Category : Blog
QuickBooks is an accounting software comprising of various accounting procedures into a single user-friendly system. It was developed in 1998, by California-based Intuit and can be customized based on the needs of the business utilizing the software. It is one of the most popular accounting solutions in the market for medium and small businesses. It provides an introductory accounting solution offering basic inventory management tools, online accounting applications, and cloud-based applications. QuickBooks mostly targets small and medium-sized businesses.
Features of QuickBooks :–
1. Data Migration: The data in the accounting software can be transferred to the spreadsheet.
2. User-friendly: It is easy to use.
3. Bank Transactions: All the transactions are kept transparent and the software will keep on recording the transactions linked to wages, commissions, salary, expenses, profits, etc.
4. Tax Calculations: Tax calculations made are prompt and accurate.
5. Ready-to-use templates: It provides ready to use templates to create charts, business plans, invoices, and spreadsheets.
6. Business Projections: Businessmen can generate business projections and reports like sales, profits, expenses, and track of financial health can be obtained easily.
Versions of QuickBooks: Various versions are: QuickBooks Online, QuickBooks Self-Employed, QuickBooks Desktop Products, QuickBooks Pro, QuickBooks Premier, QuickBooks Enterprise, QuickBooks for Mac, QuickBooks Premier, QuickBooks Enterprise, and QuickBooks Apps
Main features of QuickBooks: Electronic payment functions, Remote access capabilities, Mapping features, Remote payroll assistance, and outsourcing, online banking and reconciliation, Better mail functionality with Microsoft Outlook are some of the main features of QuickBooks.
Cons of QuickBooks: Instability/system crashes, lack of direct professional support and file-size issues, limitations on the number of users, lack of industry and business-specific features (such as e-commerce and barcode scanning)
QuickBooks is a wise choice for medium and small businesses as it can handle basic needs for managing accounting and financial transactions. However, as the business grows, the requirements become more diverse and the above shortcomings come into the picture, otherwise, it is very useful.
QuickBooks Course in Chandigarh provides a way to manage GST compliant invoicing and ease of navigation.