What is quickbooks?
In this modern world, if you are planning to start a business then you need software that helps you to track your all financial income and expense very well and that will be very easy and accurate. Then you need one accounting software that does all your financial tracking work like generating invoices, paying bills, preparing taxes, etc. when you heard the name accounting software then the first thing that came into your mind is QuickBooks.
quickbooks is excellent accounting software and which is developed by intuit in 1983. It is the oldest accounting software. It is an ideal tool for your organization to manage all financial needs.
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What QuickBooks can do?
QuickBooks is developed in such a way that fulfills all business requirements of small and medium-sized business houses. QuickBooks are having a lot of amazing features. We can use QuickBooks products for desktop and online applications as well as for cloud-based that one can use it properly and manage things. With the help of QuickBooks, we can manage our sales and all the expenses, we can generate reports, we are to prepare taxes and much more. QuickBooks holds an 80% share of the market because of its functionality it’s making them more popular.
History of QuickBooks
Scott Cook and Tom Proulx these people are the developer of quicken. They are based in Mountain View California USA. QuickBooks was not so popular in the early days. Firstly quicken made its presence successful after that quickbooks holds the market.
In the early days of QuickBooks was DOS-based and it depended on the quicken software and many accounting professionals are not satisfied with QuickBooks. Professionals are happy with quicken but not with quickbooks. Developers started focusing on QuickBooks and they started enhancing QuickBooks.
Now Quickbooks is so popular and it dominates the market by holding the maximum number of shares. quickbooks is having a long journey and it’s gone through a lot of makeovers. Now it becomes a full-fledged and independent accounting application.
Features of QuickBooks
QuickBooks is a small business accounting software. It is developed in such a way that one can easily and accurately record things. QuickBooks are having many features:
- User-friendly: QuickBooks is having a user-friendly interface . one can easily handle it and manage its work.
- Data Migration: The data can smoothly transfer from one sheet to another. Sometimes we need financial data in the spreadsheet. We can easily transfer our data.
- Plain sailing process: QuickBooks is not where you need a lot of knowledge and expertise degrees. One can easily understand and manage the software. It required little patience and experience. One can easily learn quickbooks.
- Business decisions: With the help of QuickBooks, we can take future decisions and make changes accordingly. It helps us in storing the data and generating the reports. We can compare the data and reports of last years and do changes which help in our the growth of the business.
- Generate invoices: With this, you can generate invoices instantly. You can easily generate invoices with the help of smartphones, tablets, laptops, and computer systems. As its name specify everything. It is accounting software.
- Bank Transactions: In business day-to-day working there are numerous numbers transactions. So it’s not possible to remember every transaction and noted it down. Sometimes we miss and forget to record transactions. But we need to record every record of bank transaction. in this, we are able to record every bank transaction which is related to salary, profits, expenses, etc.
- Estimate Tax: It is a very important aspect of every business to calculate tax and fill the tax on time. If one forgets to fill the tax then a penalty will be charged. So it helps in submitting the tax and calculating the tax on time.
Working of QuickBooks
QuickBooks works on the following things:
- Charts of Accounts: All the financial information is stored in the chart of accounts. Information like savings accounts receivable, dividends, and balance sheets are in the chart of accounts.
Account-related information of every individual also appears in the chart of accounts. We can view the list of the account which appears under the chart of accounts.
We have to avoid deleting the accounts or details of individuals because if we delete then we get an inappropriate result. If we just inactive the account then we get the accurate result.
- Vendors, Customers, and Item Lists: Vendors, customers, and item lists can be easily managed in the quickbooks under a single location. In accounting software, we are to manage your contact and inventory in a single place. The vendors and customers list contains all the vendor’s and customers’ details in one place and the inventory center helps in managing and tracking inventory and non-inventory items. With the help of the center we can search, edit, add or delete vendors, customers, and items from the list.
- Reports: With the help of reports, you can make or access the reports. Reports help make smart decisions for the business. It will be very stress-free for the business owner.
Firstly you need to fill the complete report accurately and then you need to enter every vendor, customer, or item’s details into the list. You can customize the report according to you. You can memorize the reports also for future use.
- Payroll: It is an app, which helps with administration services for company employees. This will help in managing the taxation for employees, and workers also tax forms are included in the payroll center. If the user is using multiple-user accounts for QuickBooks then users can assign payroll permissions also.
Types of QuickBooks products
quickbooks products come up with few product line options. Although they perform all the discussed tasks and they have some different features and their prices are also different.
Quickbooks Online is cloud-based. To work with QuickBooks online it is not required to download the software installation. QuickBooks online product is available for online subscribers only and this subscription comes up with various levels which include simple start, essentials, plus and advanced.
QuickBooks online fulfill different types of business needs.it reduces the time of the manual entry system and makes accounting easy for the user. This product is mainly designed for those businesses that don’t require complicated job costing. This allows you to access your data from one computer to another with the help of an internet connection using your secure login
QuickBooks desktop is having different version which is pro, pro plus, premier, premier plus, enterprise and quickbooks for Mac. Every version is having its own set of rules and if you want to work on the desktop version of quickbooks then you need to install it on your system.
QuickBooks Pro will work well for small businesses. They do not require manufactured products. Small businesses prefer to work on desktop solutions
QuickBooks premier is good for manufacturers, contractors, retailers, etc. QuickBooks enterprise version is for big enterprises only.
Plus versions of pro and premier are sold on annual membership for a one-time purchase. These annual memberships include the new edition of every year, unlimited customer suppor,t and offsite backup of your company data.
QuickBooks self-employed is mainly designed for freelancers, real estate agents, and independent contractors. It also a cloud-based product. You can access this product using a secured login from anywhere on your system. This product is having some unique features and these features are not included in QuickBooks online and QuickBooks desktop.
With this product, you can manage your business and your expenses from the single ban account and you can transfer your data to TurboTax also. It helps in calculating your quarterly tax payments and when it’s due it will remind you also. QuickBooks Self-Employed is also having three different plans
- Self-Employed Tax Bundle
- Self-Employed Live Tax Bundle
QuickBooks Mac product is only the Desktop product that is available for Mac users only. It is very similar to the quickbooks Pro version. It also works well for most of small businesses that do not require manufacturing products.
In QuickBooks Mac, your income tracker dashboard will be made and your all unpaid invoices will be shown on this dashboard. In this, you can create your fiscal year budget and track your progress also.