11 QuickBooks Desktop Features You Need To Know About

features of quickbooks

SMBs needing remote access to their account files should choose QuickBooks Online. If you want the speed and usability of desktop software, then QuickBooks Desktop is preferable. Learn which is right for you in our QuickBooks Online versions comparison guide. You can also track your business mileage and view financial reports from your smartphone.

  • 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.
  • These features can help you organize your finances and provide insights such as cost-cutting opportunities or sales trends that you can use to improve and grow your business.
  • It is available as a desktop software for Windows, with several editions.
  • The QuickBooks product line includes several solutions to support different business needs, including QuickBooks Online, QuickBooks Desktop, QuickBooks Payroll, QuickBooks Time, and QuickBooks Checking.

You’ll get the most out of it if you have some knowledge of basic accounting concepts. Whereas you might be able to use some software alternatives without explanation, it may take some time to get the hang of QuickBooks. You aren’t required to fill out every field in an expense or income entry, but the more detailed your records are, the more useful certain reports can be. For example, with QuickBooks Online Plus and Advanced, you can track inventory and do job costing — that is, you can figure out how much you spent to complete a certain project. The main dashboard will give an overview of your QuickBooks account, showing your profit and loss overview, invoices, expenses and sales.

Whether you are a small business or a large enterprise, adopting QuickBooks can revolutionise your financial processes and pave the way for sustained growth and success. Moreover, QuickBooks allows users to customise reports based on specific date ranges, accounts, or other criteria. Customising reports helps in analysing financial trends and identifying areas for improvement. GSTR reports may be created in QB and then uploaded immediately to the GST site.

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QuickBooks offers detailed PDF guides on its website to learn essential workflows for invoicing, expense management, reporting, bank reconciliation and more. These can be conveniently downloaded for offline access when setting up or training. Customizing invoice templates, setting recurring invoices, and tracking payments against invoices can streamline operations. By automatically connecting bank/credit accounts and syncing transactions, QBO reduces manual data entry. Features like autofill and memorized transactions also automate repetitive tasks.

features of quickbooks

However, if you opt for the free trial you lose the opportunity to save 50% on your first three months. You can easily scan and upload receipts in real-time using QuickBooks mobile app, so you don’t need to run helter-skelter to collect them at the time of taxes. If you want, you can also invite them to view the reports themselves and download whatever they need. With QuickBooks, it is very simple to track time as well as billable expenses incurred by employees or subcontractors. They can either enter it themselves using the QuickBooks mobile app or submit it manually and a bookkeeper on your end can enter the details in the app. A series of icons appears below each displayed report, offering options to run the report, view additional information, mark the report as a favorite, and request report-specific help.

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Better yet, with QuickBooks Online, you can invite your tax preparer to access your account directly so that they can review your numbers and print whatever information they need to prepare your return. When you enter employee time as discussed above, the hours not only flow to your invoices but also to the payroll module. This way, you can be confident that every hour you pay your employee is also considered for billing to a customer. Employees or subcontractors can enter their own time as they progress through the day, or a bookkeeper can enter their weekly time if the employee submits a manual timesheet. Time entered and assigned to a customer will be available to add to the customer’s next invoice.

  • So, read along to get insights into QB and its products, to help automate and ease your daily tasks.
  • If you are self-employed and report income on Schedule C of your personal income tax return, the QuickBooks Self-Employed plan will likely make the most sense.
  • As a business grows, users can easily upgrade to a more advanced plan with additional features seamlessly.
  • Different tiers offer increasing levels of automation, visibility, and advanced functionality.
  • The software caters to freelancers, small business owners, and even large enterprises, making it a versatile solution for various financial needs.

In summary, QuickBooks helps automate everyday accounting tasks and provides real-time financial insights through customizable reports. Its completely automated pipeline offers data to be delivered in real-time without any loss from source to destination. Its fault-tolerant and scalable architecture ensure that the data is handled in a secure, consistent manner with zero data loss and supports different forms of data. The solutions provided are consistent and work with different BI tools as well.

Choosing the right QuickBooks version

QuickBooks helps compile all this financial data automatically without the need for manual entry or spreadsheet management. QuickBooks’ ability to streamline financial processes and save time is one of its most significant advantages. Automating tasks like invoicing, expense tracking, and payroll management frees up valuable resources that can be directed towards core business activities. This time efficiency translates into increased productivity and a more focused approach to achieving business goals.

features of quickbooks

Manage your invoices in one place where you can create, send, and track all of your invoices. Enter bills into QuickBooks as you receive them, then simply pay those bills online via bank transfer or check. You will never miss another payment to your vendors and contractors. QuickBooks, the popular accounting software by Intuit, often has small business owners wondering if it is the right solution for their financial needs.

What is QuickBooks?

Whether you’re a small firm or a large corporation, Accounting for all of this data is critical for keeping your cash flow under control and ensuring your company’s profitability. Moreover, all of this data needs to be gathered into reports in order to acquire a better understanding of the company’s finances and make strategic decisions. QuickBooks automates this process by directly connecting credit card and bank accounts so you can download and categorize your expenses in real-time. QuickBooks Online is an ideal solution for small business owners across every industry. In particular, this product is popular with those who need a cloud-based solution accessible on any device with internet access.

It works best for small companies that need to organize their finances but don’t necessarily have large or complex accounting needs. The intuitive interface makes financial management easier for non-accounting users. Due to its several features, QuickBooks is a game-changer for businesses seeking efficient Financial Management and data-driven decision-making. From saving time to ensuring financial accuracy and providing valuable insights, QuickBooks empowers businesses to thrive in a competitive market.

You may be interested in our review of QuickBooks Time for details of the solution’s pricing and features. In addition to some native QuickBooks Online integrations—such as QuickBooks Payroll, QuickBooks Time, and QuickBooks Payments—QuickBooks coronavirus relief package Online connects with popular apps. These include PayPal, Melio, HubSpot, Expensify, LeanLaw, Square Payroll, and Expensify. QuickBooks allows you to attach a receipt to the corresponding banking transaction.

Support is limited, so users are left reading help articles rather than getting a live person to help. The interface for customizing payment receipts offers plenty of options. QuickBooks makes it easier for your business as it calculates your income and expenses automatically as they happen. As you accept payment for any item in the inventory, the right expense account is updated and reflected automatically in taxable income. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

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