What Is QuickBooks?
QuickBooks is accounting software solutions designed and sold by Intuit Inc. Quickbooks is designed to meet every accounting need of a small business. The software provides solutions that easily and effectively manage payroll, accounts receivable, accounts payable and vendors.
QuickBooks is a complete suite that links inventory to invoices and the invoices to payments received. Information is entered into QuickBooks and it is stored in the tables for future use. Information that is stored makes creating new invoices, receiving payments, filing tax returns and creating budgets easier for the non-accountant. The software allows for multiple users with different access levels.
Basic QuickBook functions eliminate the need for double entry accounting. If an invoice is created, when the payment is received, QuickBooks receives it against the invoice. The software automatically moves received payments to the deposit section and will print a detailed deposit slip when funds are deposited to the bank. When the software is used in its entirety, balance sheets and income statements provide an accurate account of your business’s bottom line. Reports make it easy to see who your highest paying customers are, which customers are habitually late with payments and which vendors your company utilizes the most.
Add-on services like Payroll and Merchant Services extend the basic use of the software. QuickBooks offers complete payroll service comparable to that of major companies like ADP. Merchant services allows for processing of credit cards without the use of a costly terminal.
Features in QuickBooks make planning for the future effortless. Software tools permits monthly, quarterly, year-to-date and yearly comparisons based on date. In addition, budgets are easy to create and compare with previous budgets.
QuickBooks is customizable to meet the needs of any small business. However, Intuit has created some industry specific solutions such as QuickBooks Pro, QuickBooks Premier Contractor and QuickBooks Non-Profit. Costs for QuickBooks vary depending on suite, but a single license for QuickBooks Pro starts at $179.00. Online accounting through QuickBooks begins at $12.95 per month.