Designed for small businesses, QuickBooks is a powerful and most commonly used small business accounting and management software in the US. It is used to track expenses, prepare and send invoices, prepare financial statements, track inventory levels, and many other tasks.
It is available in customized versions for different industries.
Here some step to think about when using Quickbooks:
Many small businesses work on the cash basis accounting. What this means is you record your expenses when you write the check or charge your credit card, and you record your trade or profits when you take the money to the bank and deposit it into your account. This is the effortless way to account for your transactions.
On the accrual basis accounting, you record income at the time of sale, not at the time you accept payment. You also enter expenses when you receive the bill, not when you pay it. The choice is yours on which accounting method you want use. Quickbooks work on both accounting method.
An online banking service is available with Quickbooks, which enables you to pay your bills automatically and resolve your bank accounts monthly. This is required to make sure you capture all business deduction to minimize your end of year tax responsibility.
Quickbooks other useful thing that allow modifying forms like statement, invoices and purchase orders which, you want to send to your customers. It will allow creating mailing labels and emailing messages to your existing customers that are setup in Quickbooks.
Quickbooks helps to develop reports; you can create many reports for daily management of your business. The most widely used reports are the Balance Sheet, Profit & Loss statement. The Profit and Loss statement is simply your sales minus your expenses over a period of time. When you select to display a report such as the Profit and Loss statement, you are able to drill down from each account to get the source of the amount in the report.
Thus, QuickBooks is a simple to use bookkeeping & accounting software program that agree to business owners to manage their business more usefully.
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