What Is Intuit QuickBooks Used For?

QuickBooks is an accounting software package used by small to mid-sized business owners designed to simplify bookkeeping tasks, minimize double-entry errors, and help prevent human mistakes.

Software that handles payroll functions automatically also calculates employee paychecks much more straightforwardly, while an online bill payment feature enables multiple bill payments in seconds with support for multiple currencies.

Invoicing

Intuit QuickBooks makes invoicing customers quickly and easily using various payment methods, tracking billable time, sending automatic payment reminders, supporting multiple currencies, and electronically filing 1099 forms for contractors. Available as desktop software and cloud-based apps with annual subscription fees.

To create an invoice, select or create a customer from the V dropdown list or create one from scratch. Next, choose product/service options with descriptions. When finished, you can set billing terms for that customer and an invoice date.

Master Form Styles give you complete control of how invoices and sales forms look, while email templates let you personalize communication to invoice recipients. In addition, the software’s Progress Invoicing feature makes it simple to divide an estimate into invoices based on project milestones or stages completed; payments can then be processed using Intuit Payments directly or your built-in payment processor.

Payroll

QuickBooks Payroll Service offers excellent value for the cost. It has all of the features necessary for paying employees and filing taxes efficiently and is even free direct deposit compared to some competitors who charge extra. Plus, its software can seamlessly be desktop-based or integrated with QuickBooks Online.

Small businesses requiring accounting services require many functions that help keep track of finances, including bookkeeping, invoicing, billing, expense tracking, and inventory management. Our accounting platform can also integrate with other services to give businesses a more holistic picture of their finances.

QuickBooks Capital, an in-platform credit tool, assists small business owners in securing loans from peer-to-peer lenders, SBA loans, and short and long-term lenders. The service performs a soft pull of an applicant’s credit history while augmenting it with information from their QuickBooks account to get better loan rates.

Inventory management

QuickBooks provides small and mid-sized businesses with various financial features to assist them with their accounting needs. Available as a monthly subscription plan that can be accessed anywhere around the globe, this cloud-based solution supports most devices without needing storage space.

QuickBooks Online offers inventory management capabilities beyond basic invoicing and payment functionality. The software automatically imports sales data from popular channels like Shopify and can track product quantities in real-time. Furthermore, QuickBooks allows you to add images to inventory items and create custom reports.

QuickBooks excels at producing reports, while its support resources are extensive. You can call or chat with a customer service representative, visit the company website’s knowledge base, or post in a community forum for support. In addition, QuickBooks add-ons like Acctivate enhance your QBO capabilities by acting as an effective warehouse, manufacturing, and sales order engine.

Reporting

QuickBooks Online has an impressive collection of preloaded reports to help you monitor your company’s financial health, from trial balances and general ledgers to 1099 transaction detail reports and 1099 transaction detail reports. Plus, QuickBooks allows you to mark favorite reports as favorites, so they’ll always be readily available when needed!

The software automates tasks such as sending recurring invoices and payment reminders and syncing bank and credit card transactions, eliminating manual data entry that can lead to book errors. It also offers tools that help compare expenses against sales trends.

QuickBooks Payments features allow small businesses to easily accept various business payments, attract new customers, make quick deposits, and manage cash flow efficiently. It benefits startups with limited budgets; nonprofit organizations can use it to manage finances, and file forms 990 and 1023 more efficiently.