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Call Now What is Quickbooks? How do you use it? Is it worth gettting? In this guide, we detail everything you need to know about using Quickbooks to manage your business… QuickBooks comes with effective accounting features that are designed to not only streamline your accounting processes, but also give you better insight into how your business is functioning. You can track and monitor things like payroll, expenses, tax, contractor spending – basically everything you need to constantly stay on top of. And because QuickBooks operates on the basis of organization, many businesses with large amounts of data can plug the software into existing processes and get improved visibility and analysis of its core metrics. In this guide, you’ll learn more about QuickBooks including how to use it and all of its impressive features. Although, if you want to become a pro-grade Quickbooks user, this course is 100% worth investing in – it will show you how to do everything from basic stuff to high-end processes. This post is designed to give you a quick overview of Quickbooks, how it works, and some basic features. If you want to learn how to use it professionally, this course is highly recommended. What is QuickBooks? QuickBooks is a small business accounting software and also the most popular used by businesses to manage their revenue and expenses. It is designed to help you keep track of the financial health of your business. The following are some of the applications of QuickBooks in a business: QuickBooks can be used to invoice customers The software can also generate reports It helps you prepare your taxes too The Features of QuickBooks Like mentioned earlier, QuickBooks is rich with essential features that help businesses thrive in their daily transactions. These features are effective and can operate well in either small or mid-sized business settings. So, there is no size limitation when it comes to using this software on any business. In fact, individuals who are running their personal businesses can benefit a lot from using QuickBooks. That said, the following are the features of QuickBooks covered in detail: 1. Income and Sales Management Organization and management are the original reasons why the QuickBooks software was created. This is because any operational business depends on income and sales for the business to continue running. And not just running, but also making sure that the income and sales management are optimally active. When using QuickBooks, a user can create an invoice in the software. This act is meant to help any QuickBooks user manage their business sales and income. The invoice created in this software allows the user to view their accounts receivable ageing report. This grants the user a chance to view their accounts receivable balance, making the whole process more efficient. Generally, QuickBooks will include all the details of an account’s past and current invoice reports. 2. Tracks Your Bills and Expenses If you want to monitor bills and expenses in your business, then QuickBooks might be your best solution. With this software, you can easily monitor the money going out of your business by connecting bank accounts and credit cards to QuickBooks. As a result, it becomes easier to not only track your expenses but also categorise and download all the compounded data. With such capability, QuickBooks allows you to track your cash and also check your transactions. 3. Cash Flow Management When you use QuickBooks in your business, you can easily manage the cash that flows in and out of your business efficiently. Additionally, this software allows you to access any of your financial business reports for reference. With such candid information, it’s easy to strategise on the best ways of managing your cash flow. And it’s also easier to run the cash flow reports on this software with only a few clicks, and they are also updated in real-time. As a bonus to the offers, QuickBooks also allows you to run three different reports that you can use to tell the position of your business. The three different reports include: The balance sheet report Statement of cash flow and The profit and loss report With the three different reports, you can capitalise on the information by strategising better to scale your business. And by knowing the scope of your business, you’ll know what you can do better to increase your profits. 4. Payroll The payroll feature that comes in the QuickBooks software will help you manage different accounts effectively. With this feature, business owners who have employees can easily manage their accounts appropriately if they run payroll. What the payroll feature does is help you, the business owner, manage the taxes of your employees and also update their accounts. Other than that, you can also use the payroll feature in QuickBooks to calculate the following aspects: Wages Salaries Bonuses Any withheld taxes Keeping tabs on all of your employees is highly essential for your business because they are integral parts of your organization. And there is no better software to help you do that than the QuickBooks software. 5. Inventory Tracking Like cash flow, tracking your inventory is another essential part of running your business. The inventory tracking feature in QuickBooks is efficient and accurate, and can help you manage all of your product sales. This feature will also help you understand if you are earning or losing money on every product you sell. Lastly, you need to turn on the inventory tracking feature before setting up inventory in QuickBooks. This requirement fully ensures that your inventory tracking starts immediately when you start using the software. 6. Online Payment Options The world is becoming more digitised by the day and every type of business is embracing the advancements. People no longer depend on brick-and-mortar payments and that’s what has made e-commerce a multi-billion-dollar industry. QuickBooks utilizes the same concept and offers users a chance to set up online payment options for their businesses. As a user, you can add Intuit payment features on your business with QuickBooks for safe, secure digital transactions. And if customers can purchase and pay for their products from any location, then this might increase your conversions and income. 