How to Use QuickBooks? – QuickBooks in Business & Personal Finance
QuickBooks is the most popular business accounting software on the market with thousands of small, medium, and large-sized companies who place their trust in it. Quick Books has a broad range of features and the clean sophisticated interface enables people with little to no accounting experience to perform all of their business accounting needs. Apart from business QuickBooks online can also be used to manage personal finances. Many users use Quick Books for keeping track of their personal finances.
Some people might be thrown off by the QuickBooks labeling. If you ever come across this software in the store or online. It is generally described as a business accounting software. But it also acts as excellent personal accounting software. The process of using Quick Books for personal accounting is also very same as business accounting, it only has some minor differences. If you have the checking account, savings account or any other bank account, you can simply use the setup wizard to connect that information to your QuickBooks. You can even enter the information by hand if you are not comfortable connecting your financial accounts to Quick Books. Learn more about QuickBooks Tutorial here.
Related: How to Sign in QuickBooks?
QuickBooks for Business:
Quick Books is commonly used for business purposes, let us see in detail about how it can be used for business.
Manage Sales and Income
Quick Books lets you manage sales and income, by creating invoices to track the sales by customer. You can Stay on top of what customers owe you by reviewing your accounts receivable aging report, that includes the details of both the current and past due invoices. You can find the sample A/R Aging Report below.
Keep Track of Bills and Expenses
It automatically keeps track of your bills and expenses by connecting your bank and credit card accounts to Quick Books so that all your expenses are downloaded and categorized. If you need to track a check or cash transaction, you can record it directly on Quick Books in a few minutes. Quick Books also helps you to pay your bills then they are due. you can pay your bills on time by creating the Accounts Payable Report in under 2 minutes. It also provides you with the details of your current and past due bills, so that you can quickly access the quickly address any issues. You can find the A/P Aging Summary from QuickBooks.
Related: QuickBooks Tutorial
Gain Key Reporting Insights
You can easily access several reports that provide you with invaluable insight into your business. All of the reports are pre-built in Quick Books and can be run in few clicks, reports are updated in real-time as you enter and save transactions. It not only allows you to run the Accounts Receivable Report and Accounts Payable Report but also top 3 reports which are needed for the overall health of your business. The Reports includes:
- Profit and Loss Report
- Balance Sheet Report
- Statement of Cash Flows
Below is the description of each report and a snapshot of what it looks like in Quick Books.
Profit and Loss Report
The Profit & Loss report can be run in a few minutes. It can show you how profitable you are by summarizing your income minus your expenses. It also shows your bottom line net income for a specific period, such as a week, a month, or a quarter. Below is the Profit & Loss Report for the period of January 1- September 29, 2016.
Related: What is Quickbooks?
Balance Sheet Report
The balance sheet report of the Quick Books Assets, Equity, and Liabilities for a business for a specific time. You can create a balance sheet report in just a few clicks in Quick Books. Below is the snapshot of the Balance Sheet report as of September 29, 2016.
Statement of Cash Flows
You can quickly create a statement of cash flows in Quick Books. This report provides you with all of the activities which affect the operating, financing cash inflow, investing, and cash outflow for your business. The following snapshot provides you with the statement of cash flows for the period January – September 2016.
Payroll is the area that you don’t want to skimp on by trying to do it manually. Mistakes made in calculating paychecks can result in steep penalties and unhappy employees. QuickBooks has its own payroll function which can automatically calculate and run the payroll as frequently as you need it.
The cool thing about using QuickBooks payroll is that it is integrated with the Quick Books so that your financial statements are always up to date as of the latest payroll run. The purchase of QuickBooks payroll subscription is needed so that it is required So that you can access the latest payroll tax tables to calculate employee and employer payroll taxes.
Advantages of running payroll with Quickbooks:
- Pay employees with a check or direct deposit
- Federal and state payroll taxes can be calculated automatically
- QuickBooks fills the payroll tax forms for you
- You can e-pay directly from QuickBooks
Related: QuickBooks Online
Quick Books can automatically track and update the inventory for you, with the data including selling, on-hand amounts, and unit costs. It will be much helpful for one who wants to keep track of their inventory. All you need to do is just enter your transactions, then the Quick Books will keep updated those this automatically. Keeping track of the Excel Spreadsheet can be very time-consuming. Below is the sample inventory valuation summary report from Quick Books. The report has inventory products, average cost, quantity on-hand, and their total value.
Quick Books simplify your taxes, it can be time-consuming for getting your tax professional what you need that it takes to prepare your tax professional what they need than it takes to prepare your tax return. You can manage all your business accounting and taxes easily with the help of QuickBooks. Everything can be tracked in QuickBooks. It also ensures that you have accounted for all income and expenses and it also improves accuracy in the result.
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