What is QuickBooks Software? And what it does?

What is QuickBooks Software?

QuickBooks is a popular accounting software developed by intuit. The main purpose of the software is to help small and medium sized businesses with their accounting and bookkeeping solutions. You must be thinking what QuickBooks does?

So it is essential to use an easy and affordable solution for monitoring financial transactions. The QuickBooks accounting and bookkeeping software isn’t just helpful in managing and tracking the money procedures yet additionally helps to decide the field of the business.

QuickBooks have a significant part in taking care of the financial procedures of your organization viably. It offers a creative solution to most of the problems. Being extremely simple to use, it can be used by anyone with limited knowledge of bookkeeping and accounting. This software also offers helpful and understandable solutions for dealing with financial recording problems.

What QuickBooks Does? or What Services Does QuickBooks Offer?

Bookkeeping

The term Bookkeeping refers to the process of recording financial transactions like purchases, sales, receipts and payments in an appropriate way. It includes two classes, lets say single-entry bookkeeping system and the double-entry bookkeeping system. QuickBooks helps small and medium businesses in completing the accounting & bookkeeping cycle in a brief and exact way. This helps in making the right evaluation of the financial situation of the business.

Payroll

Payroll is a process cycle that includes a great deal of accuracy. By utilizing the QuickBooks payroll service, various undertakings can be performed easily without any problem. It helps in the simple aggregation of information. QuickBooks Payroll helps in keeping a legitimate record of the information related to retirement, insurance and paid time off for the employees. Any miscellaneous allowances like compensation garnishment, organization fees, charitable donations, etc. are also likewise appropriately recorded.

The payroll taxes can likewise be prepared and submitted effectively using QuickBooks. By using this accounting software you will have the option to maintain better relations with your employees, tax collection offices, etc.

Invoicing

For invoicing, QuickBooks offers the upside of tracking sales and delivering automatic receipts and invoices with just clicking a button. It will help in saving a lot of time and energy. The invoices can be sent to the customers through email. This function is extremely helpful for businesses dealing with multiple customers.

The debt and credit card charges can be accepted through QuickBooks easily. The process of scanning and depositing checks into the program will also be performed automatically.

Accounts Payable

Dealing with accounts payable requires a ton of responsibilities. If this process is not handled properly, it could prompt loss of reputation and unnecessary expenses. By using QuickBooks for accounts payable; the chances for errors could be minimized, processing costs can be reduced, late payments and fines shall be avoided, lessening the requirement for paper documentation and improving a relationship with the clients can be achieved.

Accounts Receivable

Accounts receivable management is a significant part of any business. A Proper accounts receivable system helps in the assortion of cash from clients and ensuring the fulfillment of operational expenses on time.

You can send invoices, retrieve payments, create reports and send reminders by using QuickBooks accounts to customers automatically. Hence by using this accounting system, dealing with accounts receivable process will get simpler.

Tax Benefits

Toward the year's end, organizations abruptly understand that they need to file business tax returns. Some even consider outsourcing tax preparation services. QuickBooks is widely compatible with most of the tax software and helps to make the tax preparation process easier and economical.

Banking Transactions

Using QuickBooks, you can make the accounting of banking transactions much easier. All the banking transactions such as deposits, payroll drafts, debit card purchases, bank fees etc., can be recorded effectively by using QuickBooks. This helps in saving time and energy along with proper maintenance of data.

Credit card Transactions

Credit card transactions were getting increasingly popular as time passes. By using QuickBooks, all the credit card transactions can be easily recorded. This helps in saving time and keeping up the information accurately.

The various advantages of QuickBooks have been referenced to serve business ventures. But it will be up to the higher management of business organizations to choose whether it will suit their requirements or not.

QuickBooks Versions & Features

QuickBooks comes with both a cloud-based online version and an existing desktop version. You can go through the specification and QuickBooks  features of each platform, and choose the right one for your small business. Most of the online and desktop versions will process the titles defined above, but they will come as well with a different variety of advanced features with a wide range of pricing.

QuickBooks Online

QuickBooks Online is a cloud-based version that works from the server and doesn't require software installation. This online version of QuickBooks is available with multiple subscription levels, including Simple Start, Essentials, Plus, and Advanced. It is ideal for any business that doesn’t have any complicated business requirements. QuickBooks Online permits you to get your information from any PC with a web connection using your secure login credentials.

QuickBooks Desktop

QuickBooks Desktop comes in six different versions namely Pro, Pro Plus, Premier, Premier Plus, Enterprise, and QuickBooks for Mac. Each version requires you to install the software on your computer local drive. QuickBooks Pro works well for most of the small businesses that are not manufacturing products and preferring a desktop version.

QuickBooks Premier is an ideal choice if your business falls under one of the following industries: Contracting, Manufacturing, Retail, or Nonprofit. QuickBooks Enterprise is suitable for large enterprises. These types of industry-specific QuickBooks Desktop versions include custom chart of accounts and industry-explicit reports.

The QuickBooks Plus versions of Pro and Premier are sold as annual subscriptions instead of a single purchase. Your annual membership will contain the new edition for every year, unlimited customer support, and for offsite backup of your organization data.

Third Party Apps for QuickBooks Online

QuickBooks Online helps save your time and effort by integrating with thousands of third party applications (Apps) for QuickBooks online making your daily operations simple. You can find the list of ‘Apps’ available in the QuickBooks ‘Apps’ store. Follow the below steps on how to connect to a third-party applications with the following four simple steps:

Step 1: Login to your QuickBooks and navigate for the “Apps” button in the left side of the menu.

Step 2: Click on the “Apps” menu. It will open the Apps page with some options like “Popular apps”, “Trending Apps”, “Free Apps”. You can either choose from the displayed list or you can find a specific app through the search bar.

Step 3: Select an app and click on it. It will open a specific App page with more details. If you need to install the app, click on the “Get app now” button. This will navigate to the credentials page.

Step 4: After filling out the credentials application, it requires the version that you would use this app to be integrated with. Select the version and you will be connected to QuickBooks with the third-party app.

Mainly three types of task-based app categories were used by the majority of QuickBooks users:

Data Import and Automation Apps: These kinds of apps were generally designed to effectively reduce the time spent for the data entry. Whenever you are required to enter bulk transactions data into QuickBooks. SaasAnt Transactions application is ideal for importing any type of QuickBooks transactions in bulk from an Excel or CSV file in a single click.

Time-Tracking Apps: The time tracking apps will help to track the time spent by employees doing a particular set of tasks or working with customer projects. Timesheets can be used to process payroll or for creating invoices for billable time.

Expense Management Apps: Using these types of apps, improve your expense management workflows for expense tracking and for managing accounts payables.

In Conclusion 

Now you have learnt about what is QuickBooks software and what QuickBooks does, this is the time to implement the software in your business.