QuickBooks accounting software is a program with many features that business owners can use as a part of an overall accounting plan. QuickBooks has both a desktop and an online version. The version you choose will depend on the needs of your company. Both versions offer important accounting tools that will make keeping up with the financial details of your business easier and more efficient. If you are considering incorporating QuickBooks into your business, there are several features that you should know about to help you make your decision.
1. Get Paid
An important feature of QuickBooks accounting software is the ability to create professional invoices and quotes for services or products. When you send an invoice or a quote to a customer or client, you want it to look professional and be a good representation of your company. If you are just getting started in business, creating invoices and quotes with QuickBooks accounting software can help establish you as a qualified professional in the eyes of your customers.
Electronic invoices, like those you can create through QuickBooks, are an efficient way to keep track of the money coming into the business. You can create the invoices quickly and then email or print and mail them to your customers. In addition, the invoices you create and save in QuickBooks can double as a way to keep track of which customers still owe you money. This feature adds an extra layer to your financial record keeping efforts.
2. Keep Track of Expenses
QuickBooks accounting software can help you keep track of the expenses in your business. One way to track expenses with QuickBooks is to link up with your bank and credit card accounts. When you link QuickBooks accounting software to your accounts, you can categorize expenses and immediately see what expenses are coming out. Over time, QuickBooks will be able to auto-categorize your expenses as the system becomes familiar with your spending patterns.
Another way to track expenses with QuickBooks is to manually enter expenses. Keeping track of each employee’s expenses is an essential part of running a successful business. If you have multiple team members who have to report expenses, this feature of QuickBooks can streamline the process of approving expenses and reimbursing your employees.
3. Access for Multiple Users
For companies with multiple team members, QuickBooks provides the option of giving access to several users. This feature allows users to update information whenever needed. Users will have access to the most up to date information and can easily collaborate on financial tasks. In general, QuickBooks accounting software allows access for up to five users. If you need additional people to have access to your QuickBooks there is an option to buy an upgraded version of QuickBooks or purchase additional users licenses.
If you have a rapidly growing company, you may need some outside help with accounting. QuickBooks accounting software can be used alongside the services of an accountant or accounting firm. Professional accounting firms are familiar with multiple types of accounting software and can integrate QuickBooks into the overall accounting strategy established for your company.
