QuickBooks is a household brand in the accounting software market. The QuickBooks Online (QBO) edition has over 4.5 million global users. As a result, practically every accountant is familiar with the program.
QuickBooks might be a fantastic solution without breaking the bank if your company spreadsheets have expanded, you want to transition from manual to digital accounting, or you need a better tool than your current accounting software. For more information and QuickBooks consulting for small businesses in Houston, speak to a professional today.
What is QuickBooks?
QuickBooks is accounting software created by the American corporation Intuit. QB offers online and desktop accounting software and cloud-based solutions for processing company payments and invoices.
Small and medium-sized enterprises are the intended audience for the product. QuickBooks is popular among these users due to its reporting capabilities and ease of use.
QuickBooks includes assistance features and other capabilities, such as employee time tracking and electronic fund pre-authorization. QuickBooks Online, a cloud-based version of QuickBooks, is popular among companies.
How QuickBooks accounting software works
A typical QuickBooks setup is as follows: you sign up for the program and then install QuickBooks Live to completely personalize your configuration.
As your company expands, you may recruit freelancers, contractors, or full-time workers. You may then enroll them in QuickBooks Time to track billable hours and QuickBooks Payroll to simplify monthly payments.
QuickBooks includes three primary areas for managing your inventory and contacts: the Inventory, Vendor, and Customer Centers. The Vendor and Customer Centers record all business interactions involving a vendor or customer in one place.
The Inventory Center, on the other hand, streamlines and simplifies inventory and non-inventory item administration. It comprises things that you keep on hand as well as those that you sell.
Benefits of QuickBooks
- QuickBooks makes it simple to create and track invoices
A contemporary accounting staff does not benefit from manual invoice processing. It is time-consuming and expensive. According to research, the typical cost of processing one invoice might range between $15 and $40.
The manual invoice data input procedure is still a major account payable (AP) concern, with many organizations still employing it. It is prone to human mistakes, inconvenient, and may hinder team collaboration.
You can effortlessly create and monitor invoices using QuickBooks. You may send these to consumers through email or print them. Its inventory monitoring tool will also track how much each client owes you and automatically report the income.
You can also examine the number of unpaid bills – known as accounts receivable – and the number of days they are past due. The A/R aging report is used for this.