What is Quickbooks | How to Use Quickbooks For Businesses

What is Quickbooks | How to Use QuickBooks For Businesses

Hello, everyone Today I will Tell You about what is Quickbooks & How to Use Quickbooks For Your businesses. In this Article, I will Cover All The Information Regarding Quickbooks So, Must Read Thoroughly  For Better Understanding About How to Use Quickbooks. This Article Approx. Takes 25 Minutes To Read So Don't Skip Any Part Of This Article.

What is Quickbooks | How to Use Quickbooks For Businesses
What is Quickbooks | How to Use Quickbooks For Businesses

What is QuickbooksQuickbooks is the most popular type of accounting software in the market. Thousands, small and medium-sized businesses and large companies rely on it. The wide range of features and the clear yet sophisticated user interface allow people with little or no accounting experience to meet all the accounting needs of their business. In addition, Quickbooks can also be used to manage personal finances. If you're looking for a way to keep an eye on your personal finances, read on to find out how Quickbooks can do their job.
Some people may be discarded by labeling Quickbooks. If you've ever seen this software in a store or online, it's commonly referred to as "business-grade" accounting software. Therefore, common sense would make you believe that it is a bad choice for personal accounting. The truth is that Quickbooks can be used for both business and personal finance management. Just because it's called business accounting software does not mean that you can not use it for personal finance.
When you are ready to start your personal financial accounting, start Quickbooks on your PC. The process of using the software for your personal accounting requirements is essentially the same as for business accounting, with a few minor differences. After loading Quickbooks, you can use the built-in Setup Wizard to go through the rest of the steps. If you have a checking account, a savings account, or another bank account, use the Setup Wizard to associate this information with your Quickbooks. Alternatively, you can enter this information manually if you do not want to link your financial accounts to Quickbooks. Both options are perfectly acceptable, but the setup wizard saves time and energy.
Next, click the Vendor Center tab at the top of your Quickbooks account and choose New Vendor. This may be confusing at first, but sellers in a personal finance account are invoices you need to pay. For example, your rent, utility bill, cable bill, car payment, and even food can be labeled as a seller. Note, however, that you must create a new supplier for each invoice type.

Once your providers have been set up, you can now add transactions to all the payments you send. The most important aspect is that each transaction must be assigned to a particular vendor. Do this throughout the month, and thanks to Quickbooks, you can better meet your personal finances.

What is QuickBooks & How To Use Quickbooks For Businesses? 

QuickBooks is an accounting software program that helps companies manage sales and spend, and monitor daily transactions. You can use it to bill customers, pay bills, generate planning reports, tax returns, and more. The QuickBooks product line includes several solutions that are suitable for everyone, from solopreneur to mid-sized businesses.

Since there are several QuickBooks solutions, it is important that you choose the right one. Get ready for one round before signing up with QuickBooks and sign up for a free 30-day trial. The trial is a full-featured version of QuickBooks. So you can test all the bells and whistles. The best part is that no credit card is required.

Quickbooks Use For Businesses

Small business owners typically use QuickBooks to manage their bills, pay their bills, and track their cash flows. They also use it to generate monthly and year-end reports, as well as to prepare quarterly or annual corporate taxes. It is common for business owners to manage QuickBooks themselves or to use an internal or outsourced accountant.

The top eight QuickBooks applications for small businesses are:

1. Manage your sales and income With Quickbooks

You can manage sales and earnings in QuickBooks by creating invoices to track sales to customers. Keep track of what customers owe you (also called receivables) by reviewing your claims due to date report, which contains the details of both current and past due invoices. Below is an example of the QuickBooks aging report.

Manage your sales and income With Quickbooks
Manage your sales and income With Quickbooks

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2. Keep track of bills and expenses By Quickbooks

QuickBooks automatically tracks your bills and expenses by connecting your bank and credit card accounts to QuickBooks, so all your expenses are downloaded and categorized. If you need to track a check or cash transaction, you can record it directly in QuickBooks in minutes.

QuickBooks also helps you to pay your bills when they are due. For example, you can ensure that you pay your bills on time by creating a vendor report in less than two minutes. Get the details of your current and overdue invoices in this report so you can be sure you're getting up to speed quickly. Below is a sample A / P aging report from QuickBooks.

Keep track of bills and expenses By Quickbooks
Keep track of bills and expenses By Quickbooks

3. Gain important insights into your business Using Quickbooks

By managing all your cash flows and outflows in QuickBooks, you can access multiple reports that provide valuable insights into your business. All reports are pre-made in QuickBooks and can be executed in a few clicks. Reports are updated in real-time as you enter and save transactions.
This can be beneficial if you need to provide funding to a potential investor or lender for a small business loan or a line of credit. In addition to the debtor report and accounts payable report we discussed earlier, you can create the top three reports you need to assess the overall health of your business:

• Profit and loss report
• Balance sheet report
• Cash Flow Statement

Below is a brief description of each of these reports and a snapshot of what it looks like in QuickBooks.

Profit and loss report In Quickbooks

The profit and loss report can be created in a few minutes. It shows you how profitable you are by summarizing your income minus your expenses. It shows you your net profit (loss) for a certain period, for example, a week, a month or a quarter. Below is a profit and loss report for the period from January 1 to September 29, 2016, for a fictitious company, Paul's Plumbing:

Profit and loss report In Quickbooks
Profit and loss report In Quickbooks

balance report in Quickbooks

The balance sheet report shows the assets, liabilities, and equity of a company at a given time. With just a few clicks, you can create a balance sheet report in QuickBooks. Below is a snapshot of a balance sheet report dated September 29, 2016, for a fictitious company, Paul's Plumbing:

balance report in Quickbooks
balance report in Quickbooks

Cash Flow Statement With Quickbooks

You can quickly create a cash flow statement in QuickBooks. This report shows you all the activities that affect the operating, investing, and financing cash inflows and outflows of your business. Below is a snapshot of the cash flow statement for the period January - September 2016 for a fictitious entity, Paul's Plumbing:

Cash Flow Statement With Quickbooks
Cash Flow Statement With Quickbooks

4. Execute payroll by Using Quickbooks

Payroll is an area where you do not want to go manually. Mistakes in calculating paychecks can result in significant penalties and unfortunate employees. To help, QuickBooks has its own billing feature that automatically calculates and runs billing as needed.

The best thing about using QuickBooks payroll is that it's built into QuickBooks, so your recent payroll runs are always up-to-date. Purchasing a QuickBooks billing subscription is required to access the latest billing tables to calculate the wages and salaries of employees and employers.

Some advantages of billing with QuickBooks are:

  • Pay employees by check or direct deposit
  • Wage taxes at federal and state level are calculated automatically
  • QuickBooks will fill in the payroll tax forms for you
  • You can pay directly from QuickBooks via e-pay

5. Inventory tracking with Quickbooks

When you buy the inventory you sell, such as For example, if you need to keep an eye on available amounts and unit costs, QuickBooks automatically tracks and updates them as you enter transactions. QuickBooks has several reports for managing inventory.

While tracking inventories is feasible in an Excel spreadsheet, it can be time-consuming. Below is a sample stock evaluation report for QuickBooks. This report contains a list of your inventory products, the quantity available, the average cost, and their total value.

Inventory tracking with Quickbooks
Inventory tracking with Quickbooks

6. Simplify taxes By Using Quickbooks

If you are still not convinced that you can simplify your taxes by using QuickBooks, just think about how much you are afraid of before the tax season. Whether you need to consolidate multiple Excel spreadsheets or organize a shoebox full of receipts, it may take longer for your tax specialist to get what it takes to prepare your tax return!

