QuickBooks is one of the largest Accounting Softwares in the world. Around 85-90% of businesses in the U.S. use QuickBooks for daily accounting. It might seem complicated to use at first but gradually it gets better and easier to use. The latest version is the QuickBooks Pro 2017 which comes with additional features like Budgeting, Inventory, Reporting, Spellcheck, and Time Tracking.
Some of the main entities in the software include Banking, Product and Sales, Customers, Invoice Generation, Transactions and Reports. They are explained below:
Bank accounts can be added individually and can be saved for transactions. The account types include Current, Saving and Credit accounts. Processes like receiving the Payment, sending money for business purposes can access the bank accounts directly.
2) Products and Sales:
For each Product or service provided by the company, a new account in the product and sales is to be created. In this way, this entity can directly be accessed when sending invoices to customers or calculating expenses for the respective products.
Customers are added as entities. In this way, when a receipt is to be generated, that customer can directly be linked to in the software for future reference or the ‘Chart of Accounts’.
4) Invoice Generation:
Receipts can be generated for customers for their purchase. The customer name is accessed from the customer section. Invoices can be generated online and mailed to customers or be printed. Each transaction is recorded and maintained in the chart of accounts.
Transactions are reported in the Bank Register which consists of all the transactions done. Transactions can happen by either a vendor or a customer. They can be directly be accessed from invoice receipts or manually be entered as transactions with vendors.
Reports in QuickBooks can be either on cash basis or accrual basis.
For cash basis, reports will be immediately generated when cash is sent or received.
In accrual basis, reports will be created based on the creation of invoices.
Some of the additional features in QuickBooks are as follows:
QuickBooks has a support for Outlook Mail
2) Third-party Apps:
There are prominent third party apps that are supported by Quickbooks.
3) Cloud-based software:
The latest versions of Quickbooks function in the cloud rather than a traditional means of storage. QuickBooks can also be accessed online.
The QuickBooks comes with a SDK to build relevant processes for a business model.
Automated generation of bills and invoices.
Syncs data and produces reports without delay.
Simple and easy to use.
Good User Interface.
Limited File size and data.
Software lacks Integration.
Double data entry and keying reports
Generic and impersonal support.