Complete Information on What is QuickBooks

Complete Information on What is QuickBooks

In this day and age, maintaining a fruitful business can be extremely challenging just as finding the best software is significant for the business. Different activities need to perform while accessing a business, for example, making sales, providing services, creating invoices, and so on consistently. Everybody needs accounting to be as simple as conceivable with regards to prepare taxes and try to accomplish proficiency in business tasks. This is when QuickBooks appears that is one of the most proven solutions available in the market. QB is a perfect accounting & financial software that can deal with all your business tasks for your sake. Today, we are here to feature some energizing aspects identified with the QB solution.

If you are also confused about how to improve your business activities and wondering about “What is QuickBooks”, check out the following article. Here You can also learn about What is QB Online, “What is QuickBooks”, “What is QB used for”, and “How it works?”

History of QuickBooks

Some people who are thinking to buy QB might like to know the history of QB. At first, Quicken had been launched by Scott Cook and Tom Proulx in 1983 in California, USA. After the success of Quicken (1983), they had decided to launch similar accounting software “QuickBooks” specifically for small business owners. Since Quicken did not work as a double-entry system. That is why it comes into existence but it was not trusted just as Quicken among various business owners. As time passed, QuickBooks has proven its existence due to having amazing features and user-friendly interface. Especially, it has become popular among business owners who don’t have formal accounting training and continues to command the vast majority of the market.

In 2000, Intuit has introduced other versions of QB as well in the market: Basic and Pro. After that, QuickBooks had started providing industry-specific versions in 2003.

What is QuickBooks used for?

Various business owners use QB for managing their cash flows, bills, invoices, and track their business activities across the globe. This software is also used for generating financial reports as well as prepare for annual or quarterly taxes. To know more uses of the QB accounting software, you may proceed further and go through the following list.

  1. Tracking Bills and Expenses

You can keep track of your bills and expenses with the help of QB just by linking credit and bank card accounts to QuickBooks. In this way, you can categorize and download your bills and expenses. Additionally, you can track check or cash transactions directly in QB.

QuickBooks also helps you in paying bills that are still due. For entering outstanding bills, you have to make an accounts payable report where you can easily find out your all due bills. In this report, you have to enter all your recent and past due bills.  

  • Scanning Receipts

In QB Online, you can download QB apps for free where you are allowed to take a picture of a receipt. And then, you can post that picture to your QuickBooks Online account. In short, it allows its users to scan receipts to the corresponding banking transaction. Interestingly, you are allowed to upload an unlimited number of receipts to QB Online together with your data. Scanning receipts will be the best feature for businesses that require managing lots of expenses regularly.

  • Handling Income and Sales

You can easily manage income and sales by making invoices with the help of QB software. The details of both current and past due invoices should be entered in the Accounts Receivable Aging Report that may help you to stay on top of customers owe you.

  • Creating a Profit and Loss Report

Making profit and loss reports is just a matter of a few minutes in QB. By making this report, you can have an idea of how profitable your business is by deducting expenses from your income. By doing so, you can get the final net income for a week, a month, or a quarter.

  • Tracking Inventory

If you are worried to manage inventory you sell like unit costs and on-hand amounts, it can manage and update this for you. In that software, you can find out various reports that can manage your inventory very well. As we all know, tracking inventory on an Excel spreadsheet might take lots of time and feasible. So it will be the better option to track your inventory with the help of QuickBooks.

  • Allow Online Payments

Getting the option of “paying invoices online” may improve the cash flow of your business. In QB, you can avail of the features along with this; you can add Intuit Payments just by choosing an option.

Once activated Intuit Payments, you can send all customer invoices via email consist of a “Pay Now” option. In just a few clicks, you can pay the invoice through credit card or by entering their bank account information to authorize an ACH payment directly from their bank account.

  • Run QuickBooks Payroll

While managing a successful business, the main motive should be “Run payroll” for any business owner. This feature becomes mandatory when you have your staff of employees. As you know, you must have to pay penalties while doing mistakes in calculating paychecks. Here “QuickBooks payroll” comes into existence that can help you to calculate paychecks correctly.

