QuickBooks is a business accounting software program produced by Intuit. QuickBooks came into the Accounting Software Industry with a very simple interface and style of operating accounting functions. Thus, it has gained so much popularity, especially among small business owners who want to reduce or even eliminate the need for outsourcing their accounting work to professionals.
The first impressive thing about QuickBooks is its directional front page interface. Even if you are not an accountant you will quickly guess what to do with the software because of the way modules are arranged with descriptions. Another impressive thing about the software is the categorizing of accounting activities into three:
- Money Coming into the Business
- Money in the Business
- Money Going Out of the Business
These categories give users a very clear picture about how to handle his transactions. Added to this is its ability to effectively perform double-entry functions, and many other tasks related to record keeping and data compilation. Millions of businesses big or small have enjoyed using QuickBooks.
When setting up QuickBooks, you would be required to go through a simple interview. You would be required to provide the software with information about your business — everything from basics like the company name and address to bank account and credit card balances. This information enable the software program to create custom accounts for your business such as accounts payable, accounts receivable, equity, income, cost of goods sold and expenses. Next, you would input information about your customers, vendors and all the items that your company sells. With this activity you eventually make things easy for yourself because when you begin using the software later, any transaction you enter will go to its department or account. QuickBooks will also take care of additions, subtractions and the resulting data compilation. You can also make Correspondences i.e. invoices and statements directly from QuickBooks via email or they can be printed and mailed.
QuickBooks allows you to integrate online banking features, payroll services, and more. For instance, many banks have adopted QuickBooks integration to their online banking features, allowing them to enjoy automatic electronic updates and account reconciliations.
All of the data you have fed into QuickBooks are analyzed, interpreted, summarized and made accessible to you in a variety of reports, charts and graphs. You are allowed to filter data by a number of different criteria and create custom reports that can be used for managing the business.
You can find dozens of Powerful accounting and management software out there, but when it comes to simplicity and style for small business owners and for large corporations, Intuit has got the skill.