What Is QuickBooks & What Does It Do

QuickBooks is the most widely used QuickBooks accounting system for small businesses, and companies use it to manage their income and expenses and keep an eye on their overall financial health. You can compile reports, send invoices to consumers, pay bills, and prepare tax returns. QuickBooks Online, QuickBooks Desktop, QuickBooks Payroll, and QuickBooks Time are some solutions included in the QuickBooks product line. These solutions are designed to meet a variety of business requirements.

Although QuickBooks provides various accounting software options, the one we suggest the most for most new businesses is QuickBooks Online. You can obtain it for free with a trial that lasts for thirty days, or you can get it at a discount of fifty per cent for three months with no credit card needed.

How Small Businesses Can Benefit from Using QuickBooks

Make, Send, and Keep Tabs on Your Invoices

It is simple to generate invoices, which can then be printed or emailed to the appropriate customers. QuickBooks will automatically record the income and track how much money is owed to you by each customer. When you run an A/R ageing report, you will see the total number of your outstanding invoices, also known as your accounts receivable (A/R), and the number of days past due.

You can also start from scratch when creating an invoice or turn an existing estimate into an invoice. After that, personalize the invoice by adding your company’s logo and altering the colour of the text.

Maintain Accurate Records of Your Bills and Expenses

Connecting QuickBooks to your bank and credit card accounts enables the program to keep tabs on your bills and costs automatically. This ensures that your expenditures are downloaded and sorted into the appropriate categories.

Compiling an A/P report may guarantee that you will not be late in paying your expenses. The facts of your overdue invoices and your current ones will be shown to you in this report.

Online bill payment service.

You can pay your invoices online using the online bill payment tool found in QuickBooks. Quickbooks small business accounting can benefit from using QuickBooks Online Bill Pay, including the flexibility to pay several invoices at once, make bill payments via bank transfer or check directly from QuickBooks, and pay bills in seconds. In addition to that, you can use a credit card to pay any seller or supplier you choose. The QuickBooks Essentials, Plus, and Advanced versions are compatible with the QuickBooks Online Bill Pay integration.

To pay your first bill, you will need to input the information for your bank account, the mode of payment you want to use, and the information regarding how your vendor would like to receive payment. After that, QuickBooks Online will automatically use this information to execute subsequent transactions, thereby decreasing the required data entry. Your bills will be marked as paid automatically in QuickBooks Online, and they will be removed from the payments that are still due.

It is important to remember that you must initially enter your bills into QuickBooks Online before proceeding to pay them online by selecting Pay bills online after clicking the +New button.

Produce printed versions of your company’s financial statements.

You can print financial statements that provide helpful information about how your company is doing if you use QuickBooks to manage all of the operations related to the cash that comes into and leaves your organization. When you apply for a small company loan or line of credit, the lender will typically require you to provide financial statements.

QuickBooks allows you to generate the three most important financial statements: the Profit and Loss report, the Balance Sheet report, and the Statement of Cash Flows report.

Keeping tabs on the time and money spent by employees

A bookkeeper can record an employee’s weekly time if the employee submits a manual timesheet. Alternatively, employees or subcontractors can input their time throughout the day. The time entered and assigned to a client will be available for inclusion on the subsequent invoice sent to that customer.

Additionally, each expense submitted can be made into a billable item and associated with a certain client. Along with the client’s time, these billable expenses will be ready to be added to the subsequent invoice sent to the customer. You do not require the payroll add-on when tracking employee hours for invoicing purposes.

QuickBooks is by far the most widely used accounting software for small businesses. It is available in several editions and features web-based and desktop-based programs. Hence, it is used by Accounting Lane. QuickBooks has features that simplify the process of filing taxes, keeping tabs on your inventory, paying your staff, and tracking your inventory, allowing you to maintain tabs on your income and expenses.

Rely on the QuickBooks bookkeeping services offered ACCL Global as these are top-notch and will solve all your bookkeeping queries.