What is QuickBooks? A Complete Small Business Guide

With the right edition, QuickBooks delivers tremendous ROI helping small businesses manage their finances seamlessly. Just be sure to take time evaluating the features against your needs so you choose the optimal fit. These four online editions scale from essential basic accounting to more advanced inventory management, reporting ppp loan or employee retention credit and automation.

Mistakes made in calculating paychecks can result in steep penalties and unhappy employees. QuickBooks has an easy-to-understand and intuitive interface. You can download and get started after spending a couple of hours browsing through the different screens. However, automatic bill tracking does not mean you cannot do that manually. You can directly record a manual transaction easily, whether in cash or check. However you work, no matter what your business does, QuickBooks has a plan for you.

1. Lenders often require financial statements when you apply for a small business loan or line of credit.
2. Reporting – Run key financial reports like Profit & Loss, Balance Sheet, Accounts Receivable and Payable with one click.
3. QuickBooks allows you to keep track of financial functions like income and expenses, employee expenses and inventory in real time and fulfill tax obligations hassle-free.
4. It is available as a desktop software for Windows, with several editions.

Of course, it is safer to first check if QuickBooks accepts payment in the currency you deal with. Yes, you can switch to another plan from any version of QuickBooks Online, QuickBooks Payroll, and QuickBooks Time. In the other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider. Learn everything you need to know about WooCommerce pricing 2024.

What is the difference between QuickBooks and QuickBooks Online?

Advanced Inventory is included in the Platinum and Diamond subscriptions only. Advanced Reporting is included in all QuickBooks Desktop Enterprise subscriptions. These prices can be subject to change, so please check the QuickBooks site for any promotions. It’s important to note that if you choose the free trial, you will lose the promotional pricing. You will have to choose between the promotion or the free trial in this case. Consequently, some traditional accountants and bookkeepers find it complicated at first, because it doesn’t “behave” the way manual ledger bookkeeping used to.

Excel is a spreadsheet program that you can use for multiple functions like creating databases, project management and, yes, accounting. However, creating a pledging selling direct write-off method solid accounting database in Excel requires a thorough knowledge of how to set up spreadsheets and all the formulas that may entail. QuickBooks makes it easier by doing everything automatically. As you accept payment for any item in the inventory, the right expense account is updated and reflected automatically in taxable income. Again, QuickBooks has many reports available to analyze your bills and expenses.

QuickBooks Desktop

What’s more, you can also have your payroll taxes completely taken care of with the software. Putting the software in charge should ease any tax-related stress as it will calculate, file, and pay the taxes. As a cloud-based service, all your data will be backed up automatically to Intuit’s servers, along with the data of all other QuickBooks Online users.

Payroll Management

QuickBooks offers a 30-day free trial period with all its plans. However, if you opt for the free trial you lose the opportunity to save 50% on your first three months. As a business owner, you know how important it is to manage a regular positive cash flow. QuickBooks Payments makes it easier for you to accept online payments when you send invoices from within the app. Invoicing is one of the most crucial functions for many businesses, especially those that provide services or rely on freelancers. QuickBooks makes it easy to create invoices either from scratch or from an earlier estimate.

Her postgraduate degree in computer management fuels her comprehensive analysis and exploration of tech topics. You can then share the invoice with clients through the mail or take a printout and send a hard copy. It allows you to run and view reports easily like the number of outstanding invoices, total amount due from clients and details of each invoice (paid or due). In this article, we will discuss what QuickBooks is and how it works so that you can understand the different ways in which it can help you save time and be on top of your financial statements. No, it is relatively asset retirement obligation definition easy to use, although corrections can be more challenging. However, so if you work with a professional accountant, they will likely have an in-depth understanding of the platform and can guide you through its functions.

Multicurrency accounts

QuickBooks Online has several subscription levels you can choose from. Most of the QuickBooks Online subscription levels also offer multi-currency features. This is useful for businesses working with international customers and suppliers.

If you’re using QuickBooks Online, you or your accountant can easily transfer all the needed tax information through a tax preparation program like TurboTax. Bookkeepers and accounting professionals using QuickBooks Accountant can simplify tax preparation through ProConnect, a professional tax management solution. QuickBooks Online allows you to create invoices and either print them or email them to customers.