Looking for the finest accounting software with a multitude of features to help company owners manage their finances? Then, for accounting and bookkeeping, Quickbooks is a financial tool to consider.
A Cursory look at QuickBooks
Have you ever wondered what QuickBooks is? It’s an accounting software suite from Intuit that lets you manage your personal, company, and tax affairs.
QuickBooks uses for a variety of applications
QuickBooks can help businesses automate tasks like invoicing, payments, accountancy, and more. These tools make managing and tracking corporate money much simpler. However, in order to utilize these capabilities, you will need to understand ‘how to use QuickBooks.’
Different QuickBooks Versions
QuickBooks works on most devices, although there are some subtle changes between versions. Before you buy, make sure the program is compatible with your OS and device.
1. QuickBooks for Mac Version
QuickBooks for Mac is a Mac-specific version of the accounting software. Certain features are customized for the Mac platform, thus it is not similar to both Desktop and Online versions.
For a one-time fee, the Mac version is available.
2. QuickBooks Desktop Version for Windows
QuickBooks Desktop is a Windows-based program. It includes the majority of the most important functions of accounting software.
Three distinct bundles are available to users. Extra features include more granular user permissions and automated data encrypted backups in the biggest bundle.
3. Online QuickBooks
QuickBooks Online is intended for ease of use since it can be accessed through a web browser or a mobile device.
The QuickBooks Multicurrency functionality is a notable feature of QuickBooks Online. If you conduct business on a global basis, this function will come in handy. The Essentials, Plus, and Advanced memberships all include multicurrency.
The distinction between the Online and Desktop Versions
1. QuickBooks Desktop or QuickBooks for Mac: They can only be used on the device where the program is installed. For the QuickBooks program installation, certain system requirements must be met. The complete list of prerequisites may be seen on the QuickBooks website.
2. QuickBooks Online: It is a subscription-based cloud-based service that allows you to access the program from anywhere. To access your account, you may use any device with an internet connection.
Given that QuickBooks Online is a cloud-based service, your data, along with that of others, will be backed up automatically in servers. As a result, you won’t need as much disc space as you would with the desktop version.
QuickBooks’ distinguishing features
Customers may use QuickBooks to access a variety of financial tools. Each can assist small- to medium-sized business owners in getting a grasp on their bookkeeping. If you know ‘what is QuickBooks used for,’ you may utilize it for a variety of things.
1. Creating invoices
One of the most significant drawbacks of invoicing is that it takes time and may easily escape your mind if you aren’t diligent. QuickBooks attempts to address this problem by automating the invoicing process.
You may create routine invoices and schedule them to be sent to the recipient on a certain date and time. Furthermore, if your clients are past due on payments, you may have the program send out automated reminders.
2. Track payment
Invoices are simple to make and can be printed or sent to clients. QuickBooks will automatically record your revenue and keep track of how much each client owes you. By running an A/R aging report, you may see the number of unpaid bills, also known as accounts receivable (A/R), as well as how many days they’ve been past due.
You may also input invoices into QuickBooks as soon as you get them so that QuickBooks can assist you in keeping track of anticipated payments (or A/P) and see to it that the payments occur on time This report will show you all of your current and past-due debts in detail.
Customers of QuickBooks may additionally take advantage of the software’s various connected tools and services. Inventory management and time-tracking are two examples.
With the tools available, you may take care of the majority of your accounting tasks.
You can, for example, control both your cash intake and outflow. You may also take out the printouts of the financial statements to receive a quick overview of your company’s financial position.
The mobile app also allows you to scan and keep receipts as well as monitor distance. This helps you to keep track of any possible tax deductions and keep everything in one location.
4. Keep Bills and Expenses in Check
QuickBooks automatically maintains your bill information and expenditures by linking your bank and credit card accounts to QuickBooks, which downloads and categorizes all of your expenses. If you want to manually monitor a cheque or cash transaction, you may do so in a matter of minutes in QuickBooks.
5. Payment Management
As a company owner, managing payments may be difficult. You’ll be glad to learn that QuickBooks provides a variety of payment options.
QuickBooks can help you expedite the payment process whether you operate a virtual company or a physical shop.
QuickBooks accepts credit and debit card payments online for invoices. The mobile app and card readers both support contactless payments. It also accepts ACH and eCheck transactions. As a result, the buyer may choose how they want to pay.
Although there are costs connected with the different ways of payment, QuickBooks’ rates are competitive.
6. Create financial statements for your company
You can develop financial statements, giving insights about your firm’s operation, along with cash management and outflow operations in detail.
When you seek a small company loan or line of credit, lenders often need financial statements.
In addition to the Profit and Loss and Balance Sheet reports, you may now create the Statement of Cash Flows.
7. Wage and Salary
QuickBooks provides small company owners with more than just the tools they need to receive client payments. It also gives them the ability to pay their staff using a variety of payroll services.
Choose a payroll provider that fits you once you’ve chosen a QuickBooks Online subscription level depending on your requirements (extra fee applies). This gives you more time to concentrate on the day-to-day operations of your company.
Furthermore, the program can handle all of your payroll taxes for you. As the program will compute, file, and pay the taxes, letting it in control should alleviate any tax-related stress.
8. Lists of Vendors, Customers, and Items
The Customer, Vendor, and Inventories Centers are the three primary centers in QuickBooks for managing your contacts and inventory. The Customer and Vendor Centers keep track of all of a customer’s or vendor’s transactions in one place.
The Inventory Center makes managing your inventory and non-inventory products easy and efficient. Non-inventory goods often deal with services, while inventory items are stuff you sell and have on hand.
Customers, sellers, and goods may be searched, added, edited, or deleted in each center. Filter transactions as per customer, vendor, or item type, and tailor information within each list to meet your specific business requirements.
Using QuickBooks for Free
You can try the application for free for 30 days (but you won’t get any time-limited discount price for new users if you try). Unless you pay for a membership, you won’t be able to view the data once it expires.
If you want to test out the application for free and decide you like it, you’ll need to sign up for one of the price plans in order to maintain your data.
After the trial period, you must purchase a license in order to continue using QuickBooks. Depending on the plan you choose, you will be charged a monthly price.
QuickBooks – A Simple Application to Learn
QuickBooks is very user-friendly, which is why the firm is named Intuit! However, it differs from other accounting software products in how it functions.
As a result, some conventional accountants and bookkeepers find it difficult at first since it does not “behave” in the same manner as manual ledger accounting did.
As with other accounting software solutions, there is a learning curve to understanding it.
However, since the product has been available since 1983, they have accumulated a significant quantity of user experience and feedback.
Sources for Learning Quickbooks:
The QuickBooks website has a variety of information and knowledge base articles, including several Q&As and tutorials that address questions concerning the application.
There’s a good possibility that any question you have regarding QuickBooks has already been addressed thanks to the hundreds of thousands of articles on the site.
If not, you may post your query in the QuickBooks community, which has over one million participants who can help you.
QuickBooks is by far the most widely used accounting software for small businesses if you want to know ‘what is QuickBooks.’ It is available in a number of editions, both online and on your desktop computer.
QuickBooks has tools that help you monitor your revenue and spending, pay your staff, keep track of your inventory, and simplify your taxes. To know more about QuickBooks, its features, and purchase, contact QuickBooks Support Team or continue following our website.