You can always stay updated in case of managing financial statements by integrating QB payroll. We would like to tell you that you should buy a QuickBooks payroll subscription to avail of the payroll feature. Once you get this subscription, it will be easier to access the latest payroll tax tables to calculate the employer payroll taxes.

  • Preparing Taxes

As we all understand, it is difficult to prepare taxes on your own and it might take longer to get your tax professionals that can be annoying for some QB users. However, you can use QB Online to handle all of your business taxes and accounting. We have professionals who access your QuickBooks data along with the required information that might be necessary to file tax returns. Also, you can get everything in an organized manner whether it’s your bank statements or filing taxes.

  • Balance Sheet Reports

In QuickBooks Online, you can make a balance sheet report that helps you to understand the current position of your business. This report indicates the assets, liabilities, and equity for a business during the accounting period. It is not mandatory to have technical or accounting knowledge to make balance sheets. In case, you have any doubt about making reports, you can contact our experts or professionals.

  1. Cash Flow Statements (Financial Statements)

You get a feature of “Cash Flow Statement” in QB that calculates the cash position of a business. It measures how well the company generating cash to pay its debts and fund its operating expenses. All your business activities can be managed via cash flow statements. You can have an idea of investing, financing cash inflow and cash outflow, and operating by making cash flow statements.

A Quick View of QuickBooks Versions

QuickBooks Products Perfect ForPrice to pay
QuickBooks OnlineSmall to mid-sized businesses that need cloud-based accounting.From $5 per month to $35 per month            
QuickBooks DesktopSmall to mid-sized product-based businesses that have complex needs of managing inventory.From$299.95 per year to $1,848 per year
QuickBooks Self-EmployedReal Estate agents, Uber drivers, Independent Contractors.From $10 per month to $35 per month
QuickBooks MacSmall to mid-sized businesses that need Mac software.$299.95 per year (One-time Payment)

Versions of QuickBooks (In Detail)

We have already given an overview of QB accounting software. Let’s continue our QuickBooks review by discussing all of the versions of this accounting solution. Here, we will discuss each of the QB versions in terms of features, plans, and pricing.

QuickBooks offers four versions that can be availed of according to your business needs:

  1. QuickBooks Online
  2. QuickBooks Desktop
  3. Self-Employed
  4. QuickBooks Apps

Let’s talk about all of the above-mentioned versions of QB in detail one at a time.

What is QuickBooks Online?

History: QuickBooks Online is a cloud-based accounting solution that has been introduced in 2001 by Intuit.

Define: QuickBooks Online is a cloud-based accounting solution that means transactions can be performed over the internet and practice doesn’t need to install the software on your PC. This application permits you to import transactions directly into your QB account. Moreover, you will be able to manage your QB Online account in real-time using the mobile app. We would like to tell you that there is no need to upgrade the accounting software as long as you pay the QBO subscription fee. One more thing, you can systematize your accounts, make your work easy by adding the payments, and save your effort with the help of this best accounting software. The best thing is that you can use QB Online for free for 30 days.

Recording expenses online and tracking your business will get easier with QB Online. You are allowed to access this software from chrome, Firefox, Internet Explorer 10, Safari 6.1, Chrome for Android, AND Safari for iOS.  

Expectantly, you have collected all the related aspects of QuickBooks Online. At this time, you should get some information related to QB online versions and it’s pricing.

quickbooks online

Versions of QuickBooks Online

  1. QuickBooks Online Self-employed
  2. Simple Start 
  3. Essentials
  4. QuickBooks Online Plus

Advantages of using QuickBooks Online Software

  1. Manage bills and expenses
  2. Scanning Receipts
  3. Managing income and sales
  4. Profit and loss report
  5. Track inventory
  6. Accept online payments
  7. Run payroll

Disadvantages of QuickBooks Online

  1. The product making might be changed because of getting regular updates.
  2. A separate subscription is required for each company file.
  3. Tricky inventory tracking.
  4. Not having enough coverage of product features while comparing to QB Desktop.
  5. Lack of QB Bill Pay.
  6. Report Customization is restricted.
  7. Can’t integrate with QB POS.

