Quickbooks what is it used for




















Accounting Software. QuickBooks Online Support. Covid Recovery Hub. Free Trial. Sign In. Free Day Trial. Accounting Software Features. Smarter tools for a better way of doing business. Try it free. From quote to paid sooner.

Invoicing Expenses Cloud Accounting. Record expenses for tax time. You can even photograph and save receipts with the QuickBooks Online mobile app. Run your business in the cloud. Access what you need, when and where you need it. QuickBooks securely stores your data and keeps it up-to-date across all your devices. Get set for tax time with all your expenses organised in one place. Save time and reduce errors when you connect your bank to get a full view of your finances.

QuickBooks shares information with over other business applications. This not only saves you time, it also reduces the possibility of mistakes being made. Online Payments. With QuickBooks you can receive online payments by sending an e-mail an invoice or statement. Wih QuickBooks Online Billing, your customer can quickly pay you with a credit card or bank account transfer. Easier for both parties! Accept credit cards. QuickBooks Merchant Account Service is the only credit card acceptance service integrated with QuickBooks software, which means no need to re-key information.

Each center provides an option to search, add, edit or delete customers, vendors and items. Sort transactions by customer, vendor or item type and customize fields within each list to suit your business needs.

Creating detailed reports requires that you accurately enter your customer, vendor and item details. Once you run a report, customize the report to filter information by a specific customer, vendor, item, transaction date or show past due payments and other important information. Once you run a report, add it to your memorized or favorite report list for future access.

A list of pre-configured reports appears within the Reports drop-down menu. Payroll provides the capability to manage paychecks, pay liabilities and set annual limits on particular payments such as tips or vacation pay. Manage workers' compensation, tax-exempt employees and tax forms within the Payroll Center.

For a monthly fee, QuickBooks provides a service that provides online payroll options to send direct deposit and email receipts of payments. By managing all of your cash inflow and outflow activities in QuickBooks, you can print financial statements that provide useful information about how your business is performing.

Lenders often require financial statements when you apply for a small business loan or line of credit. Below is a brief description of each of these reports, along with a snapshot of what they look like in QuickBooks Online.

The report shows you the bottom line net income loss for a specific time period, such as a week, a month, or a quarter:. Profit and Loss report in QuickBooks Online. The Balance Sheet Report shows what your business owns assets , what it owes liabilities , and its net worth equity at a particular point in time:. Balance Sheet report in QuickBooks Online. The Statement of Cash Flows in QuickBooks will show you all of the activities that affect the operating, investing, and financing cash inflows and cash outflows for your business:.

Mistakes made in calculating paychecks can result in steep penalties and unhappy employees. QuickBooks has its own payroll function that can calculate and run payroll as often as you need it automatically. The hours tracked then flow to both your customer invoices if billable and your payroll. This ensures that every hour you pay your employees for is considered for billing to a customer. The purchase of a QuickBooks payroll subscription is required to run payroll, but you have several levels of service to choose from to fit your needs.

QuickBooks can track the quantity and cost of your inventory. As you sell inventory, QuickBooks will allocate a portion of your inventory to cost of goods sold COGS automatically, which is an expense account that reduces your income. This allocation is a requirement for calculating taxable income and very cumbersome to do by hand. QuickBooks can also remind you to order inventory automatically when quantities are low. This report shows a list of your inventory products, quantity on hand, average cost, and their total value:.

Perhaps the most important thing QuickBooks can do for your small business is to simplify tax time. By far, the largest headache in preparing a tax return is compiling your income and expenses.

If you use QuickBooks during the year, all you need to do at tax time is print your financial statements. Better yet, with QuickBooks Online, you can invite your tax preparer to access your account directly so they can review your numbers and print whatever information they need to prepare your return.

One of the best ways to improve your cash flow is to offer customers the option to pay their invoices online. You can add QuickBooks Payments formerly known as Intuit Merchant Services so that customers can pay online directly from their emailed invoice.



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