QuickBooks software is designed for tracking all the income and expenses for businesses and making financial tasks easier. It is one of the best accounting software programs in the market. It creates invoices and sends them to the customers for paying bills, track all transactions, and make a report to manage records of the organization.
The QuickBooks Software is user-friendly and has the ability to automate many tasks for accounting. It is a broadly used accounting software that helps small and medium businesses manage all their income, payroll, and inventory more effectively.
How does QuickBooks work?
QuickBooks keeps track of all the money coming in and going out, is available for billing your customers, pays your bills, manages your inventory, and provides reports on how your business is doing financially. It does a lot of accounting functions automatically, less human work, less manual and reduces time. All the services that manage our donations, my schedule, time that’s billable, documents, the money, and the stock. These supported tools enable users to track and run almost any type of business.
There are two version of QuickBooks you can choose either QuickBooks Online vs QuickBooks Desktop. A QuickBooks desktop program is available for Windows in various versions. You can choose QuickBooks for Mac or Windows. There are two types of plans in QBO monthly or an annual plan. After you sign up, you can use features tailored to your type of business. Desktop versions are also available. It also integrates with other software and apps.
How to use QuickBooks Software?
It is an accounting software that is cloud-based, used to manage business finance. Here are the steps to use QuickBooks Software.
Step 1: Sign up in QB Software and create your account.
Step 2: Choose the subscription plan according to your choice.
Step 3: Adding Organisation information.
Step 4: Import Company Data.
Step 5: Set up your chart of accounts.
Step 6: Connect your credit cards and bank accounts.
Step 7: Set up your vendors and customers.
Step 8: Set up Payroll.
Step 9: Connecting the application.
Step 10: Settle your account regularly.
Pros and Cons of QuickBooks Software
Pros:
- Cloud-based Accessibility.
- Easy to learn and use.
- Best for small businesses.
- Easy to solve the error.
- Good Accounting Reports.
- Affordable price.
- Easy to seek data.
Cons:
- Lack of inventory control.
- Lacks an invoice design tool.
- Inventory management limit.
- Built with a small business mindset.
- Invoice design tools are limited.
- Dependency on internet connection.
- Shortage of invoices in designing tools.
Features of Accounting Solution for QuickBooks Software
Good accounting software makes it easier to record and store financial data, organize that data, and generate reports. Standard accounting modules include basic accounting modules that track payable and receivable transactions, maintain the general ledger and chart of accounts (COA), and produce financials, sales reports and etc.
Automated Invoice
You don’t need to do any extra data entry or pull any records over from QuickBooks, you can just configure that feature and set up invoicing on autopilot, along with automatic recurring reminders in QuickBooks. Automation doesn’t just save time, but allows the financial tasks to be even more consistent and leaves less space for error.
Multiple Users
For multiple users who need access to files in one location and invite your accountant for cross-checking, access all the files and books, and simplify the project. Customize the permissions and rules according to you.
Cashflow Management
Check and manage all the payments of cash flow in the right direction. And take the bills from vendors and pay vendors on the due date. And save time by setting up recurring payments.
Online Banking
It allows users to use online banking. The statements and transactions are all updated automatically when you use the online banking method through QuickBooks.
FAQ’s of QuickBooks Software
1 . Is QuickBooks Software Free?
No, QuickBooks Software is not totally free, but they provide a 30 days free trail for small businesses to explore the software and its features of QuickBooks Software. After the trial completion QuickBooks Online need a paid subscription.
2 . How much do QuickBooks cost?
| Plan Name | Price | Users |
| Simple Start | $35/ month | 1 |
| Essentials | $75/month | 3 |
| Plus | $115/month | 5 |
| Advanced | $275 /month | 25 |
3 . If I use QuickBooks do I still need an accountant?
Regardless of your QuickBooks use to manage the finances on a daily basis, you may need your tax documents and financial records professionally reviewed and signed by a qualified accounting professional. If you have a more complex business structure, such as a limited company, there is little benefit of doing your own tax return when an intricate knowledge of the system is needed.