Pricing of QuickBooks Online versions

QuickBooks Online VersionsPrice  
Self-Employed  $5 per month     
Simple Start  $12.50 per month
Essentials  $20 per month
Plus  $35 per month

How to setup QuickBooks Online?

You first need to set up your accounts and then, apply the steps to setup QB Online or QB login. Below, you can find out all the required steps to set up your accounts.  

  1. Firstly, you have to provide the company information.
  2. After that, click on Save and Next.
  3. Select the industry and choose Save and Next again.
  4. Lastly, go to the Home Page.

Here are the steps that will help you in setting up QuickBooks Online.

  1. First of all, you have to enter your User Id and Password to connect your bank accounts for each financial institution.
  2. And then, modify the chart of accounts if required.
  3. Next, go to the Activities panel and add bookkeepers by selecting the Invite Accountant option.
  4. Lastly, you have left with managing your expense via your phone or tablet.

Also read: Usage of QuickBooks Install Diagnostic Tool

What is QuickBooks Desktop?

History: QuickBooks Desktop is well-liked accounting software that has been launched in 1998.

Define: If you are running a product-based business that has multifaceted requirements of handling inventory, you should buy QB Desktop. It is not required to have an internet connection to access QB Desktop as this software requires installation on your desktop. Moreover, you can get various industry-specific desktop versions that contains chart of accounts, customized products, services, and lists for each industry. Furthermore, if you are managing accounting for various companies at the same time, then QB Desktop will be the finest option to buy.

The most popular version of QB Desktop is “QuickBooks Desktop Enterprise”. So we will be going to discuss this product of QB Desktop in detail.

Versions of QuickBooks Desktop

  • QuickBooks Desktop Pro

  • QuickBooks Premier

  • QuickBooks for Mac: Specially designed for small businesses that use macOS.

  • QuickBooks Desktop Enterprise: This has been introduced in May 2002 all over the world specifically for mid-sized businesses.

Define: QB enterprise accounting software mainly targets mid-size businesses. This software keeps the simplified language, user-friendly interface, & predecessor’s navigational tools that make it ideal for non-accountants. QB enterprise is normally sold as an all-in-one package. You can avail of advanced features and functionalities that can be availed of according to the industry type like wholesalers, constructions segments, and notably manufacturing. Along with this, you can get end-to-end accounting solutions without ERP implementation requirements after purchasing QB Enterprise. Here, you can also integrate activities such as payables, inventory tracking, payroll, and more.

  • Silver: It offers advanced reporting.
  • Gold: It contains all silver edition features including advanced payroll.
  • Platinum: All features of gold and platinum versions along with advanced pricing.

Advantages of using QuickBooks Desktop Software

  1. Manage finances and reporting easily.
  2. Offers special tools, and reports.
  3. Advanced Inventory.
  4. Tracking sales and customers.
  5. User-role permissions.
  6. Security and Productivity tools
  7. FIFO inventory costing

Disadvantages of QuickBooks Desktop

  1. Lack of IT Support.
  2. Find difficulties while sharing company files.
  3. Can’t integrate with third-party apps.
  4. Inconsistency between Windows and Mac versions.
  5. Cost varying per month per user.

Pricing of QuickBooks Desktop versions

PlansPrice
QuickBooks Pro$299.95 per year
QuickBooks Premier$499.95 per year
QuickBooks Enterprise: Silver (Local Only) Gold (Local Only) Platinum (Local Only)  $1,155 per year $1,1502 per year $1,848 per year
QuickBooks Mac$299.95 per year (One-time Payment)

See also: Everything you must know about QuickBooks Database Server Manager

How to setup QuickBooks Desktop?

If you are thinking to purchase QB Desktop and looking for the steps to set up the software, go through the following list. We have provided you with all the complete steps that may work as an Installation and setup guide for you. Now, proceed further and apply the steps respectively.

Step 1: First of all, you have to register for QB to setup QB Desktop.

In this step, you need to choose one of the packages of QB Desktop according to your business. And then, go to the second step.

Step 2: Customize the Account Settings and Company Preferences.

Step 3: After customizing your company preferences, you have to import business data to QB.

Step 4: Syncing your bank accounts with QB.

Step 5: And then, you have to sync your business credit cards.