7. Scanning Receipts If you are a subscriber of QuickBooks, you can download their official application on your mobile phone. With the application, you can take a picture of a receipt and upload it to the QBO. This helps you and your team stay on top of expenses. What this feature does is save you time and reduces any chances of you having to deal with any paperwork. And because it’s an application, you can easily achieve all you need remotely on QuickBooks, as it runs on iPhone and Android as well as desktop. How to Use QuickBooks? Now that you know exactly what the QuickBooks software can do, it’s now time to learn how to use it. Using this software isn’t a complicated task and you don’t need to have in-depth knowledge on a lot of stuff. This is because the QuickBooks software was created to make business management an easy and efficient process. By so doing, small business owners will be able to benefit more from their daily business interactions. Therefore, you don’t have to worry if it’s your first time using this software. That said, here is how to use QuickBooks: Install the Software This is the initial step of using QuickBooks on your day-to-day business activities. To use this software, you first have to install it on your computer. When installing, you’ll have to indicate the type of installation that you prefer, Custom or Network Options. If you plan to use the software on one PC only, then you should select the “I’ll be using QuickBooks on this computer” option. Lastly, you’ll also need to select the location or folder that you wish the software to be installed in. Collect Financial Papers After installing the software on your PC, the next step is to gather essential financial papers. This is a requirement because you’ll need those papers for setting up your QuickBooks files. If unaware, these financial papers will include the business name, tax ID numbers, financial statements, and, of course, the business address. Create a File for Your Business With the program installed on your computer and having gathered all the important financial papers, it’s time to launch QuickBooks. Click on the software’s desktop icon to run the program so that you can start using it. At first, there’s an EasyStep Interview wizard option that will appear to help you through the whole process of creating your company file. This setup wizard is highly essential and effective, especially if you are using this software for the first time. So, take advantage of the EasyStep Interview wizard to create your company file, while learning more about QuickBooks. Setting Up and Managing Vendor Accounts After creating the company file, you’ll now need to set up the vendor accounts so that you can easily and effectively manage them. If not clear, vendors are integral parts of your business and includes your suppliers or contractors. The process of creating vendor accounts to manage them is straightforward, and looks something like this: On the top toolbar, click on the “Vendor Centre” Select the “New Vendor” button to create a new vendor account If you want to add transactions, you can do so by clicking the “New Transaction” button And that’s how to create a vendor’s account on QuickBooks so that you can manage the accounts better. If perhaps you want to export the information on all or particular vendor accounts, you can link this software to Excel to enable the process. And you can also export the information on “Word”, so you have records just for yourself on other platforms. Create and Manage Employee Accounts Like the vendors, your employees are also important for your business. Therefore, QuickBooks can help ensure that you are keeping tabs on them for better staff management. To create employee accounts, here is what you need to do: Click on the “Employee Centre” Follow by clicking on the “New Employee” tab to create and manage all of your employee accounts As for relevant transactions with your employees, click on the “Transaction” tab Lastly, you can manage your employee time sheets by using the “Enter Time” feature on the software Generate Reports The last step of how to use QuickBooks involves generating reports through the software’s Report Centre. You can get a lot done in your business with this feature such as getting reports from the following areas: Profit and loss statements Budgets Accounts receivable reports, among many more How to Reconcile in QuickBooks Wondering how you can reconcile your banking accounts on QuickBooks? Well, it’s not as hard as most people think. Remember, this software is created for the sole purpose of making your business run efficiently. However, the reconciliation process in the QuickBooks software is a bit different but not something that you can’t manage. Therefore, you shouldn’t shy away from using this software to reconcile your banking accounts. Moving on, here is a step-by-step guide on how to reconcile in QuickBooks: Select the Gear Button, click on “Tools” and follow with “Reconcile” You’ll find a drop-down menu under “Accounts”, which you’ll select and click the account you wish to reconcile Based on your bank statement, you’ll then fill in the “Ending balance” and the “Ending date” as well Afterward, you’ll need to match your bank statement with the transactions, which you’ll also check individually Use filters on transactions so they become easily detectable Continually run the feature until you achieve zero digits on the “Difference” field And that’s how to reconcile in QuickBooks. Conclusion In conclusion, QuickBooks is a proven business management software that’s capable of scaling your business to greater heights. But how much does it cost to use QuickBooks? Depending on your preference of the software’s variants, you can pay from $25 to about $300 every month for using the QuickBooks software. But considering the advantages of using this software, that’s a decent amount to pay for using it. Richard Goodwin has been working as a tech journalist for over 10 years. He is the editor and owner of KnowYourMobile.Intuit Intuit announced the release of a new app designed to help entrepreneurs, freelancers, and others manage their payments and expenses.  The Money by QuickBooks app is available for free on iOS and Android, providing users with an easy-to-use platform for various financial services. The app allows users to pay bills, manage debit cards, accept payments and more. Intuit said the app was designed for small business owners who "may not yet need our platform's full range of accounting capabilities but are still seeking powerful tools to manage their money end-to-end."  Rob Daniel, director of product management for Intuit QuickBooks Money Offerings, said the pandemic has driven the number of small business starts to historic highs. He noted that Intuit wanted to expand the reach of its financial services expertise to more new entrepreneurs. "These small businesses tell us they want fintech to help them feel in control of their money and cash flow, whether that's getting paid quickly or having greater visibility into their finances," Daniel said. "Money by QuickBooks does just that and puts these tools right in the hands of small businesses allowing them to lay the foundation for growth and success." There are no monthly fees and no minimum balance requirements to use the app.  Intuit said the app can be used to request and accept a variety of payments, including debit, credit and ACH transfers, all without the need for their customers to have the app. It also offers a centralized location where business owners can track their income and expenses while also offering ways to schedule bill payments and more.  