The newly appointed CEO, John Ray III, of the bankrupt cryptocurrency exchange FTX explained to lawmakers the absence of monitoring and financial controls that he found since taking over the business a month ago when he testified before a House committee on Tuesday.
John Ray III referred to the downfall of FTX as one of the worst business failures he had ever witnessed. He described it as a “paperless bankruptcy” caused by an unbelievable lack of documentation.
The situation at FTX, according to Ray, a seasoned expert in corporate restructuring, was worse than what he discovered at Enron two decades before. One of the largest business frauds in American history was Enron.
Rep. Ann Wagner, R-Mo., asked Ray for further information and he said that there were no records kept and the FTX finances were managed by staff using QuickBook, a software commonly used by small and medium-sized businesses.
The revelation of Ray that a multibillion-dollar company using QuickBooks made the room filled with laughter.
According to Ray, FTX employees used the communication app slack to discuss invoices and spending while the company used QuickBooks from Intuit Inc for accounting.
Many of us will be unfamiliar with the software QuickBooks. Let’s take a look at it!
QuickBooks is among the most widely used accounting programs for small enterprises in 2022.
What Is QuickBooks?
Intuit developed the accounting software program known as QuickBooks, which provides options for handling tax, business, and personal financial matters.
There are various editions of QuickBook available as desktop applications for Windows. The Mac or online versions are also available.
Accounting, payments, invoicing, and other procedures can all be automated by businesses using QuickBooks. These capabilities simplify the tracking and management of company funds.
The majority of QuickBooks users are medium-sized and small-sized businesses. Quickbook is well-liked by these users due to its simplicity of use and reporting capabilities.
Despite being most well-known for its bookkeeping software, QuickBooks also provides several accounting and financial solutions for small businesses. Here are some examples:
- QuickBooks Payroll
- QuickBooks Commerce
- QuickBooks Online
- QuickBooks Live
- QuickBooks Payments
- QuickBooks Time
To create a complete accounting and payments ecosystem for your small and medium-sized business, all of these apps simply interact with QuickBooks accounting software.
How Does QuickBooks Work?
You don’t have to sign up for all the QuickBooks services at once, even if there are various options available.
You can begin with a single program, like, accounting or payroll software, and add more as your business grows. You have the option to eliminate or upgrade any service you no longer require.
A typical QuickBooks setup can include signing up for the accounting program first, followed by the addition of QuickBooks live to further customize your configuration.
As your company expands, you bring on full-time staff as well as contractors and independent workers. After that, you may register for QuickBooks payroll to simplify monthly payments and QuickBooks Time to record billable hours.
What Are The Major Features Of QuickBooks?
Customers of QuickBooks have access to a variety of financial features. Small-to medium-sized business owners can benefit from each to better understand their accounting.
Here are certain features of QuickBooks that you can expect when you sign up:
One of the major issues with invoicing is that it may take a lot of time and, if you’re not careful, can even slip your mind.
By automating the invoicing process, QuickBooks seeks to address this problem.
You can plan recurring invoices to be sent out on the given day and time. Additionally, you can set up the software to automatically email reminders to clients who are past due on payments.
- Bill And Expenses Tracking
You can link your bank and credit card accounts to QuickBooks while configuring the program. Once finished, Quickbook will automatically keep track of your bills and expenses.
However, manual bill tracking is always an option if you choose. Whether the transaction is made with cash or check, it is simple to instantly record it.
Most of the bookkeeping requirements can be met using the tools available.
For instance, you can control both the inflow and outflow of funds. You may also print out financial statements to see a quick snapshot of the financial status of your business.
- Employee Time And Expense Tracking
Tracking time and billable expenses incurred by employees or subcontractors is a breeze using QuickBooks. They can either send it manually and the bookkeeper on your end will put the information in the app, or they can enter it themselves using the QuickBooks mobile app.
As a business owner, managing payments can be difficult. You’ll be glad to hear that QuickBooks provides a variety of payment options. It can assist in streamlining the payment process whether you operate an online business or a physical store.
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The other features are,
- Multicurrency accounts
- Remote access capabilities
- Remote Payroll assistance and outsourcing
- Better mail functionality with Microsoft
- Mapping features
- Easy taxation
With QuickBooks, you can easily and conveniently complete your tax responsibilities while keeping track of financial activities including income and expenses, staff costs, and inventory in real-time. When you are free of financial worries, you can focus on fostering business growth and income.
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