Step 6: You are required to customize invoices with company banking.

Step 7: In the end, you need to import your contacts to QB Desktop.

What do we mean by QB Self Employed?

History: This one is the latest edition of the QB accounting software that has been introduced in 2014.

Define: QuickBooks Self-Employed is mainly a tax-preparation accounting software and specifically designed for specific users. For example, if you are required to file a Schedule C document with Form 1040 during tax season, then QB self-employed work well in such a situation. QB self-employed caters to business owners with a simple business structure. This software will be a perfect option if you have a single income source and pay many expenses via cash or card (no checks).

quickbooks self employed

Versions of QuickBooks Self-employed

  1. QuickBooks Self-Employed
  2. Self-Employed Tax Bundle
  3. QuickBooks Self-Employed Live Bundle

Advantages of using QuickBooks Self-Employed

  1. Tracking expenses on multiple accounts instantly.
  2. Organize receipts.
  3. Easy to make and send invoices within a minute.
  4. Easily manage taxes.
  5. Optimization of income and expenses for tax preparations.
  6. Easy to setup
  7. Built-in tools for mileage tracking.

Disadvantages of QuickBooks Desktop

  1. Irrelevant notifications or remainders that display “Signing up for new credit card”.
  2. Lacks direct integration with e-commerce sites.
  3. No Data records.
  4. Issues with time tracking, project tracking, or recurring transactions.
  5. Lacks some standard accounting tools.

Pricing of QuickBooks Desktop versions

PlansPrice
QuickBooks Self-Employed$10 per month
QuickBooks Self-Employed Tax Bundle  $17 per month
QuickBooks Self-Employed Live Tax Bundle$35 per month

For the installation of QuickBooks Self-employed software, you can follow any QuickBooks tutorial provided by us. To acquire further assistance, get connected with our professionals.

  • QuickBooks Apps

Many users can save their precious time by using QuickBooks Apps. You can easily share all your company data along with the information in all QuickBooks Apps. We have written some of them below for your convenience.

Advantages of QuickBooks Apps

  1. You can easily access all your QuickBooks data on a mobile device from anywhere and at any time.
  2. You are allowed to enter transactions from anywhere via mobile devices. Also, you can manage sales & expenses and send reports.
  3. Accounting reports can be accessed on the QB mobile app.
  4. Get real-time reports of your business.
  5. Helps you with reconciling bank and credit transactions.
  6. Customer signatures can be captured on estimates and invoices.

Where to get QuickBooks apps?

  1. Install the Android app via Google Play Store.
  2. Install the iPad, Apple Watch app, iPhone via the iTunes App Store.

Pricing of QuickBooks Apps

QuickBooks mobile apps are free with a subscription to QB (According to your plan). You can save time and effort by getting business done at that moment.

Also Refer: Download QuickBooks Tool Hub at once

Limitations of QuickBooks Accounting Software

However, QuickBooks contains both pros and cons as with any system. Below, we have concluded that “What users do not like about QuickBooks” based on the original survey. If you are thinking to purchase QB, accept it with its limitations.

  1. File-size issues or limitations on the number of transactions
  2. It has been built with a small business mindset.
  3. Risk of losing information since data is not always backed up.
  4. There are not enough invoice design tools.
  5. You might face error codes and bugs occasionally.
  6. A limited number of users for some QB editions.
  7. Not contains enough industry and business-specific features like e-commerce, and barcode scanning.

Concluded the Article…!

All the aspects have been mentioned regarding “What is QuickBooks” in the above post. One of the most required considerations to make while introducing a business is “choosing a perfect accounting solution to manage the business”. For the most part, the purchase should be based on the need for managing accounting and financials, QB goes well in this situation. In our consideration, whether you are introducing a new business or you are expanding, QB will be a perfect choice. If you are still unsure as to whether or not to replace QB, make a call at our (Toll-Free) QuickBooks Premier Support Phone Number +1-808-374-3003. We will gladly answer your queries about the features of each version of it.

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What is QuickBooks: Complete information
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Here in this article we'll discuss "What is QuickBooks", when it was launched, different version of it's has been introduced till date and much more
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