Technology

Quickbooks To Scale Your Business

QuickBooks is a business and financial management suite full of features, and it was developed and marketed by Intuit. It is geared mainly toward small and medium-sized businesses. QuickBooks technical support offers on-premises accounting applications and cloud-based versions that accept business payments, manage and pay bills and perform payroll functions.

Types of QuickBooks

Online 

It is a cloud-based accounting product designed specifically for small businesses; however, the new advanced plan also makes the software scalable for larger businesses. It is also significantly easier to learn since the software is cloud-based; it works anywhere you have an internet connection. The mobile app will help you manage your business wherever you go.

Desktop Version

It is locally installed software that is a top choice among business owners and accountants, and it has powerful features, traditional accounting, etc. It is windows only software and expensive, which is why large businesses prefer this.

Types of QuickBooks desktop

There are three types of QuickBooks desktops. They are as follows

Quickbooks desktop pro

Pro is designed for small businesses

Quickbooks desktop premier

Premier is designed for medium businesses

Quickbooks desktop enterprise

Enterprise is for large businesses

Comparison between the QuickBooks online vs. QuickBooks desktop version

  • Quickbook online is cloud-based and can be accessed anywhere, anytime, while the desktop version is install locally onto a laptop or a computer.

  • Quickbook online has more automation, while the desktop version has more features.

  • The online version is easier to learn and use, while the desktop version has a steep learning curve.

  • The online version has monthly subscription pricing, while the desktop version has a license or yearly subscription.

Some of the Usage of QuickBooks for businesses

1)Create, send and track invoices

You can create invoices easily by printing them or emailing them to customers. Quickbooks will automatically record income and track how much the customer owes the business.

2) Keep track of bills and expenses

It automatically keeps track of your bills and expenses by connecting your bank and credit card accounts to QuickBooks so that all expenses are download and categorized.

3) Pay bills online

You can pay the bills online in QuickBooks using the online bill payment feature. Quickbooks online bill pay benefits small businesses in many ways, such as paying bills via bank transfer or check directly from QuickBooks in a few seconds and paying several bills at once.

4)Track inventory

It can track the quantity and cost of the inventory. As you sell, this will automatically allocate a portion of your inventory to the cost of goods sold, an expense account that reduces your income.

6)Accept Online payment

One of the best ways to improve the flow of cash is to offer customers the option to pay their invoices online. You can add QuickBooks payments so customers can pay online directly from their emailed invoice.

7)Scan receipts

All subscribers of an online version of QuickBooks can download the mobile app of QuickBooks, which is available for mobile phones, and can use it to upload or take pictures of receipts.

8)Track mileage

Many self-employed individuals and employees use their vehicles for business purposes. This provides a generous tax deduction of 58.5 per mile for 2022. However, to receive a deduction, it is require to keep a record of the trip's date, miles, and purpose.

If you face any issues while using QuickBooks, you can always contact QuickBooks technical support