What is QuickBooks?

• Accounting & Bookkeeping
• ||
• April 22, 2021

QuickBooks is accounting software for small and medium-sized businesses, which is developed by Intuit. QuickBooks permits you to look at and manage your sale, purchase and expenses in one place. Additionally, it also helps companies to take care of payroll.

QuickBooks allows five plans: Simple Start, Plus, Advanced, Essentials, and Self-Employed. Their programs feature mobile access, reporting and dashboarding, accountant access, automatic backups, data security, and unlimited support.

Benefits of using QuickBooks

1. Integrated financial management
   QuickBooks integrates with a massive number of third-party services, which makes financial management well easier. You can add apps for:

• Expenses management: Expensify, Bank Receipt, Auto Entry
• Billing and Invoicing: Pursuer, Quotient
• Time tracking: T-Sheets
• Advanced reporting: Draftworx, Fathom, Spotlight Reporting
• Inventory management: TradeGecko, SOS inventory

2. Usability
   One of the foremost advantages of using QuickBooks is that QuickBooks is user-friendly, which means you don’t have to be a financial expert to use QuickBooks. QuickBooks is intuitive and easy to handle, even for a newcomer.

   Once a user logs in the QuickBooks, the first thing they see is a dashboard that outlines the most critical data such as expenses, profit and loss,  bank accounts, invoices, sales, and tips. There is a menu from where users can access pages such as sales, expenses, employees, banking, reports, taxes, accounting, apps, tools, and dashboards on the left of the screen.
   

3. Reliable reports and accurate numbers
   To assure accuracy and minimize accounting errors, QuickBooks provides businesses with:

• Invoice reminders
• Report frameworks that fill in data automatically
• Chart of accounts ― a list of a company’s accounts and balances
• Support to invoicing and taking payment from clients

  Also, QuickBooks allows a wide range of reports, including:

• Balance sheet
• Account list
• Journal
• Balance sheet comparison
• General ledger
• Profit and loss comparison
• Profit and loss
• Recent automatic transactions
• Reconciliation reports
• Recent transactions
• Recurring template list
• Statement of cash flows
• Transaction detail by account
• Transaction list by date
• Transaction list with splits
• Trial balance

Additionally, you can create management reports with three pre-made templates (company overview, sales performance and expenses performance) and custom reports.

4. Quick access
   Another great benefit of QuickBooks is that you can use QuickBooks on the go from your phone or tablet. You can also use your mobile appliances to record, enter transactions, expenses, send reports, and invoice clients. QuickBooks automatically synchronizes your data around all devices and backup your data to the cloud.

At AJSH, we assist our clients in bookkeeping, payroll and preparation of financial statements ensuring compliance with applicable accounting standards. We also provide offshore bookkeeping services for businesses and CPA firms operating across the world, including clients from USA, UK, Australia and Canada. In addition to QuickBooks, over time our team has worked on different systems such as Xero, Sage, Freshbooks, Myob Accounting Sight, Wave, Zoho Books etc. If you have any questions or wish to know more about QuickBooks, kindly contact us.