What is QuickBooks? – A name rings into the ears when someone talks of managing the business and that name is QuickBooks. Since, QuickBooks has launched twenty years ago, like accounting software, the financial software is able to dominate the accounting market.
As a matter of fact, for our readers, QuickBooks holds the market place of above 80%. This 80% depicts the belief in the accounting software which QuickBooks provides to its users and businesses. Before diving into any accounting software for your business, have a tour of QuickBooks.
Even though, every business has its own challenges and intricacies. QuickBooks helps in relieving the “tension of numbers” for the business.
Initially, two people developed QuickBooks under the leadership of Scott Cook and Tom Proulx, based in Mountain View, California, USA. QuickBooks has surely made its presence after Quicken got its successful presence in the financial management world.
In particular, the first version of QuickBooks was on DOS, majorly based on the Quicken software’s code. Surprisingly, many accounting pundits were not satisfied with early QuickBooks version, as they were happy with the Quicken software. Upon research by the company, the three reasons especially started to float up, which were:
Although QuickBooks has gone through various transformations from its development day. From the year 2000 to 2017: in these 17 years, QuickBooks has surely come from DOS to a full-fledged operating system-oriented software application.
Inuit Inc has indeed researched well and polished QuickBooks for the operations. As a matter of fact, you can witness that QuickBooks’ journey initiated from a “double side entry” to “fully automated” accounting software – the journey has been successful for QuickBooks without any doubt.
QuickBooks is a small software, it is important to realize that the kind of finesse it holds to accurate record keeping of financials is tremendous. Comparatively, QuickBooks holds the best features any accounting software can offers.
As gradually we are discussing “what is QuickBooks?”, now we can discuss the usage of the software in the below points:
In general, you can easily manage sales and income in QuickBooks. Basically, this work is done by generating invoices to see and analyze sales by customer. You will able to manage both of your accounts – accounts receivable and accounts payable. As both of the aforementioned accounts require income in and out of the business.
QuickBooks surely manage to keep an eye on business expenses and bills with you. It won’t let slip any transaction out of its eyes, due to its finesse. QuickBooks connects your bank with your credit card and starts keeping a check, as all the transactions are downloaded and categorized.
QuickBooks also lends its helping hand when your bill is due for a period. For an instance, you can pay bills by creating an Accounts Payable account in QuickBooks. This account will generate reports which will tell you about your paid bills and any past due bills.
The number of transactions that takes place in a day in business. For that, a number of reports should be generated so that every data is recorded correctly. With QuickBooks, you can access a number of daily, monthly, quarterly or yearly reports; all these reports are generated on real-time basis.
Flow of cash whether it is – inflow or outflow – can be easily managed. This phenomenon provides an insight to the business where the business is going? Whether the business is in profit or loss? How are their sales? Etc.
These reports are beneficial for business stakeholders. QuickBooks mainly print 3 pertinent business reports:
Suppose, one mistake in salary calculations, made manually, and it will leave all of your employees unhappy. QuickBooks Payroll sees that all of the employees are paid according to the set parameter. The advantages of Payroll are:
With QuickBooks, the inventory management is done on the surface of real time basis. You will get to know how much inventory is stored in your godowns or business premises. All inventory will be managed at a click of a button.
How life become easy when your taxes are paid automatically. Basically, QuickBooks does this for you. It relieves you from the tax burden, by paying the tax on dedicate date and according to the federal and state laws. You can put all the financial data on the excel sheets and analyze.
If you want to flourish cash into your business, then, QuickBooks allows you, to offer your customers to pay or deposit online their invoices. An option named as Inuit GoPayment is there for to collect online deposits from your customers. Make this available to your customers, and you see, gradually, uprising of cash into the business system. Allow your customers to make them payment by any debit or credit cards.
It is better to keep all of your receipt data at one place. They are required during tax season; during tax filing and submission. All of the business-related receipts are stored by QuickBooks. You can upload and download the receipts from the QuickBooks Mobile APP for free, anytime, anywhere.
The blog is indeed progressing in a soft flow; till now you have got the answer to the question – what is QuickBooks?
Every business is bounded by different requirements. Basically, Inuit Inc has developed various variants of QuickBooks, as per the needs and wants of the business.
QuickBooks Online is accounting software, which is a cloud-based product; the main thing is that installation is not mandatory for it. This product has further 3 more classifications:
QuickBooks Online provides business solutions to any service-based business, where there is less or no invoicing requirements to the business. As a QuickBooks user, you have the privilege to access your business data from any internet connected computer system.
Money worth for
Especially developed to assist Small and medium-sized businesses whose primary function is to sell services. It ranges between $20 – $60 per month QuickBooks Desktop Mainly designed to guide Small and medium-sized enterprises dealing in any industry. It ranges between $299 – $1,500. It has one-time fee. QuickBooks Self-Employed Usually made for Independent contractors, realtors, Uber/Lyft drivers. It ranges from $10 to $17 per month. QuickBooks Mac Developed for Mac Users – who are in small and medium business. Ranges from $299 and above. It comes with one-time fee. QuickBooks Mobile APP Designed and developed to have access from anywhere and anytime. The price changes as increases the add-ons. More the add-ons, more the price.
