Record-keeping and accounting are critical parts of any business operation. According to the Internal Revenue Service (IRS), nearly two billion dollars are lost in the United States alone due to mismanagement of tax time records. The problem is not limited to income tax records but includes civil tax matters such as property taxes, employee payrolls, income tax payments, and receipts. Without the benefit of proper record-keeping and accounting methods, businesses are prone to errors that end up costing them money instead of earning it. With the software solution like a free invoice maker app, companies can easily take care of their invoices in a more efficient manner.
Since the creation of small business accounting software, businesses have been able to track and manage their financial records using click-and-drag features in their computer systems. However, even these systems fall short when managing and organizing businesses’ income tax records. Because of the nature of business records, they are usually large, complex, and difficult to organize into a functional and user-friendly format. In addition, electronic versions of government forms are rarely available for free. Addressing these issues is an essential factor in any successful accounting and record-keeping program.
Most large businesses and corporations make their own accounting software, but smaller businesses and mid-size companies often use third party programs. A popular option is QuickBooks, which can be integrated with a variety of different programs. In addition to keeping track of employee payroll and tax returns, many programs also provide payroll and expense tracking, profit and loss analysis, and budgeting tools. QuickBooks, along with several other popular accounting programs, can be downloaded from the Internet. Businesses can use the Internet to obtain QuickBooks files and download them onto their computers for easy reference or copy and paste functionality.
If you want to learn more about the uses of record-keeping and accounting, read the infographic below from KIPPIN:
