How to Use Business Accounting Software QuickBooks?

For any business, keeping an exact set of books is required, whether it merely matters the nature of any business. For accomplishing your multiple tasks, QuickBooks Software is there for you. It is has a feature-rich accounting software. And this software helps businesses to stay organized instead of having a large amount of data. Disorganized business and fault accounts in business will not work in the long run. QuickBooks takes charges to build your business accounting task simple and easy-going to avoid the potential type problems for creating an invoice for the customers, users can use it, for creating online reports, pay bills to employees, tax filing, and etc. if you want to gain more information then go through QuickBooks Support Website. In this article, we will read about How to use QuickBooks for your financial work.

How to Use QuickBooks?

The right way to use QuickBooks Software is mentioned below in steps:

• Install QuickBooks

Your system should have installed QuickBooks if you don’t have then install it. And keep in about which type is an installation you want. Select the option “I’ll be using QuickBooks on this computer” if you have to use QuickBooks on your PC. and select the correct option for your business to use network sharing if other computers will access the files. And in the last, you have to locate the folder where the program requires to be installed.

• Gather Financial Papers

For setting up the QuickBooks Files, collect financial papers which are required.

• Create a Company File

For launching the program, click on the QuickBooks Desktop. Through the EasyStep Interview Wizard, you can walk through the procedure of setting up a company file. And take advantage of the wizard option if you have not used QuickBooks.

• Setup and Manage Vendor Accounts

For creating and manage employee accounts, select the “Employee Center”.  And, For adding employee details, select the option of “New Employee”. For adding paychecks and other transactions, select the “Transaction” tab. And use the option of “Enter Time”.

• Create and Manage Customer Accounts

For adding a new source of income, click on the “Customer Center” option and then “New Customer and Job”. After this, for adding transactions like estimates, payments, and invoices, click on “New Transaction”.

• Generate Reports

This feature provides you to get pictures of screenshots of the financial part of your business like Profit and Loss statements, accounts receivable report.

After knowing the software usage, you might be more excited to know its features. Let’s move ahead to know about its features in brief.

QuickBooks Features

The essential features which are required for the small and mid-sized businesses, Quickbooks covers it all. Now, let’s discuss the features:

• Manage Income and Sales

By creating invoices, QuickBooks users can manage income as well as sales in QuickBooks Software. You can see your accounts receivable aging report to check the accounts receivable balance by creating invoices. It also involves the details of current and past invoices.

• Keep track of Bills and Expenses

By connecting credit cards and bank accounts to QuickBooks, the software keeps track of your expenses and bills. In this manner, all you expenses can be downloaded and categorized. And you can track cash or check transactions in QuickBooks.

• Manage Cash Flow

In QuickBooks, you can access financial business reports, manage cash inflow and outlook activities. In the software, reports run in just a few clicks and reports are updated in real-time. And, you can also run three reports to access the position of your business i.e. balance sheet report, profit, and loss report, and statement of cash flow.

• Run payroll

The payroll feature is offered by QuickBooks that helps in managing accounts appropriately. Managing taxes and keeps accounts up-to-date of employees is done by payroll. Moreover, this feature provides support to calculate the salary, wages, bonuses, and withheld taxes. Because it helps the owners to know the position of the business, the demand for QuickBooks payroll is increasing day by day.

• Track Inventory

Tracking inventory helps you to manage the product sale in QuickBooks. And it also helps you to analyze whether you are earning or losing money on every product. And moreover, you need to turn on the inventory tracking feature before setting up the memory.

• Accept online payments

Through accepting online payments, customers have got the option to pay the invoices online. In a single clock of a button, the users of QuickBooks can add the Intuit payments feature in a single clock. Customer can now pay their invoice via credit card or by adding account details with the help of this feature.

• Scan receipts

Now the QuickBooks app can download in phones, with the help of this, the user can take a picture of a receipt and can upload it to QBO. You can also try to link the documents to the corresponding banking transaction.

Major advantages of using QuickBooks

• Easy to use software
• Manage tax
• Secured financial data
• Productivity of work
• Run reports

Conclusion:

In business, QuickBooks helps its users in many ways till now. And this software is helpful because of making your business more profitable and well-organized. In this article, we cover almost all the important points that must need to know like, what is QuickBooks, its advantages, features, etc. the accounting software is a user-friendly interface and simple to understand. You can also connect QuickBooks experts to gain more knowledge by dialing a QuickBooks Support Phone Number.