Posted on 24/12/24 03:18 am
Looking for an optimal software for managing finances for small businesses? Then, installing the PC QuickBooks or downloading the mobile app to create a QuickBooks account may be a good choice for you.
In this blog post, let’s explore the functions available for QuickBooks customers and how to avoid some registration requirements interfering with the privacy of your personal data.
What is QuickBooks? It’s one of the leading accounting software solutions on the US market, primarily designed to simplify the financial accounting processes for startups and small-sized businesses. Additionally, the software is also a great fit for freelance and outsourced accountants. Using QuickBooks, organizations can manage invoices, track expenses, perform accounting, and calculate payroll. All these features allow companies to automate business processes and better manage their budgets.
You can manage a QuickBooks account via an on-premises solution for PC, or through the cloud version for remote access (QuickBooks Online) or the mobile application. The core functionality of the program allows accountants to:
The software was developed in 1992 by Scott Cook and Tom Prouix, the founders of the American tech giant Intuit. Though today it’s one of the most in-demand software solutions for accounting management, the initial version of the program wasn’t accepted by professional accountants, who complained about poor security features and its non-conformity with traditional accounting standards, such as the debit and credit system. In subsequent releases, the company addressed these issues and expanded the software's functionality.
Today, the program covers a wide range of business sectors, such as manufacturers, wholesalers, service companies, retailers, and non-profit organizations. In 2022, Intuit also launched a specific software solution geared for medium-sized businesses, called QuickBooks Enterprise Solution.
Although the program’s interface looks somewhat conservative, it is very convenient and easy to use. On the homepage dashboard, you can view information about the company’s income, expenses, paid bills, and other active operations. The detailed reports summarize data on the company’s performance and efficiency, as well as preliminary data on planned expenses and actual expenses for the forthcoming 90 days.
Moreover, to simplify the process of mastering the software, users can take advantage of its learning resources. Free training through QuickBooks Training, along with a library of video tutorials and text guides, is available for QuickBooks account holders.
Next, let’s explore what business owners and accountants can do using QuickBooks functionality.
In the accounting block, QuickBooks account holders can issue customer invoices, both manually and automatically, and send them to customers. Additionally, QuickBooks integrates with Intuit’s built-in payment system, which allows clients to pay invoices directly. You send an invoice by email, the client pays it online, and the system automatically updates the data. The fees for different types of payments and plans are average for the market.
QuickBooks tracks all paid bills of your organization and generates reports based on that data. Additionally, with its integration feature, after you register QuickBooks, you can link a business bank account to QuickBooks. One of the best features of the software is its ability to automatically calculate and pay taxes.
Here, you can manage all incoming and outgoing payments of your organization, upload and store receipts, and generate detailed reports.
To ensure that all payments are under control—even if you or your employees aren’t in the office—you can easily upload receipts to the system using your smartphone’s camera.
This helps manage small corporate purchases, such as paying for:
You only need to upload the receipts, and the software will sync the expenses.
With this tool, you can automatically fill out employees’ timesheets and calculate taxes. Moreover, after you register QuickBooks, you can transfer data from other payroll systems and third-party accounting software, such as Xero. For the Basic plan, it costs $31.50 per month, plus $1.50 per employee.
QuickBooks’ Income Tracker allows you to set up filters to check bills that haven’t been paid by your clients yet. Additionally, with a QuickBooks account, you can resend open invoices, check recently received payments, and print a list of all company transactions.
If you delegate accounting management to an outsourced accountant, the remote access feature will allow them to manage your accounting books remotely without interrupting your other business processes. There are two options:
This feature allows you to transfer data from Excel tables and Xero (another accounting software). You can also migrate data from the desktop version to QuickBooks Online in just a few clicks.
The warehouse management tool in your QuickBooks account enables you to add goods and services and track them in real time.
Now, let’s look at how to set up an account in the system to access all these useful features.
The registration procedure differs slightly depending on whether you sign up for QuickBooks Online or the desktop version. However, in both cases, you will need to register an Intuit user ID. Let’s look at the differences.
To register for QuickBooks Online and create your Intuit user ID, visit quickbooks.intuit.com and follow these steps:
To register for the QuickBooks desktop version, visit intuit.com and install the app on your PC. You’ll need to activate your QuickBooks account before getting started:
If you already have a registered Intuit account, follow these steps to activate QuickBooks:
A phone number is required to verify a QuickBooks account, but you can use a virtual number from SMSPinVerify instead of your primary one. Here are some advantages of using virtual numbers for registration:
Here’s how you can purchase a temporary phone number for QuickBooks from SMSPinVerify: