QuickBooks is feature-rich accounting software that accomplishes multiple accounting tasks. This software helps businesses to stay organized despite large amounts 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, It takes charge to make your business accounting task simple and easy going. The QuickBooks accounting software used to manage sales of the company keeps track of your daily transactions and handles daily expenses. The user of QuickBooks 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 article, we are going to discuss how to use QuickBooks. Let’s know about it
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How to use QuickBooks?
The steps will guide you on the right way to use QuickBooks software
To begin with, you have to use this software on your machine. Initially, specify the type of installation you need. If you have to use QuickBooks on one PC, selecting the option will 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 downloaded.
Gather Financial Papers
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 an easy step interview wizard. In case you have not used QuickBooks, take advantage of the wizard option.
Set-Up and Manage Vendor Accounts
Click on the customer center option and then new customer and job for adding a new source of income. After this, click on the transaction tab for adding paychecks and other transactions. Use the enter time option.
Create and manage Customer Accounts
Click on the customer care option and then go to the new customer and job for adding a new source of income. After this, click on a new transaction for adding transactions such as invoices, payments, and estimates.
The feature allows you to get a snapshot of the financial areas of your business such as accounts receivable report, profit and loss statements.
You might be eager to know its features after knowing the software usage.
Features of QuickBooks
QuickBooks manage essential features required for small and mid-size businesses. Let’s cover its features by discussing in brief
Manage income and sales
QuickBooks users can manage income as well as sales in the software by creating invoices. You can view your accounts receivable aging reports to check the accounts receivable balances.
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Keep track of bills and expenses
This software keeps track of your expenses and bills by connecting credit cards and bank accounts to QuickBooks. All your expenses get downloaded and categorized. You will be able to track cash or check transactions in it.
Manage cash flow
You can access financial business reports to manage cash inflow and outflow activities in QuickBooks. The software can be run in just a few clicks and reports are updated in real-time. Apart from this, you can run three reports to access the position of your business like balance sheet reports, statement of cash flow, profit and loss reports.
This software offer payroll features that help in managing accounts. The particular feature manages the taxes and keeps the counts up to date of employees. Additionally, these features help to calculate the salary, bonus, wages, and withheld taxes. The demand for QuickBooks payroll is increasing as the day passing because the owners know the position of the business.
Tracking inventory will help you to manage the product sale. These features help to analyze whether you are earning losing money on every product. Furthermore, before setting up inventory in it, you need to turn on the inventory tracking feature.
Accept online payments
Customers have the option to pay the invoices online via accept online payments and features in it. The users of QuickBooks can add the intuit payments features with a single click of a button. Customers can also pay their invoices via a major credit card or by adding account details.
The subscribers of this software can install the QuickBooks app on their phones. And with this, they can take a picture of a receipt and then upload it. You can attach a receipt to the corresponding banking transaction.
Advantages of QuickBooks
- Easy to use software
- Manage Tax
- Secured Financial data
- Productivity of work
- Run Reports
- Intuit Resources
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 we have covered the topics in the content like what is QuickBooks, its advantages, features, pros, its usage, steps to use, and resources to learn QuickBooks. If you want to know more about QB then you can hire Quickbooks Proadvisor.