The evolution of technology now witnesses an easier way of doing almost everything, and here is another example. Now, in this context, understanding what QuickBooks is, will impress you.
Well, QuickBooks is a type of accounting software for businesses, and you will be excited to learn that renowned companies take the help of this.
QuickBooks is capable of managing expenses and income, along with tracking the financial condition of a business. Once you know what QuickBooks is, it will help drive customer invoices, tax preparations, report generations, and bill payments.
The product line of QuickBooks consists of a wide range of solutions that can work wonders for anyone. Irrespective of the scale of business, such as a big company or a sole proprietorship, QuickBooks is the ultimate quick fix for all.
Well, you must also be aware of the fact that there are multiple QuickBooks solutions. Now, it is up to your understanding, which one you consider the best.
Before signing up for a premium account, the best idea is to go for a trial version. The interesting part is that the trial version of QuickBooks does not come with lesser features. Therefore, it becomes easier for you to understand what is QuickBooks and also verify all the options.
What is even better is that there is no requirement of a credit card. Moreover, if you choose to purchase the software, there are high chances that you will get a discount.
What is QuickBooks?
QuickBooks is a software that can handle your primary operations. For example, bill payments, investment tracking, and invoice management. Therefore, they find it indispensable for generating monthly and annual reports.
The software is quite helpful when it comes to the preparation of tax reports. Usually, owners can take care of the QuickBooks accounts on their own. However, many big companies require an in-house accountant to take care of the transactions.
Manage income and sales
Now that you are aware of QuickBooks, you can easily manage all your income and sales using the software. Moreover, QuickBooks online will effortlessly create all the invoices that will help track all sales and transactions.
With this software you can stay updated with the final accounts receivable balance with the Aging Report function’s help. This function helps to maintain the details of both past and current arrear invoices.
Track expenses and billing
If you are availing QuickBooks online, automatically tracking all the costs and billing becomes easier. What you have to do is link all your credit cards and bank accounts right at the time of QuickBooks login. As a result, the software will analyze all the transactions, set them under different categories, and finally download the details. Therefore, if you want to refer to any cash or check transaction, the software will help you in downloading the same instantly.
The fantastic software does not just help track your accounts, but it also pays off the bills due. So, you are now free from all the worries of pending bills. Create an A/P or Accounts Payable Report, and the software will do the rest of the work for you. The report will help you with all the information regarding the arrears and more. As a result, it becomes easier for you to find a solution to a problem if any.
Ease of accessing valuable reports
If you have an idea of what is QuickBooks, understanding the cash outflow and inflow activities will not be a problem. As a result, accessing valuable reports becomes effortless, and you will also get a more in-depth insight into your business. Since understanding your business’s financial position is key to its success, software such as QuickBooks has now become indispensable.
The software can pre-build financial reports very precisely, and in just a couple of minutes. Moreover, you can keep entering newer transactions, and the software will save those in real-time.
Now, the function, as mentioned above, is highly essential whenever you have to present your account sheets to a lender or potential investor. Well-prepared accounts will help a small business to get the approval of a loan.
Besides the Accounts Payable and Receivable Report, you can prepare a few other types of accounts to understand your business’s status. For example, a Profit and Loss report, Cash Flow Statements, and Balance Sheet.
Finance is a genre that you don’t want to mess with by trying to fix everything manually. In case there are even the slightest mistakes while finalizing calculations, the consequences can be significant. Further, employees will be unhappy, and the business will attract penalties.
The software also has an excellent payroll option that is capable of performing automatic calculations. Besides, you can run the payroll on QuickBooks whenever you want to.
You are yet to learn about the best advantage of choosing the payroll function on the software. It is that all the financial statements of your organizations are updated with the latest payroll details. Moreover, you can refer to and download any of them at any time.
As a business owner, you invest in paying QuickBooks price to access all the updated tax tables. Here is a list of benefits you get when you run payroll:
- Paying employees with direct or check deposit
- Direct E-payments
- Auto-calculation of state and federal payroll taxes
- Auto-fill tax forms for timely payrolls
If you must keep a note of your sales and inventory, such as unit costs, cash-in-hand, and more, the software will help you through it all. As you already know, the application’s advanced functions will keep updating transaction details, and you enter and save them. Besides, you can download a variety of reports easily for easy management of your inventory.
