QuickBooks Accounting Software: The Ultimate Guide
QuickBooks is a business accounting software that automates most tasks. It recognises recurring customers and automatically inputs invoices for them. Quickbooks accounting software also has a payment system that allows customers to make payments instantly. It has a payroll function that calculates and pays employees. This helps businesses avoid penalties for disorganised records and reduce payroll taxes.
So, Is QuickBooks Accounting Software?
QuickBooks is an accounting software widely used by businesses for financial management purposes. It is designed to handle various accounting tasks, including bookkeeping, invoicing, expense tracking, bank reconciliation, and financial reporting. QuickBooks offers different versions tailored to the needs of various types of businesses, such as QuickBooks Online for small businesses and QuickBooks Enterprise for larger organizations. It is known for its user-friendly interface, ease of use, and wide range of features, making it a popular choice for businesses of all sizes.
Quickbooks Packages
Type of Package
Self-Employed
Simple Start
Essentials
Plus
Advanced
Suitable For
For Sole Traders not registered for VAT who need to prepare Self Assessment.
For director-only or small businesses who need to manage VAT and Income Tax.
For small businesses working with suppliers. Manage VAT and Income Tax with up to 3 users.
For businesses managing projects, stock, VAT and Income Tax. Up to 5 users.
For businesses needing automatic data backup, custom permissions, bespoke reporting and insights.
£70
Price
£1 /mo
for 6 months, then £10/mo
£1 .40 /mo
for 6 months, then £14/mo
£2.40 /mo
for 6 months, then £24/mo
£3.40/mo
for 6 months, then £34/mo
£7 /mo
for 6 months, then £70/mo
What is Quickbooks Accounting Software?
Using QuickBooks makes it easy for small business owners to keep track of income and taxes.
They can easily access balance sheets, profit and loss statements, cash flow statements, and tax filing reports.
Users can also use the software to manage their accounts receivable process and monitor upcoming client payments.
They can create and send invoices quickly using a customisable template.
It also allows them to track expenses incurred by employees and subcontractors and reconcile their timesheets.
The accounting software can also be integrated with third-party applications like point-of-sale systems to record specific transactions.
For instance, a company can connect its POS to QuickBooks and integrate it with a time-tracking application that automatically adds labour costs to a client’s invoice.
Similarly, an integrated system can track and transfer inventory between locations and departments. This helps reduce manual data entry, which is prone to errors and inconvenient for employees.
What is Quickbooks Online?
QuickBooks Online is a cloud-based accounting software platform with features that help small business owners get a grip on their finances. The platform allows users to connect their bank and credit card accounts automatically to import and categorise all incoming and outgoing transactions. Manually recorded transactions can also be tagged with details like reference numbers, permit numbers and attachments to allow for more precise reporting.
Customers can create and send invoices with the ability to add a button that lets their customers pay via credit or debit cards and automated clearing house e-checks. Payments and fees are then automatically entered into QuickBooks, saving significant time spent manually recording them.
Quickbooks Intuit offers multiple levels of support for platform users, including phone and live chat, a searchable knowledge base and user community, and webinars and training classes. The platform also integrates with several apps that can help track employee time, prepare for taxes and manage inventory.
What is Quickbooks Pro?
Quickbooks Pro is an accounting application developed by Intuit. It offers features like automated bank feeds, mobile app support and more. It also has several add-on modules for business management, expense tracking and payroll. Users can generate income statements that highlight profits, budgets and cash flow. They can also get balance sheets that show snapshots of assets and liabilities. This feature allows them to assess their company’s financial health anytime. Those looking to expand their businesses can take advantage of the multicurrency feature in QuickBooks.
This helps them manage expenses, invoices and payments in different currencies. It can also save them the hassle of converting amounts to their preferred currency. Other essential functions include a Track History feature that shows all invoice details in one place. The software can also be integrated with traditional merchant accounts for smooth payments. It also includes a searchable FAQ section.
What is Quickbooks Enterprise?
QuickBooks Enterprise is a robust accounting solution for businesses of all sizes and provides the tools to manage complex inventory and financial reports. It also offers payroll management and payment processing. Additionally, users can access remote features via Windows Terminal Services and the cloud to manage their work from home or the field. The desktop product offers advanced features that automate pricing and order fulfilment, plus it comes with more than 200 customisable reports.
Its centralised dashboard allows for easy tracking of sales, expenses and cash flow. It also supports multiple locations and mobile barcode scanning, enabling businesses to set up different user roles for secure accessibility. The software has industry-specific solutions for contracting, manufacturing & wholesale, retail and nonprofit organisations. It includes special industry-specific reports like donor contribution summaries or vendor return details. It also provides a dedicated customer service team and a dedicated account manager for its users. The software also offers several different pricing plans, including an annual fee and monthly payments.
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