QuickBooks is feature-rich accounting software that accomplishes multiple accounting tasks. Also, the software helps businesses to stay systematized despite of large amount of data.
It hardly matters what is the nature of your business but keeping an accurate set of books is needed. Disorganized business and incorrect business accounts don’t work in the long run. To avoid such types of potential problems, QuickBooks takes charge to make your business accounting task simple and easy going. The accounting software manages sales of the company, handle daily expenses, and keep track of your daily transactions. Its users can use it to create an invoice for the customers, create online reports, pay bills to employees, tax filing, and many other interesting features. In this blog, you will come to know how to use QuickBooks for your financial work.
QuickBooks Founder– Scott Cook and Tom Proulx
Year of Invention– 1983
Type of Software– Accounting software
Let’s know the versatility of the software by knowing how to use it, tool’s feature, and its advantages.
How to use QuickBooks?
The steps will guide you the right way to use QuickBooks software:
To begin with, you have to install QuickBooks on your working machine. Initially, specify the type of installation you need. If you have to use QB on one PC, select the option “I’ll be using QuickBooks on this computer”. In case other computers will access the files, select the right option for your business to use network sharing. After that, you have to indicate the folder where the program needs to be installed.
Gather Financial Papers
Secondly, collect financial papers required for setting up QuickBooks files.
Create a Company File
Click on the QuickBooks Desktop icon for launching the program. You can walk through the procedure of setting up a company file via EasyStep Interview wizard. In case you have not used QB, take advantage of the wizard option.
Set-Up and Manage Vendor Accounts
Click on “Employee Center” for creating and manage employee accounts. You have to choose the option of “New Employee” for adding employee details. Click on the “Transaction” tab for adding paychecks and other transactions. And use the “Enter Time” option.
Create and Manage Customer Accounts
Click on the “Customer Center” option and then “New Customer and job” for adding a new source of income. After this, click on “New Transaction” for adding transactions like estimates, payments, and invoices.
The feature allows you to get a snapshot of the financial areas of your business like accounts receivable report, Profit and Loss statements.
You might be eager to know its features after knowing the software usage. Let’s know about its features in brief.
Features of QuickBooks
QuickBooks covers essential features required for the small and mid-sized businesses. Let’s cover its features by discussing in detail:
Manage Income and Sales
QuickBooks users can manage income as well as sales in the QuickBooks software by creating invoices. By creating invoices, you can view your accounts receivable aging report to check the accounts receivable balance. It includes the details of past and current invoices.
Keep Track of Bills and Expenses
The software keeps track of your expenses and bills by connecting credit cards and bank accounts to QuickBooks. This manner, all your expenses get downloaded and categorized. You will be able to track cash or check transactions in QB.
Manage Cash Flow
You can access financial business reports, manage cash inflow and outflow activities in QuickBooks. The reports in the software can be run in just a few click and reports are updated in real-time. Apart from this, you can run three reports to access the position of your business i.e. balance sheet report, profit and loss report, and statement of cash flow.
QuickBooks offer payroll feature that helps in managing accounts appropriately. The particular feature manages the taxes and keeps the accounts up-to-date of employees. Additionally, this feature helps to calculate the salary, wages, bonuses, and withheld taxes. The demand for QB payroll is increasing as the day passing by because it helps the owners to know position of the business.
Tracking inventory in QuickBooks will help you to manage the product sale. The feature also helps you to analyze whether you are earning or losing money on every product. Furthermore, before setting up inventory in QB, you need to turn on the inventory tracking feature.
Accept Online Payments
Customers have got the option to pay the invoices online via accept online payments feature in QuickBooks. The users of QB can add the Intuit payments feature in a single click of a button. With the help of the feature, customers can pay their invoice via major credit card or by adding account details.
The subscriber of QuickBooks can download the QuickBooks app on their phone. And with this, they can take a picture of a receipt and then upload it to QBO. You can attach a receipt to the corresponding banking transaction.
You will use the aforementioned features in QuickBooks that saves your time and also reduces the use of paperwork.
Major Advantages of using QuickBooks
Let’s briefly explore the advantages of using the software for your business purposes:
Easy to Use Software
No matter, whatever the size of your business, the software is easy to access and can manage your financial work from your laptop, mobile, computer, and smartphone. It accomplishes all your business accounting tasks instantly. To get a better understanding of the software usability, use the software for 30-days free trial.
The accounting software helps in filing the tax reports and monitor your income correctly. The tool saves your considerable effort and time during the tax timing via enabling you to generate the right reports.
Secured Financial Data
QB keeps your important data secure and save in one place. Besides, it automatically takes the backup of your data. You don’t have to take control of your data as Inuit will automatically take care of the security of your data.
Productivity of Work
The productivity of the company will rise and boosts the workers to do different innovation and get more focused on making the company from better to excellent. It simplifies the financial management system for businesses, CPAs, and individuals.
The feature gives you the benefit to run reports from anywhere via the software. The reports can be seen from anywhere. You have the facility to see the reports on your iPhone and sent it to your client. You can take a snapshot of different aspects of your business for the better analysis of your business.
Let’s discover the useful sources that teach you everything related to the software. You will be a QuickBooks knowledgeable person after going through these resources.
Here are some of the Intuit resources that will guide you to know how to use QuickBooks Online in an effective manner:
Here you will get in-depth information help for QuickBooks accounting software. You will get instant details on any of the topics related to the software.
- QuickBooks Connect Conference
QuickBooks Connect Conference connects self-employed individuals, business owners, and accounting professionals to share as well as gain knowledge.
- Intuit Academy
The academy proffers self-paced training courses, podcasts, virtual conferences, live training seminars and webinars on QB.
- QBO Blog
You can keep yourself updated with the latest news of QuickBooks.
To Sum Up
Till now, we have seen that QuickBooks can help its users in their business in many ways. And also the software is helpful in making your business more profitable and well-organized. Thus far, we have covered the topics in the content like what is QuickBooks, its advantages, features, pros, its usage, steps to use QB, and resources to learn QuickBooks. Overall, it can be seen that the accounting software has a user-friendly interface and simple to understand. Last but not least, you can gain more knowledge about QuickBooks software by watching tutorials, watching videos. Moreover, you can get connected with the technical experts to acquire knowledge by dialing a support phone number.
To clear your doubts or questions related to How to use QuickBooks, call on QuickBooks Support Phone Number.
We have complied some QuickBooks questions which are commonly asked by QuickBooks users. Let’s go through the list of questions.