What is Quickbooks, and how does it work?

What is Quickbooks

QuickBooks is full-fledged accounting software that Intuit builds for accounting purposes. It is significantly the best among all available in the industry. Several average and top entrepreneurs use this single software to tackle various business tasks. You can meet all your requirements and needs through different features such as generating reports, paying bills, preparing taxes, and invoicing customers. 

You should learn all related detail about this significant software. So, just move in and learn here. 

Uses of QuickBooks in Different Ways

What is QuickBooks is no longer a query as several new businesses around the world have learned and used this dynamic software. They use it in several ways to tackle invoices, track cash flows, and many more. You must also enable all these features to have the best outcomes of QuickBooks. 

  1. Create and Track Invoices: 

QuickBooks works wonderfully in terms of creating invoices. It provides the best feature for creating and tracking invoices. Not only this but you can also track income and expenses. In short, you will get a clear picture of all records covered in account receivable, outstanding invoices, and reports. 

  1. Record Employees Hours and Run Payroll:

Payroll is the most used feature of QuickBooks software. Everyone could not skip the importance of payroll due to its dynamic results. At times, businesses make mistakes while calculating the employee’s paychecks. This may result in disputes and negativities. So, it becomes a necessity for businesses to provide a genuine amount. 

Payroll here takes care of the same. You must have a subscription for QuickBooks payroll to have its full service. Also, the software tracks employee’s hours which means no one can get a chance for faults and mistakes. 

  1. Accept Online Payments:

QuickBooks provides a path to accept online payment that in a way improves cash flow. The user can use the QuickBooks Payments mode so that every customer can easily pay just through the emailed invoice. Make sure that the sale, cash deposit, and credit card fee will be automatically saved as you started the use of QuickBooks. 

  1. Print Financial Statements for Business:

The financial statement gives us an idea about the status of the firm. You can easily get to know the performance of your business through QuickBooks cash inflow and outflow. 

With only some taps and clicks, you can get an idea about these financial statements. Such as: 

Make sure that most banks and lenders ask for the financial statement whenever you apply for the business loan. So, it is a crucial element for getting more opportunities. 

  1. Scan Receipts

Not only just creating but you can also scan all of your receipts with just one software. The user doesn’t require to use any additional software and tools for that. The task would be done in QuickBooks itself. 

Scanning makes the work easy. QuickBooks is also available as an application. You can download it on your mobiles and upload as many receipts as possible. Without taking longer, you can easily attach the receipt to the related banking transactions. It is yet the best and most remarkable feature of QuickBooks. 

The fear of losing the receipt will also get disappeared once sharing the over the cloud version. All companies with several expenses can use this feature to get a clear picture. 

  1. Simplify Taxes

It is yet another dynamic feature that QuickBooks provides. Several businesses require a tool and software to simplify the tax time. Also, there arise lots of hurdles in the way while creating the tax return. 

But, don’t be worried as Intuit gets your back. You are only required to print the financial statements. Then, a tax preparer will access and review all the details required for preparing the tax return. You can also have a quick understanding of Quicken vs QuickBooks to know a significant difference and opt for the rightful product. 

  1. Track Inventory

The software also provides aids in tracking the quantity and cost of the inventory. QuickBooks has a section of Cost of Goods Sold (COGS) that is used for storing a portion of the inventory. This, later on, helps in the correct calculation of taxable income. 

Not only this but the software will notify you every time the business runs out of inventory. Make sure that the inventory report will let you know about the quantity on hand, inventory products, average cost, and total value. 

  1. Record Bills & Expenses

The bank and credit card accounts connect to QuickBooks. Then, all the expenses started downloading. This way the software gets a clear idea about all bills and expenses. Also, download and categorise the expenses. 

The user can also manually record the transaction. Just specify bills into QuickBooks and it will become ready to give you the track of upcoming payments. 

  1. Track Mileage

Several entrepreneurs use personal vehicles to fulfil business needs. That allows a generous amount of deduction only if you carry the record of miles, data, and the motive of the trip. You can also enable the GPS to have a sense of everything.

Final Take!

So, these are all the focal points about QuickBooks. We hope that you have liked this guide and cleared all your doubts. However, if you want to know more about the software then let us know in the comment section.

An informative writer and researcher at several blogs. If I'm not on my PC, then I'm probably doing some reading!

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