QuickBooks Got No Alternative. Know Why
What is QuickBooks?
QuickBooks- The product of Intuit, is effective financial software that helps you organize your business by taking care of financial needs. It does a lot; from tax filing, reports-generation, to manage expenses, QuickBooks is one for all platforms. Purchasing it can make your day to day tasks much easier as it takes all responsibilities on its shoulders.
QuickBooks was originally invented by Scott Cook and Tom Proulx, back in 1983. It gained popularity after 2003 when the digitalization apprehended the power. It was formed to help individuals and mid-sized businesses to grow to the hilt.
Features of QuickBooks:
- Data Migration: Transfer the data from software to the spreadsheet with ease, migration helps you manage data in a better manner.
- Intuitive interface: The interface is smooth and easy to navigate, thus it is super easy to make the fullest use of QuickBooks for both professionals and novices.
- Simplified tracking: It is very easy to sail through the process of tracking the growth of your business. Every detail can be found with ease and thus using this software can cut all your stress.
- Bank Transactions: The best thing about QuickBooks is; you don’t need any additional app to manage your bank transactions as everything can be done under one roof.
- Generate Invoice: With QuickBooks, you can create invoices right from your Smartphone, tablets and computer system.
- Tax calculations: QB gives you the promptest, most accurate and efficient way to calculate taxes and save you from every hassle that miscalculations can cause.
- Business Projections: QuickBooks gives you a better view of the upcoming waves of your business. It helps you figure out the best plans to enhance the growth of your business.
How to Use QuickBooks Software?
Using QuickBooks is no rocket-science but mastering the basics is necessary to get the most out of the QB. To accomplish your goals, make sure you attain the maximum understanding of QuickBooks. Thus, you need to know the difference between QB Online and QB Desktop.
Here are the instructions using which you can make the best use of QB without wasting your time and effort.
- Start by downloading and installing the QB software on your computer in a proper manner. The installation comes with two main options namely Network and Custom. If the installation is meant for a single device, choose “I’ll be using QuickBooks on this Computer”, but if other PCs will use the software choose the option for your business of using network sharing. Now choose the location for the folder that includes installation files.
- Enter your name, address, Tax ID numbers and the financial statements for setting the files
- Once done, create the Company file for which you need to follow the instructions: QuickBooks Desktop icon>>Easy Step Interview Wizard. Now set up the company file.
- Next, you need to set up the vendor accounts and for this go to the “vendor center” and select “New Vendor” to establish the new vendor account.
- To start with transactions, go to “New transaction”. If you need to export the information, you can link it to excel or MS Word.
- Now set up and handle the employee accounts.
- Go to “Employee center” for establishing the new employee accounts. Click “New Employee” for adding employee information.
- Now, click on “Transaction” for managing the transactions.
- Manage the timesheets by clicking “Enter Time”
- Open the “Customer Center” and then “new customer and jobs” for adding a new source of income.
- Click on “Transactions “if you want to manage transactions that include an invoice, estimates, and payments.
- To generate the reports click on the “Report Centre”.
Types of QuickBooks versions:
- QuickBooks Self Employed
- QuickBooks Online
- QuickBooks desktop products which include
- QuickBooks for Mac
- QuickBooks Pro
- QuickBooks Premier
- QuickBooks Enterprises
- QuickBooks Apps
How Does QuickBooks Work?
Do you want to decode the functioning of QuickBooks? Let’s understand how QB works for you so that your curiosity can be satisfied.
Charts of accounts:
The charts consist of all information about your company such as Checking, dividend, savings, accounts receivable and balance sheets. It also contains account numbers, contact details, and account balance. Furthermore, to access the list of all accounts, go to the Charts of accounts.
Vendor Customer and Item lists:
QuickBooks offers three major sections under which you can manage the contacts as well as inventory- The Customer, Vendor, and Inventory Center. All transactions related to customers and vendors can be tracked at a single location. All inventory- related to selling and purchasing and Non-inventory-related to services can be tracked under vendor and item lists menu. There are options to search, add, edit and delete the customers, vendors, and items. Also, every item can be easily sorted by name.
Reports:
To create the most accurate reports, all you need is the customer name, vendor and item details. Also, the reports can be filtered and customized using the customer name, vendor, item, transaction date. The past due payments and other important information can be also tracked under reports. Also, the Profit and loss report helps you analyze the performance of your venture so far.
Payroll:
The “Payroll” tab is the apt place to manage your Paychecks, liabilities, and annual limits on various entries. Also, it can be used to manage the compensation of workers, tax-attempt, and tax forms. Set the monthly payments and get additional tips to manage data in a better manner.
Billing and Invoices:
QuickBooks includes Billing and Invoice statements. Billing statements contain information about the bills that were charged on the customers. The Billing statements are saved on the Customer Register menu. On the other hand, Invoice tracks the purchases made with a single transaction.
How Much Does QuickBooks Cost?
The different amount is charged by the brand for the different versions of QB. If you want to know which version can match your budget and requirements, we have made a simple report for you.
1. QuickBooks Online:
It entails various business-type requirements. Nevertheless, It is best for small to mid-sized business:
Cost: $20 to $60 per month
2. QuickBooks Desktop:
With smooth performance, clean interface to automation options, it suits all business types i.e. small and big.
Cost: $299 to $1,500 (one time fees)
3. QuickBooks Self-Employed
it can connect with banks for the division of expenses and can distinguish the personal and business expenses with ease.
Cost: $10 to $17 (per month)
4. QuickBooks Mac:
Best suitable for Mac users to manage the financial tasks, track expenses, pay the bill, create reports, make payments and contribute.
Cost: $299 (one-time fee)
