clients from any device.
The software links your bank and credit card accounts for easy tracking and analyzing the money flow of your small business. You can trust the software for data entry without any painstaking process of follow-ups with accountants and outsourced accounting firms.
Another amazing thing about Quickbooks is that it learns from your interactions once you’re using the software and automates expense categorization.
Whether it’s about managing bills, tracking miles/hours, contractors, or invoicing, you can manage everything in Quickbooks. Above all, you can create reports giving you valuable insights into your business’s financial performance and financial health.
What Can You Do With Quickbooks?
We have pretty much mentioned what you can do with Quickbooks. From recording your financial transactions to generating insightful reports, all can be managed within the accounting management software.
Here is an explanation of everything that you can do and manage as a small business owner by having Quickbooks on your side.
Invoicing & Tracking
Let’s start with invoicing and tracking for your small business. Quickbooks enables you to create, print, and send invoices through email. Besides, when you create invoices, the data is automatically updated to show the account receivables for different customers.
You can track the outstanding invoices at any time by the tracking feature of Quickbooks. Not only this, but you can also track how many days are left for every debtor of your business. The account receivable aging report gives you insights about days left in the due date, overdue invoices, outstanding invoices, etc.
Manage Bills & Expenses
Not only are your invoices and revenues managed within Quickbooks, but the accounting solution lets you track your outstanding bills and expenses. Running a small business requires you to have different working avatars as one human being.
Therefore, the software has simplified the problem by giving the feature of connecting your bank and credit card accounts with Quickbooks. As a result, you can easily track your bills and expenses directly.
Besides, it also categorizes each expense automatically. Whenever you are worried about where $80 was debited, you can manually check transactions.
If you’re paying any expense in cash, you can manually record it in Quickbooks. You can also add reminders for payments that will be due in the coming days so that you’re never late on them. Like invoicing, you can check past-due bills, outstanding bills, and such insights with the account payable aging report.
Financial Reports & Insights
Preparing financial reports at the end of a financial year is probably the most tedious job for small business owners. On the other hand, it’s necessary as well to track the financial performance and health of your business.
Many businesses outsource the financial report preparation and pay hundreds to get the job done.
But do you know you can do that in Quickbooks? When you’re recording all expenses & revenues with accounting software, financial report preparation is a matter of a few clicks. You can generate and print the following financial reports:
- Profit & Loss Statement
- Balance Sheet
- Statement of Cash Flow
You can easily print the reports for sharing with your colleagues and employees to make strategies for addressing financial issues.
Tax Returns
Tax return filing is even more chaotic, and it can be troublesome to achieve accuracy. But when you’re tracking and recording everything with Quickbooks’ automated software, return filing becomes a lot easier task.
You don’t have to worry about the accuracy of the accounting method, transactions, and amounts. You can share the printed financial reports and data with your tax accountant or allow him to access your Quickbooks account & retrieve required data conveniently.
Tracking Of Employee Times
When we talk about Quickbooks, it’s probably one software that has simplified the whole accounting department for small businesses. You can also track employee time and expenses with Quickbooks. However, you have to enter the time manually.
Besides, whenever a specific time is assigned to a customer can be used to invoice him. You can also assign if the time is billable and should be invoiced or not.
Payroll Management
Payroll management is another add-on you get with Quickbooks. The payroll function of Quickbooks will automatically calculate and run payroll according to the payment frequency of your business. It will save you from manual calculation mistakes, leading to unhappy employees and penalties.
Besides, the data of payroll is also updated to generate accurate and comprehensive financial statements. You can pay your employees through checks or make direct deposits, calculate the payroll taxes(federal & state), e-pay the payroll taxes, and automatically let the software fill payroll forms.
Other Features
You can improve your cash flow by letting the customers pay the invoices through online methods. Intuit merchant services, now known as Quickbook Payments, is a feature where the customers can pay you online from the emailed invoice. Besides everything we have explained, you can also track mileage and inventory and accept online payments with Quickbooks.
What Are Certifications Offered By Quickbooks?
You can get Quickbooks training as a beginner or even if you’re familiar with the software. If you’re an expert in Quickbooks, you must be wondering if life would be much easier at the office.