Intuit added in a statement that business cash can be accessed anywhere thanks to same-day deposit at no extra fee for payments accepted through the app.  Intuit said it decided to create the app after the company conducted a study that found 30% of those who process payments using mobile payment apps started doing so during the pandemic. The company plans to add additional features to the app over the next few weeks, including the ability to deposit checks and use your debit card via Apple Pay and Google Pay wallets.I'm not sure what my main reason was for deciding to study accounting in college. It might have been that I wanted a versatile degree. Or maybe because I was generally "good with numbers." Heck, it might have been because it was the first degree on the list! Whatever the reason, I studied accounting. I didn't really know what I was getting into. I wasn't close to any accountants. It didn't help that my entire sophomore and junior years of college were done remotely. I missed out on making connections with professors and fellow students and learning from them about what the world of accounting is actually like. You know, fellow students who grew up in a family of accountants, and now they're getting into "the family business." If I had gone into a "family business," I would have gone into computers or printing! If I had gone into a "family business," I would have gone into computers or printing! The little I knew about accounting was that accountants keep track of a company's income and expenses. Journal entries. Debits and credits. Seemed easy enough to me! I figured that I'd learn an accounting system like QuickBooks or NetSuite, and that would be my career. Journal entries and debits and credits. But when I went back to campus for my final three semesters, all I heard was about taxes and auditing. They were focused on interviewing at Big 4 accounting firms. Most of my classmates were planning on getting their MAcc and becoming a CPA. Suddenly my simple career choice of journal entries and debits and credits seemed a lot more complex. I passed my tax classes. Hated them. I passed my audit class. Wasn't interested. Luckily for me, I had discovered a new area of accounting that no one at my college was talking about: forensic accounting. I think people humored me when I told them that I wanted to become a forensic accountant. Either that, or they just had no idea what it was. I think people humored me when I told them that I wanted to become a forensic accountant. Either that, or they just had no idea what it was. A forensic accountant is an accounting expert who provides opinions on financial evidence in a court of law. For me, I just wanted to do my part to provide justice to those who had been victimized economically. In other words, I wanted to catch white collar criminals. In my research about forensic accountants, I found that they most frequently had CPA (Certified Public Accountant) and CFE (Certified Fraud Examiner) credentials. So I joined my classmates at grad school in a MAcc program (a prerequisite for the CPA in many states), where they taught more about taxes and auditing. Yawn. While I was at grad school, I was lucky enough to be hired by a forensic accountant, which jump-started my career in a way that I hadn't expected. I learned about rules of evidence. I learned about persuasive writing. I learned about how to interact with attorneys, judges, and juries. We analyzed financial statements, scoured sales and pricing data, and created predictive models. My career continued: I completed my MAcc degree. I studied for and passed the CFE and CPA exams. I changed jobs and tried my hand at auditing. It was somewhere around this time that I realized my career had a hole in it. I thought back to my first impressions in accounting. Journal entries. Debits and credits. I had learned about these things in my initial accounting classes, and we had learned about them in depth in my intermediate and advanced accounting classes. But in all my experiences in forensic accounting and auditing, I had never booked a single journal entry outside of a simulated environment. No debits, no credits. I could calculate hundreds of thousands of dollars in economic damages, but I didn't know how to create an invoice or pay a bill in QuickBooks. More importantly, I didn't have real-world experience in how those simple transactions were created. Who created them? How did they affect the financial statements? What weaknesses did the accounting systems have? I knew the theory, but with such a large gap in my experience, could I honestly hold myself out as an accounting expert? With such a large gap in my experience, could I honestly hold myself out as an accounting expert? So with a master's degree in accounting, as a licensed CPA and a Certified Fraud Examiner, and with years of professional accounting experience under my belt dealing with attorneys from across the nation and governmental leaders across the state... I opened a small bookkeeping practice. It took a few months, but eventually, through some networking, I got a decent group of clients that allowed me to leave my governmental auditing job (auditing wasn't for me) and I was officially self employed. I created journal entries. I balanced debits and credits. I made mistakes, learned how to fix my mistakes, and eventually became comfortable with an QuickBooks Online. I learned how other applications integrate with the accounting system, providing increased efficiency. I created processes to ensure all clients were taken care of timely, and so crucial tasks weren't forgotten. I became more confident in my role as an accounting expert. But I didn't stop there. I discovered there were parts of the job that didn't need to be done by an accounting expert, so I expanded my team. My written processes were essential in the success of my team members, as were my skills in effectively communicating with them. I learned how to manage people. I learned to delegate. I also learned that my team members had varying skills, and that I can create roles that fit each team member based on their skills. Many people might consider my bookkeeping practice as being a "step back" from what I had done earlier in my career. However, taking a "step back" to fill a hole in my skillset benefitted my career far greater than I could have ever imagined. Taking a "step back" to fill a hole in my skillset benefitted my career far greater than I could have ever imagined. Having re-joined the world of forensic accounting earlier this year, I am currently in the process of winding down my bookkeeping practice and passing my clients on to another capable accountant. But my experiences of building a bookkeeping practice from the ground up will guide me as I continue my career. And I believe I will be a better forensic accountant and business leader because of it.

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