The immeasurable benefits of QuickBooks have ranked it as one of the most popular accounting software in the business industry. The myriad of distinctive characteristics it offers relies on a number of its versions which are best suitable for the relevant fields in which you’re working. The extent of one of the versions of QuickBooks, that is, QuickBooks Online features and benefits, is still multiplying. In fact, the number of users has reached more than 4 million all over the world.
Introduction to Benefits of QuickBooks
Before the introduction, it is important to know ‘When did QuickBooks come out?’
In 1998, the first QuickBooks, abbreviated as QB, was released by an American company named Intuit, which was based on the double-entry method with running audit trials. Today, a wide range of QB versions are available worldwide.
Besides online and desktop accounting applications, cloud-based platforms of QB process business payments and bills. The objective behind the build-up of this software is to facilitate the work performance of small-to-medium-sized businesses (SMBs) so it becomes easier for them to use and improve their reporting functionality.
Versions of QuickBooks
Each version of QuickBooks is structured to be utilized in the sustenance of specific businesses. To know the QuickBooks features and benefits, go through the briefings of these types of QB and determine which will prove to be the best for you.
1. QuickBooks Online
QuickBooks Online, abbreviated as QBO, is a two-in-one accounting software. The web-based features intermingle with various tools for financing and managing different aspects of accounting processing like payroll software, credit card accounts, and bill pay tools.
The cloud-based functionality offered by QBO manages the payment of bills, records and sends custom invoices, tracks the inventory, executes the reports of profit and sales, creates and manages financial calculations, and syncs relevant applications and bank accounts.
2. QuickBooks Online Accountant
This type of QB allows the accountants to manage and connect the QuickBooks data of their clients. Their reviews are made easier with the provision of account-specific tools.
3. QuickBooks Desktop
For the efficient management of customer supplies and bank accounts, QuickBooks Desktop (QBD) is used, which is a locally-installed version that offers its services which are categorized as three subscription plans. Keeping in view the extent and requirements of your business, you can sign up for any of the available plans, which seems to be the most essential for the maintenance of your business.
4. QuickBooks for Mac
Keeping a record of inventory tracking, management of bills and accounts payable, tracking time, income, expenses, sales tax, and running reports has been made easier with this version of QB.
5. Benefits of QuickBooks
QuickBooks is one of the biggest names in the industry of accounting software; the following benefits will surely help you boost your business in many ways. However, ignoring the disadvantages of QuickBooks Online would do more harm than good if you’re an owner of a large company or organization.
6. Excellent for Startups
Specifically designed for SMBs, the benefits offered by QuickBooks are an excellent source for startups to grow and compete in the world of trading. With the usage of this software, small companies can grow bigger by making huge profits.
7. Customer-Oriented Software
If you’re an owner of a small business or a startup, you’ll see the benefits of QuickBooks being multiplied with its customer-oriented software that is easy to navigate and understand to handle a moderate accounting department.
8. Convenient Taxation
The feature of automatic calculations provides an accurate estimate of all the expenses and income without any worry or hassle. It is recommended to save both physical and soft records in the form of a printout and screenshots, respectively.
9. Constant Improvement
All the tools of this software are subject to improvement with timely modifications and additions of innovative features that are extremely helpful for you to run your business effectively.
10. Financial Record at Hand
QuickBooks offer easy access to all the documentation, such as profit and loss (P&L) statements, balance sheets, cash flow statements, and filing taxes. Printing out these sheets and sharing them with the accountants can save some minutes to enter the login ID and password.
11. Simple Inventory Management
QuickBooks automatically estimates the tracking and management of inventory, enters the details in the right expense amount, and calculates taxable income at the end of the financial year; manually performing all these tasks can be quite cumbersome.
12. Data Safety
QuickBooks have provided you with updates in all of its versions to keep your data safe and secure with a great automated backup service.
13. Tools Integration
The interlinking of different tools and features increases the benefits of QuickBooks by facilitating accounting and allows you to save time and improve work performance while simultaneously raising your business over time.
How to Choose a Version of QuickBooks
- Make sure the software contains features essential to you. For instance, if sales orders are an integral part of your accounting process, choosing accounting software that supports them is critical. Inventory tracking is also essential – selecting a feature would enhance it further!
- Attracting newcomers may be tempting in the accounting software market, but investing in something with longevity should always be your goal. Selecting long-standing software will eliminate unnecessary system migrations; more supported systems also offer access to bookkeepers who will help simplify and streamline your accounting processes.
- Your budget dictates which accounting software option should best meet your needs; a broad selection is available, from affordable models to enterprise-grade options. When shopping, select what best meets it!
Accounting software comes in two basic levels – small business accounting software and enterprise options. QuickBooks Pro/Online is a famous example of a small business accounting solution and has many benefits of QuickBooks; both provide most features necessary for effective small business operation, while some even feature mobile app support to allow convenient accounting access when on the move.
Enterprise accounting systems represent an upgrade from small business accounting software, offering more features and deeper customization for greater functionality; however, this type of solution often requires much more excellent support to get up and running correctly and maintain in the long run.
Conclusion
If you’re still wondering, ‘Do large companies use QuickBooks?’, the answer is highly reliant on the foundation at which QB was developed. It implies the fact that the benefits of QuickBooks are a great way for small and mid-sized businesses to grow because they do not need any advanced reporting and accounting.
Also Check: QuickBooks & Bookkeeping Services
