The most important information for any business is to see what you’re making and spending. Accounting software is what helps businesses with this.
When choosing such type of software, it’s important to compare the best accounting software via product reviews, features, pricing, and their advantages and disadvantages. In this guide, we aren’t going to talk about all the top accounting solutions. Today, we’ll talk about QuickBooks ― one of the most popular accounting tools ― and its benefits.
QuickBooks is accounting software for small and medium-sized businesses developed by Intuit ― a US-based company ― nearly 20 years ago. QuickBooks allows you to look at and manage your purchases, sales, and expenses in one spot. Additionally, it helps businesses take care of payroll.
QuickBooks offers five plans: Simple Start, Essentials, Plus, Advanced, and Self-Employed. Each of their plans features mobile access, dashboarding and reporting, automatic backups, accountant access, data security, and unlimited support.
Now that you know what QuickBooks is all about, let’s talk about benefits of using it.
QuickBooks integrates well with a large number of third-party services which makes financial management easier. You can add apps for:
- Expenses management: Expencify, Receipt Bank, AutoEntry
- Billing and Invoicing: Chaser, Quotient
- Time tracking: TSheets
- eCommerce: Shopify
- Advanced reporting: Draftworx, Fathom, Spotlight Reporting
- Inventory management: TradeGecko, SOS inventory
- Periodic backup of your QuickBooks Online account
One of the top advantages of using QuickBooks is that it’s user-friendly, meaning you don’t have to be a financial expert to use it. QuickBooks is intuitive and easy to navigate, even for newbies.
Once a user logs in, the first thing they see is a dashboard which outlines the most critical data such as profit and loss, expenses, bank accounts, invoices, sales, and tips. In the left of the screen, there’s a menu from where users can access pages such as banking, sales, expenses, employees, reports, taxes, accounting, apps, tools, and dashboards.
To ensure accuracy and minimize accounting errors, QuickBooks provides businesses with:
- Invoice reminders
- Report frameworks that fill in data automatically
- Chart of accounts ― a list of a company’s accounts and balances
- Support to invoicing and taking payment from clients
Also, QuickBooks offers a wide range of reports including:
- Account list
- Balance sheet comparison
- Balance sheet
- General ledger
- Profit and loss comparison
- Profit and loss
- Recent automatic transactions
- Recent transactions
- Reconciliation reports
- Recurring template list
- Statement of cash flows
- Transaction detail by account
- Transaction list by date
- Transaction list with splits
- Trial balance
Additionally, you can create management reports which come with three pre-made templates (sales performance, company overview, and expenses performance) and custom reports.
Another great advantage of QuickBooks is that you can use it on the go from your phone or tablet. You can use your mobile device to record expenses, enter transactions, send reports, and invoice clients. QuickBooks automatically synchronizes your data across all devices and backs up your data to the cloud.
We hope that our guide has given you a better understanding of what QuickBooks and its benefits.