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What Is QuickBooks Used For?

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QuickBooks is one of the most widely used accounting software options. It’s especially popular among freelancers and small and medium enterprises (SMEs), which integrate the platform into their day-to-day to handle financial tasks such as invoicing, payroll, expense tracking, payments, and inventory. 

QuickBooks has an intuitive and easy-to-understand interface, but for businesses that are new to it or companies that would like to get the most out of its rich features, it’s best to hire a QuickBooks consultant from Guru to guide you through the best ways to efficiently maximize the software in a way that’s tailored to your operations.

What Is QuickBooks?

QuickBooks is an accounting software that offers accounting and finance solutions. It can help individuals and businesses manage their personal, business, and tax finances. Its product line has several options, and you can choose one or multiple at the same time depending on what your company needs. 

For those wondering about how to use Quickbooks for small businesses, a good start is QuickBooks Online, which has basic accounting and invoicing features that are all conveniently accessible via the cloud.

How Does QuickBooks Work?

QuickBooks work on a monthly or annual subscription. While it has plenty of solutions, you don’t have to integrate them all at once. You can start with a single app, then expand later on. If you outgrow one, you can also choose to remove or upgrade it. A QuickBooks consultant from Guru can guide you through these decisions to make sure that you choose the right solutions for your business.

What Can I Do With QuickBooks?

What is QuickBooks used for, exactly? Here’s a breakdown of all the ways you can use it for your business:

Invoicing

QuickBooks makes invoicing easier. You can create invoices from scratch or an existing estimate, and customize them based on your company’s branding. You can then either print these to send a hard copy or email them to your recipient.

QuickBooks also automates invoicing, which allows you to record income, see outstanding invoices, track payment due dates, and set up scheduled recurring invoices automatically

Bookkeeping

You can conveniently perform all your bookkeeping and accounting tasks on QuickBooks. Track your cash inflow and outflow by connecting your bank, and get a financial statement to get a full view of your financial status at a glance. 

These features can help you get your books organized for tax season! You can even invite your accountant or tax preparer to assess your account directly on the platform so they can see your numbers directly and prepare whatever information they need for your returns.

Expense and Time Tracking

You can use QuickBooks to track time and billable expenses incurred by your employees or subcontractors. They can enter it themselves on the platform or submit their hours manually, then the software will mark these as billable to add to an invoice or payroll account later on.

Payments

QuickBooks allows business owners to accept online payments from an invoice through the software. It provides flexible payment solutions, including debit and credit cards, ACH payments, and credit card payments. People can also pay in multiple currencies. All transactions are recorded as they’re made, and because these are integrated into the platform, they already include any fees–so, there’s no need for extra accounting on your part.

Payroll

Payroll management is one of QuickBooks’ best features. The software allows you to automate payroll calculations (including federal and state payroll taxes) and payments while ensuring that this information is kept up to date in your financial statements. With QuickBooks’ payroll features, you can also pay your employees with a check or direct deposit and deal with all tax requirements, such as tax forms and payments, from the platform.

Financial Reporting

QuickBooks is equipped to provide business owners like you with a range of customizable reports that will help you see how your company is doing. You can also draw better financial insights that can improve your business decision-making.

Inventory

QuickBooks lets you stay on top of the quantity and cost of our inventory. As you sell, it can automatically track your cost of goods sold (COGS account), and give you reminders when it registers low quantities.

Make the Most Out of QuickBooks With a QuickBooks Consultant From Guru

QuickBooks is pretty intuitive, but like most accounting softwares, there’s a learning curve to get through before you can master it. The best way to learn the ins and outs of the platform and to maximize its rich set of features is to hire a QuickBooks consultant from Guru, one of the best freelance markets online. A consultant can help you navigate the software and learn best practices to make the most out of your integration. Hire a QuickBooks consultant on Guru today.

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