by rahulpandey
What is Quickbooks

If you are looking to expand your business, QuickBooks can help you in every way possible. However, there are few people who aren’t aware of “What is QuickBooks”

Thus, in this comprehensive guide, we will take you through QuickBooks. However, you must read this article all the way through the conclusion.

Let’s get started!

What is QuickBooks? – Meaning

If you aren’t familiar with “What is Quickbooks?” Then keep reading because we’ll educate you all about QuickBooks.

QuickBooks, created and marketed by Intuit, is the most popular small business accounting software used by businesses to manage revenue and expenses and keep track of their company’s financial health.

QuickBooks assist its users in billing consumers, paying bills, producing reports, and preparing tax returns. Furthermore, QuickBooks provides a wide range of solutions that are appropriate for everybody, from a freelancer to a medium-sized business and even a large corporation.

Features of QuickBooks

After learning What is Quickbooks, it becomes essential to grasp the amount of precision the QB software possesses when it comes to maintaining the exact financial records. In contrast, Quickbooks offers the most accounting software features, which is as follows:

  • Migration of Data

The accounting program’s data is readily transferred to the spreadsheet. When you want to add financial data to the spreadsheet, then Quickbooks may easily assist you to do so.

  • User-friendliness

Quickbooks offers a powerful tool that makes every task easier for the user. Most importantly, the powerful features of the program fulfil the needs of small and medium-sized organisations. Furthermore, this powerful program provides a one-stop solution for automatically resolving the majority of issues. Quickbooks tool hub is one such tool that is offered by QB.

  • Bank Transactions 

With QB, every transaction in your company is visible, and the software will continue to record the transactions, which include wages, commissions, salaries, costs, and profits, among other things.

  • Straightforward Process

With the help of this QB program, you can quickly identify where your organisation stands. Now, it is easy to learn how it works. Furthermore, it has a rather short learning curve.

  • Invoice Generation

You will be able to quickly and conveniently produce invoices using your smartphone, tablet, and personal computer system.

  • Calculating Taxes

The tax computation function in Quickbooks helps you to compute taxes for your business in a fast, accurate, and efficient manner.

  • Business Forecasts

This tool supports Quickbooks users in developing future business projections. On the other side, employing business forecasts makes it easier to generate data such as sales, earnings, and expenses.

QuickBooks Software Working

After learning What is Quickbooks, and what are its important features, now let us have a look at the working of Quickbooks software.

  • QuickBooks COA

The QuickBooks chart of accounts has a list of liability, asset, expenditure, income, and equity accounts that you may use to distribute your everyday activities. It also contains financial information about the firm. In addition, the COA covers checking, savings, dividends, account receivables, savings, and balance sheets.

In the window for each individual account, account balances and other information, such as account numbers and contact information, are presented.

  • Lists of customers, vendors, and items

The Customer, Vendor, and Inventory Centres are the three key contact and inventory management centres in QuickBooks. The Client and Vendor Centres consolidate all transactions relevant to a certain customer or vendor into a single location. 

The Inventory Centre enables you to manage your inventory and non-inventory items in an easy and uncomplicated manner. Inventory items are products that you sell and keep on hand, whereas non-inventory commodities are frequent services.

  • Reports

The exact input of customer, vendor, and item information is required for the creation of meaningful reports. After running a report, you may set it to filter data by a certain customer, vendor, item, transaction date, or to expose past due payments and other important information. Once you’ve run a report, add it to your memorised or favourite report list for future reference. The Reports drop-down menu offers a selection of pre-configured reports.

  • Payroll

Payroll allows you to manage pay checks, pay bills, and set yearly limits on specific payments such as tips or vacation money. You may handle workers’ compensation, tax-exempt staff, and tax filings in the Payroll Centre. QuickBooks charges a monthly fee for its online payroll service, which includes direct deposit and electronic payment receipts.

  • Invoices and Billings

Billing statements and invoice statements are the two types of statements provided by QuickBooks. Billing statements tax a customer over time, such as a construction company, with costs that arise over time as supplies and other expenses mount. Billing statements are stored in a separate register called the Customer Register. When things are obtained and paid for in a single transaction and do not accumulate over time, invoice statements are most effective.

Variants of QuickBooks

After knowing about What is Quickbooks, its features, and working; let’s have a quick look at the important variants of QB:

  • QuickBooks Online
  • QB Desktop
  • QuickBooks Self-Employed

Let’s get started!

  • QuickBooks Online

Quickbooks Online as an accounting software delivers a cloud-based service. It is intended to fulfil the needs of a variety of business types. This product has three extra classifications, which are as follows:

  • Simple Start
  • Essential Version
  • Plus Version
  • QB Desktop

QuickBooks Desktop is suitable for people who run a product-based business with heavy inventory tracking needs. Furthermore, for builders, manufacturers, distributors, merchants, and others, the desktop edition provides custom COA lists, product and service listings, and much more.

QuickBooks Desktop includes the following products:

  • Premiere and 
  • Enterprise and
  • Pro version
  • QuickBooks Self-Employed

QuickBooks Self Employed is a great tool for real estate brokers, freelancers, and Uber or Lyft drivers. Customers who use QuickBooks Self Employed may access their work from any location, at any time, as long as they have a stable internet connection. The QB self-employed solution is available in two variants: 

  • Self-employed 
  • Self-employed tax bundle.

Conclusion

Even though QuickBooks has several competitors in the market, the reality remains the same, QuickBooks has at least an 80% market share in the financial software world. As a result, the question of what is Quickbooks has become obsolete. Moreover, if you are having issues with QuickBooks, you may contact the technical support team for more assistance.

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