Here at Fit Small Business, we use QuickBooks Online to manage all our bookkeeping and tax. We've set up our accountant with a user ID and password to access our QuickBooks data and retrieve the information needed to file our tax returns. Since everything is tracked in QuickBooks, we do not spend a lot of time organizing receipts and bank statements. Not only does this ensure that we have taken all revenue and expenditure into account, but it also improves accuracy.

 7. Quickbooks Accept online payments 

One of the best ways to improve your cash flow is to give customers the ability to pay their bills online. With QuickBooks, you can add the Intuit Payments feature with a simple click of a button.
Once activated, any customer invoices you send via email will include the "Pay Now" button. Your customer can click this button and pay their bill with one of the major credit cards or authorize an ACH payment directly from their bank account by entering their bank details.

There is no monthly fee for using Intuit Payments. You simply pay per transaction as follows:

Bank transfers (ACH) - Free
Card stolen - 2.4% plus 25 cents
Card billed - 2.9% plus 25 cents
Card typed - 3.4% plus 25 cents

8. Scan receipts using Quickbooks

Another key to simplifying tax time is the ability to organize your receipts into QuickBooks. All QBO subscribers can download the QuickBooks app for free on their mobile device, create a receipt photo, and upload to QBO in minutes.

No more lost receipts or manual reconciliation of receipts on downloaded banking transactions. With QuickBooks, you can attach a receipt to the appropriate bank transfer! You can upload an unlimited number of receipts to QBO for storage in the cloud with your data.

QuickBooks features & pricing

The QuickBooks family includes QuickBooks Online, QuickBooks Desktop, QuickBooks Self-Employed, and QuickBooks Mac. Each of these features offers a variety of features that start with a monthly fee of $ 10 or a one-time fee of $ 299- $ 1,500. Take a look at the table below to see which one is right for you.

QuickBooks features & pricing
QuickBooks features & pricing

QuickBooks Online

QuickBooks Online is a cloud-based product that does not require any software installation. Available in three subscription levels (Simple Start, Essentials, Plus), this QuickBooks product is ideal for any service-based business that does not have complicated billing requirements. With QBO, you can access your data from any computer with an Internet connection through your secure login.
Visit our free QuickBooks course to sign up for a free trial and learn how to use QuickBooks.

QuickBooks Desktop

QuickBooks Desktop is available in three versions (Pro, Premier, Enterprise). For all three versions of this QuickBooks product, you must install software on your computer. QuickBooks Pro is ideal for most small businesses that do not manufacture products. QuickBooks Premier is ideal if your business falls into one of the following industries: manufacturing, contractors, retailers, or nonprofit organizations. QuickBooks Enterprise is for large companies.

These industry-specific versions of QuickBooks include a custom chart of accounts and reports for these industries. See this QuickBooks Desktop Comparison article for each of these products.

Self-contained QuickBooks

QuickBooks Self-Employed is the ideal product for freelancers, brokers and Uber / Lyft drivers. Similar to QuickBooks Online (QBO), it's a cloud-based product that can be accessed from any computer with an internet connection and secure login. It includes unique features that are not available in QBO and QuickBooks Desktop, such as: For example, the ability to separate business expenses from personal expenses, track miles, and transfer data to TurboTax.

QuickBooks Self-Employed calculates your estimated quarterly tax payments and reminds you that they are due. There are two pricing plans for QuickBooks Self-Employed. For more information about these topics, see our QuickBooks self-service manual.

 QuickBooks Mac

QuickBooks Mac (QB Mac) is the only desktop product available to Mac users. If you do not want to go with QBO and have a Mac computer, you need to choose QB Mac. This product is very similar to QuickBooks Pro and is ideal for most small businesses that do not manufacture products. Learn more about QuickBooks Mac in our article on QuickBooks Mac.

So this was our guide For What is Quickbooks. We hope that this guide has helped you To Gain Information About How to Use Quickbooks For Businesses. If you have any Query please write in the comment section below.

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