QuickBooks Desktop undergoes trifurcation, as
A rudimentary product in QuickBooks Desktop line. It places well itself with non-manufacturing products. This version has:
A par product to be called off. This version attracts the manufacturing, contractor, retail and nonprofit industries. QuickBooks Premier version has:
This version is classic, as it mainly handles the work-load of the big businesses. The basket of this version has:
A major point is that all three QuickBooks versions require you to install software on your computer.
The best product to be handed to the team of freelancers, realtors and Uber/Lyft drivers. It has a tendency to look alike QuickBooks Online: a cloud-based accounting software, which can be accessed from any internet connected computer.
Its features are power packed with: personal expenses, track miles and transfer data to TurboTax (will let you know when your taxes are due). All these features are only found in QuickBooks Self-Employed and not mentioned above.
QuickBooks for Mac is the financial product from Inuit Inc only for Mac users. If you have a Mac computer system, then, you must go with QuickBooks Mac version. The similarity it holds with QuickBooks Pro version, on the basis that it is a well product for small non-manufacturing units.
A negative point of QuickBooks Mac version is that Inuit Inc has made it available only in the United States, till now. The users of QuickBooks are all over the world, so, Inuit Inc must operate in such a way to make QuickBooks Mac version available worldwide.
Generally speaking, Inuit has made worldwide access to your financial records from your mobile phone. Just download QuickBooks App from the recommended digital store prescribed by Inuit and you can have access to your financials from anywhere and anytime.
Although, the mobile application is not free; it is paid one, but you can surely view all the business financial transactions from anywhere.
The feature of this version provides the advantage to businesses to send invoices on email and moreover, to accept payments online via credit card.
This version is mainly developed for you in the cloud-based application; an iPad – QuickBooks Point of Sale. It makes the business to make sales; firmly go for credit cards payments; and most importantly, keep an eye on inventory management.
This feature is payroll related. You can make payment to 50 employees, as per your choice, it can be by check or direct deposit. It has an option to automatically calculates state and federal tax and submit it to the concerned authority on behalf of the business.
Inuit QuickBooks has, certainly, a house of the ample number of services for its users. Inuit Inc has the credibility to provide world-class services to its users in the accounting world. The old users of QuickBooks know about the fact that the QuickBooks services are exemplary, and they can go for with again and again.
The popularity of QuickBooks has gone so high, that, Inuit Inc not only saw this opportunity but grabbed it as well. QuickBooks certainly provide book-keeping services to the business in terms of:
Accounts Payable (AP) is your business money which are owned by creditors. Accounts Receivable (AR) is the money owned by the business to its debtors. QuickBooks services provide:
In simple words, if we want to tell about cost accounting. Cost accounting is a platform which is used to look at the company’s costs of production (COP) – evaluated by the costs incurred (input and fixed) of each process.
The boundary of QuickBooks is not only to maintain book-keeping services, accounts payable and accounts receivable but is open to other areas also. The other areas in which QuickBooks provides its commendable services are:
QuickBooks is certainly a house of many key benefits. From learning the benefits, we can literally answer the question that, what is QuickBooks? We will discuss key benefits with you one-by-one.
QuickBooks is loaded with features which aims to assist small and mid-sized companies in managing their finance. It enables users to key in the due dates and transaction details for all recurring invoices.
Whenever carrying out business, experts usually rack up a number of expenditures which are later on billed to clients. These may perhaps be small expenses, like mileage and dinners, or even huge expenses, like prolonged global traveling.
QuickBooks Accounting Software presents the time-saving feature of keeping track of sales and instantly generating receipts and invoices at the single click of a mouse. Invoices may then be electronically delivered to customers by means of email.
Customers of QuickBooks Pro can potentially generate a number of financial reports. These comprise of year-over-year income, expenditure, trends and forecasting documents. Moreover, each and every report can be exported into a spreadsheet layout and delivered electronically by means of email.
Easy to Use
The creators of QuickBooks accounting software developed it in such a way that it is user-friendly and uncomplicated. A new user setup function offers users with a virtual orientation practice.
Although, there are numerous competitors of QuickBooks in the market, to name a few are Mint, Xero, FreshBooks and TurboTax. But the fact which we have to go by is that QuickBooks has 80% market share in the financial software world. So, the question of “what is QuickBooks?” certainly dissolves. On the whole, it is not easy to capture this large chunk of the market easily.
Another key point is that, Inuit Inc knew that QuickBooks will become a golden product of theirs in the future if they focus rightly on it. As we have significantly mentioned in the beginning of the article that QuickBooks was on the verge of failure. But the correct focus and planning from Inuit Inc has made it to the top of the world.
QuickBooks is a first choice of financial software for small and medium-sized businesses and, then, large enterprises go for it. The different versions of QuickBooks are made available for different countries, for example, Canadian version is different from British and Australian. This is because of different taxonomy in different countries, such as, Canada has GST (goods and service tax); HST (Harmonized Sales Tax); PST (sales tax). European countries have GST (goods and service tax); and both of the countries – United Kingdom & Australia – have GST.
The QuickBooks United Kingdom version is also consisting of Irish & South African VAT. Above all, after the failure of QuickBooks Enterprise version, Inuit UK division made QuickBooks Desktop version only on rental basis in United Kingdom and its nearby countries, i.e., Ireland.
In the end, go for QuickBooks if you want accurate and precise calculations for your business. If you have any Query regarding QuickBooks, can consult on our Toll Free number 1-877-221-952O.