The cash flow statement presents an account of all operating, financial, and investment activities that affect the inflow and outflow of cash in the business.It is usually prepared at the end of a Financial year. Balance sheets give the users a fair insight into their business’ assets (fixed and current), liabilities (short-term and long term), debtors, and creditors’ accounts.The difference between the two reflects the profit/loss.
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The software records the total income and its source as well as expenses carried out.
The Profit & Loss statement is prepared to calculate the net profit or net loss for a given period. These statements altogether reflect the financial well-being of any business. It prepares profit & loss statements, balance sheets, cash flow statements, etc. The software offers to prepare the business’ financial report in an accurate manner. Preparation of financial reports- Having knowledge about the financial health of your business is very important. This makes the tax calculation easier and accurate. If you are using TurboTax software for the calculation and filing of taxes, it will import the information from Quickbooks itself. Quickbooks software basically prepares all the information required for the calculation of taxes. However, Quickbooks can help you deal with them. Tax management- Management of taxes is the scariest task for any business. Just like management of sales and income, management of payroll is very integral to any business house as happy employees are the ladder of success for businesses. Since Quickbooks Payroll is linked with Quickbooks software, the financial statements get automatically updated. The software calculates federal as well as state payroll taxes. Quickbooks offer employers to pay their employees either through cheque, online or direct deposit. Quickbooks Payroll option enables employers to generate numerous paychecks at a time. Managing Payroll- Payroll is a significant aspect of accounting, wherein any employer wouldn’t ever want to see a mess or error. This feature manages income more efficiently. Quickbooks software offers an additional feature of “Intuit Payments” which enables the customers to pay online via credit and debit cards or directly through their bank accounts. Online payment helps to improve the cash flow in the business. 
Online Payments- Today’s world has transformed into a cashless one.This enables the users to track and estimate which item needs to be re-ordered without wasting time and effort in actually calculating the same. After every sale, the software automatically updates the inventory section. The software enables you to enter the details of the stock-in-hand, such as- quantity, brand, colour, size, etc.
Tracks Inventory- Manually tracking inventory is time-consuming and prone to error. It also sets a reminder about payable bills and debts for users. The software enables the user to keep a separate record of cash and cheque transactions. This facilitates the software to track down the expenses and incomes automatically. Management of Income and expenses- Your Quickbooks software is linked with your bank account and credit card. It generates customers’ invoices and also prepares a report which updates about past and current due amounts from customers. However, with Quickbooks, managing sales is still doable. Managing Sales- Tracking of sales and orders isn’t an easy task for any business house. Increases productivity- This software handles all the accounting operations of the business which makes the business well-organized, thus paving a way towards increased productivity. It guides the user step-by-step enabling them to understand the technicalities of the software in a simple manner. User-friendly- Quickbooks makes every hectic task easy for the users, thanks to its user-oriented approach. Quickbooks software is equipped with a bundle of innovative features that gives it an edge over its competitors.
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