Well, recording inventory details regularly can be done on spreadsheets. However, doing everything manually takes so much time. Moreover, there are always chances of making mistakes in this way. So, the best idea is to use QuickBooks online to make a list of storage status, inventory products, total value, average costs, and more.
Simplification of taxes
Imagine how difficult it is to consolidate and organize spreadsheets and heaps of receipts! It can take more time to get your tax person what they need than it takes to prepare the entire IT return. Most of the businessmen now use the software to manage all taxes and accounts online.
What you can do is create a professional ID and password for your tax consultant so that he can get access to your financial data. From here, he can pull out all the necessary reports that he requires to prepare the tax return files.
Since everything, including bank statements and receipts, is already organized, you can save a considerable amount of time. While on the one hand, none of the essential transactions go unnoticed. Also, there are maximum chances of accuracy.
Accepting online payments
According to leading business experts, one of the best strategies to enhance your cash flow is by offering online payments to customers. The software in consideration here offers an Intuit feature for you to carry out online transactions effortlessly.
Once the activation of this feature is done, every customer invoice that your e-mail will have a “Pay Now” option. Further, the customer can click on the option and complete their payments using their bank account details or credit cards. In case a customer wants to make a direct bank payment, he/she will have to feed all the information to authorize their accounts.
The option of organizing and scanning receipts online is another way of saving time while preparing tax files. Moreover, as a QuickBooks subscriber, you can even download the app for free on your mobile.
All you have to do now is click a picture of a receipt or bill and upload it to the online platform within a couple of minutes. Therefore, all your essential statements and documents are in a safe place and easy to download.
The software helps you to link a receipt to a relative bank transaction. There is no limit to how many receipts you can download and store along with the other data. Now, such features are especially helpful for organizations where financial transactions take place in larger scales.
QuickBooks tutorial for expert knowledge
Since you are here to know more about the sources from where you can learn more about the software, there is something good for you. Presently, the popularity of the app is so much that a random person also knows about it.
The fantastic software has now taken the global business world by a storm, and the stardom of it is skyrocketing. There are over 4 million subscribers worldwide, and it is the most quintessential app of its type.
If you think it will be difficult for you to manage the amount required for paid training, you are wrong. You may now comfort yourself because here is a list of resources that will provide you with all the knowledge, but still not burn a hole in your pocket.
The QuickBooks makers have made easy tutorials that any accountant or business owner will be able to follow. The information that you will get from these tutorials is valuable. Therefore, using the software will not be a difficulty anymore.
Yet again, Intuit is here to help you, and this time through a learning center. You will be able to access this option in the help menu. Further, you can go for quick learning tutorials, connect with people who can guide you, and even download useful PDF files. Therefore, learning a portal such as this is quite helpful and user-friendly as well.
While most of the tutorials here require premium access, there are a few webinars for you. The QB Power Hour is the highlight attraction of the website. Here, you can learn about all of those skills required to become expert users of QuickBooks. Besides, there are additional webinars that can help you with chapters such as taxes. You can now get the maximum from this website, and gain useful knowledge about the accounting software.
Another website that mostly attracts paid users also gives you access to quite a few free articles and tutorials. The only thing about this website is that most of the information you will get here is for beginners. Most of the videos are short, and so it is a great way to start. However, you will have to look for better options if you want to learn advanced skills.
GCF Learn Free
GCFLearnFree.org has now become very popular for all its learning tutorials. It also gives you access to valuable resources that will help you understand both the software’s online and desktop versions. However, the information that you will find here is only fundamental, and they will also encourage you to purchase the premium programs.
So, if you are a novice, then GCF Learn Free is quite an option. On the other hand, if you have at least a minimum knowledge about the software, you can better go for alternatives.
Presently one of the largest online learning platforms, Udemy, gives you combined access to both premium and free classes. Mostly the free courses here will provide you with an overall idea of the function of the app. However, it is only rare that you will get task-specific details when learning on Udemy free of cost.
QuickBooks, as you now know, is a fantastic accounting option for a modern-day business. Plus, it saves you so much time and effort and is extremely cost-effective too. So, as a business owner, getting your hands on this software will only make things better.