Last Updated on March 18, 2020 by Editor Team
We all know Quickbooks is available for all kinds of small and medium industries but some of us not know we can also use QuickBooks for home and personal financial needs. With Quickbooks home accounting software you can manage your rental income and taxes, track expenses and manage your family budget as well as you can also pay your housekeepers with it.
At a time of high market price, most people avoid expensive purchases like designer clothes and expensive food, you also cannot save the money that came out in your pocket? If the answer is “yes”, then you should try to create a budget by using best software QuickBooks for the home.
How housekeepers can use QuickBooks at home
Housekeepers can use Quickbooks for many kinds of personal or financial needs bellow we mentioned some task that you can do with Quickbooks at home.
- Accept payments:
- Scan receipts
- Track sales & expenses
- Send invoices
- Pay employees or housekeepers
- Coordinate or work with an accountant
Advantage of QuickBooks for Home
More and more people today are concerned about what is happening in their home finances, how to keep a strict family budget. The best software should be used to determine such things. Using QuickBooks for the home is a good way to get rid of these problems. There is some key advantages of using this home accounting software.
- Manage the Financial report of the family: Most people use QuickBooks for personal finance is through financing reports and be sure about the accurate financial report manged by QuickBooks. If you also want to manage the financial report of the family firstly you have to Reconcile your QuickBooks account. Reconcile is so important because this is a way of looking for an accurate financial report. Its all of your financial activities recorded correctly. You can reconcile your bank account, credit cards, loans, etc. and get the statement where you want to see the beginning and ending balance. All basic transactions and information recorded in QuickBooks after reconciling all records. While using QuickBooks for the home, manage the financial report of the family is most effective for your financial account saving.
- Money flow management: Many people believe that taking care of personal home finances is boring and complicated. In fact, the problem is that most people are not trying to do this in detail because they have spent a lot of time at the minor expense and fail to save money.
To show profit and loss of money flow using QuickBooks is the biggest benefit. It is work as bookkeeping management. When you enter regular basic transactions coming / outgoing and reconcile these transactions after one week or daily then QuickBooks shows your current profitable balance. You can also do advance entry to remembered transactions in QuickBooks, 6-10 days advance of when you will post to your bank, loan or credit card account.
- Manage rental invoice taxes: Automatically calculate taxes on your invoice and your data is automatically backed up at all times. You can also set up repeated invoice and also focus on what matter most.
- Manage your financial house in order: Nowadays most people keep credit and debit cards and do not keep cash. In daily life, when someone thinks about how much money they have in their pocket or checkbook balance. And how much did it spent So it becomes difficult to tell correctly where the money went. It is not easy to remember your financial expenses. That’s why QuickBooks for the home is software where you can see all expenses, balance and so on. manage your financial house in order will grow with you as your business.
QuickBooks Home VS Quicken Home
If you have a query why you choose Quickbooks for home use if you are already using Quicken or any other accounting software. Bellow, we mentioned key benefits or differences between Quickbooks and quicken home.
(A) QuickBooks is known as Accounting software used by small businesses. it is designed to manage finance, bookkeeping, accounting work and also created for customers as a way to track invoice, bills, their personal finance, and investments.
Quicken is not better for all small businesses, it is better for the rental property business. That is customized to keep track of tenant, lease terms and rental rates.
(B) QuickBooks is cloud accounting software means anyone can access it with ID and Password. It is a multi-user software.
Quicken is not multi-user software because it has only one option software.
(C) QuickBooks mostly used by small businesses.
Quicken uses by those users who have a rental property business.
(D) QuickBooks included no. of 5 users but Quicken only One user.
(E) QuickBooks is easy to use than Quicken.
(F) QuickBooks provides all features which Quicken provides like pay bill online, accept online credit card payment, connect a bank account and credit account, etc..
(G) QuickBooks has additional features like automatically tracks accounts receivable/ payable, inventory tracking and so on.
(H) QuickBooks online pricing simple starts $20 per month to $60 per month.
Quicken price starts $34.99 to the highest home and business $99.99.
At the end, we hope you will understand how Quickbooks for homeowners or QuickBooks for the home use can help any housekeepers in managing their small financial needs or managing budgets. But one thing you must need to Quickbooks always want to see happy faces of their customers if you encounter any kind of technical complexities with Quickbooks home then, in that case, Quickbooks Proadvisor program or Proadvisors can help you to learn how you can use it efficiently or easily.