Question

What are the most important purposes of keeping business records with computer software such as QuickBooks?

Explain your response in detail and consider potential issues as management information, tax reporting, accuracy,ect...

Is this the best software for a small business?

Answer 1

A.What are the most important purposes of keeping business records with computer software such as QuickBooks?

1. The business documents such as articles of incorporation, tax permissible documents, various permissible documents which are necessary for smooth flow of the business can be maintained by QuickBooks.

2. The financial data related documents such as accounts receivables, accounts payable, records of payroll and various data related documents can be maintained.

3. Various reports such as dividend reports, reports related to Board of Directors, annual reports which form the main basis of the company are maintained even.

4. Several decision related documents which are to be useful for comparison of various years and helpful for taking strategic decisions are also maintained.

5.Various documents related to business agreements like contract agreements, employee benefit packages are also maintained.

B.Explain your response in detail and consider potential issues as management information, tax reporting, accuracy,etc...

Is this the best software for a small business?

Various software such as Xero, Fresh books, Zoho etc,. exist par with the QuickBooks in the market which are also found to the best software. But the QuickBooks added advantage is with the premium to be paid which is very less expensive compared to the remaining software and also it gains over the security feature over the others.

Coming to the potential issues such as management information, tax reporting and accuracy, QuickBooks show immediate strength and heath of the business by various tools of analysis when logged in immediately which could be very helpful for the management related information and it defines several transactions gives you a quick view of the tax related reporting and it's definitely accurate without which it cannot be the first preferred maintainable accounting software for small businesses.

The only limitation is the period of free-trial.