What is Quickbooks? How does it help in accounting?

Are you an entrepreneur or businessperson handling an early stage start-up or an SME? Do you have to bear the hassle of managing all your accounting operations on your own? Aren’t you tired of manually maintaining all the business books? Doesn’t it keep you too much occupied, consuming a lot of time? Indeed, it does.

Well, Intuit Inc. has a solution to all these problems. Intuit developed Quickbooks is a business accounting software paving a way towards the concept of ease of doing business. Proper tracking of income and expenses, everyday transactions and inventory helps the business to grow faster and Quickbooks surely acts as a catalyst to this. 

How does Quickbooks help in accounting?

It is an answer to all your business accounting problems and hurdles. Let’s proceed to know how?

  1. Keeps a check over your income and expenses- Quickbooks software is connected with your bank account. This facilitates the software to keep a keen check over your income and expenses. This software also enables you to pay your bills as and when they become due.
  2. Manages sales– Quickbooks prepares invoices as well, keeping you updated about current as well as past due invoices. Through this feature, users can easily keep track of their sales and income.
  3. Preparing Reports– One of the most remarkable features of this software is that it prepares business reports. It prepares reports, such as- profit and loss statements, balance sheets, cash flow statements, etc. 
  • Profit and loss statements assess the net profit or net loss for a given period. It does so by calculating total income minus total expenses for that period. 
  • The Balance sheet provides you an insight into assets, liabilities, debtors and creditors at the end of the financial year. 
  • The Cash flow statement enlists all operating, financing, and investment activities that affect the inflow and outflow of cash in the business. 

These financial reports altogether represent the present status of your business. They reveal the financial fitness of any business.

  1. Tracks Inventory- To begin with, the user has to enter the details of all the items in stock. Thereon, after every sale, the software itself updates the inventory section. This feature allows the user to assess what has to be re-ordered without spending time on actually calculating the stock-in-hand.
  2. Online Payments- Quickbooks provides an “Intuit Payment” feature. Once this feature is linked with your software, it allows the customers to pay online directly from their bank accounts or via credit or debit cards. This feature helps to manage your income more efficiently.

Features of Quickbooks Software

  1. User-friendly- The software’s user-friendliness makes it all unique. It is quite easy to use as the software itself instructs the client step-by-step. It helps the users to understand the jargon in a simple manner. 
  2. Payroll- Quickbooks’ Payroll feature enables users to generate numerous paychecks at a time. You can either e-pay the employees through Quickbooks or cheques or direct deposit. It calculates federal as well as state payroll taxes automatically. Since Quickbooks Payroll is connected with Quickbooks software, the accounting statements are automatically updated. Quickbooks Payroll is the most attractive feature of all because any mistake in the calculation of paychecks or delay in payments directly affects the productivity of employees.
  3. Taxes- Quickbooks Software prepares all the information required for calculation and filing of taxes. If you are using TurboTax for tax management, it will automatically import the information from Quickbooks facilitating tax management easier. 

Quickbooks Versions

Quickbooks software is available in different versions. Users can choose a specific version according to their business requirements.

  • Quickbooks Online- It doesn’t require any software installation. Users can access it through any device having internet connection using login ID and password. 
  • Quickbooks Desktop- It is available in the following six versions. It requires users to install the software in their systems.
  • For mac
  • Premier 
  • Premier Plus
  • Enterprise
  • Pro
  • Pro plus.
  • Quickbooks Self-employed- It is suitable for sole-proprietors whose business and personal transactions aren’t segregated. It also calculates your quarterly taxes. 
  • Quickbooks apps

Conclusion

Quickbooks Help and Support software is thus an all-in-one software for all your business accounting and financial needs. It brings efficiency into the business leading to increased profits and business growth. Moreover, it offers a 30-days free trial (fully functional) enabling the user to run a test-trial. So, let’s not waste any time. Try Quickbooks software now! We assure that you wouldn’t regret it. 

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