Therefore, let’s come to the point of different certifications offered by Quickbooks. Here are four different certifications offered by Quickbooks:
- QuickBooks Online
- QuickBooks Online Advanced
- QuickBooks Desktop
- QuickBooks Desktop Enterprise
- QuickBooks Online Payroll
Benefits Of Quickbooks Certification
Before you decide if getting certified is a good decision, you must know the benefits of getting certified. The small business owners would probably think much after getting introduced to the features of Quickbooks. However, here is what accounting professionals can get by being certified:
Keep Your Accounting & Bookkeeping Skills At Par With Market
You have got a degree in accounting, but as soon as you land in the market, you get overwhelmed by the dependence on software and fintech solutions. Most startups and small businesses rely on Quickbooks as their accounting software.
With the certification, you can apply accounting in the real world without getting overwhelmed about the dependence on software. Besides, you will see every accounting principle happening in the real world.
Will Help If You’re Starting A New Business
As mentioned earlier, small businesses heavily rely on accounting software. Therefore, if you’re planning to start your own business, it’s a great investment indeed.
Run Your Own Accounting Firm
You can start your own accounting firm or work as an independent freelancer to offer Quickbooks management services to different small businesses that are not comfortable with the software.
5 Best Quickbooks Certification Alternative
There are many alternative certifications available for accounting professionals who are looking to expand their skillset beyond Quickbooks. Here are five options worth considering:
1) Certified Public Accountant (CPA)
Advantages:
- Widely recognized as the gold standard for accounting professionals
- Opens up a wider range of job opportunities, including in government, public accounting, and corporate finance
- Demonstrates a high level of expertise in accounting and related fields
- Can lead to higher salaries and better job security
Disadvantages:
- Can be expensive to obtain, both in terms of exam fees and education requirements
- Requires a significant amount of time and effort to study for and pass the exam
- Can be difficult to meet state-specific education and experience requirements
- The exam has a relatively low pass rate
2) Certified Management Accountant (CMA)
Advantages:
- Focuses specifically on management accounting, which is highly valued by employers
- Can lead to higher salaries and better job opportunities in corporate finance and management accounting
- The exam is less expensive than the CPA exam
- Can be obtained with less education and experience than the CPA
Disadvantages:
- May not be as widely recognized as the CPA certification
- The exam can still be challenging and require significant study time
- May not be as useful for those interested in other areas of accounting or finance
3) Enrolled Agent (EA)
Advantages:
- Allows individuals to represent taxpayers in front of the IRS, which can be a valuable skillset
- Can lead to job opportunities in tax preparation and planning
- The exam is less expensive and less time-consuming than other certifications
- Does not require a college degree or specific education requirements
Disadvantages:
- Limited to tax-related work and does not cover other areas of accounting or finance
- May not be as highly valued by employers as other certifications
- May require additional education or experience to provide comprehensive tax advice
4) Certified Financial Planner (CFP)
Advantages:
- Covers a wide range of financial planning topics, which can be valuable for individuals interested in providing comprehensive financial advice
- Can lead to higher salaries and better job opportunities in financial planning and wealth management
- The certification is highly valued by clients and can build credibility in the industry
- The exam is less expensive than other certifications and can be obtained with less education and experience
Disadvantages:
- May not be as useful for individuals interested in other areas of accounting or finance
- The exam can still be challenging and require significant study time
- May not be as widely recognized as the CPA certification
5) Certified Fraud Examiner (CFE)
Advantages:
- Focuses specifically on fraud detection and prevention, which is a growing field
- Can lead to job opportunities in fraud investigation, auditing, and risk management
- Can be obtained with less education and experience than other certifications
- The certification is highly valued by employers in industries such as banking and finance
Disadvantages:
- Limited to fraud-related work and does not cover other areas of accounting or finance
- The exam can still be challenging and require significant study time
- May not be as widely recognized as other certifications in the accounting and finance industry
Final Verdict: Is Quickbooks Certification Worth It?
So is it worth it to get Quickbooks certification?
The answer is: Absolutely yes.
The investment to get certified as a Quickbooks expert will help you in your professional life. From landing a job to working independently, Quickbook certification won’t only give you a practical benefit, but you can position yourself as an authority & expert.
Above all, you’re getting trained by the real people behind Quickbooks. Learning from the experts makes you the expert. Therefore, it’s a great value for money for accounting professionals and bookkeepers who’re going to pursue the field.
