July 16, 2024

What Does QuickBooks Do and What Is It?

The most widely used accounting program for small businesses, QuickBooks, is used to manage earnings and expenses and measure financial health. You can create reports, pay bills, produce client invoices, and file state taxes. 

QuickBooks Desktop, QuickBooks Online, QuickBooks Time, QuickBooks Payroll, and QuickBooks Checking are just a few of the solutions available in the QuickBooks product range to meet various business needs. QuickBooks support in Houston can help you with all your needs.

QuickBooks Use by Small Businesses

  1. Make, Send, and Monitor Invoices

You may create invoices in all QuickBooks Online plans and send them to clients through email or printing; for more information, see our tutorial on creating and sending invoices in the feature called QuickBooks Online. QuickBooks will track the income of the user and keep track of how much each client owes you.

  1. Monitor Bills and Expenses

By linking your bank and credit card accounts to QuickBooks, all of your expenses are imported and divided according to the category, giving permission to QuickBooks to track your invoices and outgoing funds automatically for you. Check or cash transactions can be recorded in QuickBooks if you need to keep track of them.

In order to use QuickBooks to manage upcoming payments, you may also enter bills as soon as you receive them. 

  1. Online Bill Payment

You may pay bills online with QuickBooks’ bill payment online tool. Available with QuickBooks Online Essentials and higher subscriptions, QuickBooks Online Bill Pay enables you to pay several bills simultaneously and instantly via bank transfer or check right from QuickBooks. Credit cards can also be used to pay suppliers and vendors. Online Bill Pay is included with QuickBooks Advanced, Essentials, and Plus.

  1. Create a Chart of Accounts to Customize Your Expense Classifications

All the accounts you require to track your financial data are fully listed in your chart of accounts in QuickBooks. These accounts are helpful for keeping track of earnings, outlays, assets, obligations, and equity that may be needed for your tax return.

If your Chart of Accounts contains all the line items necessary for your tax return, filing your taxes will be simpler. 

  1. Create Financial Reports for Your Company

You may print financial statements showing how your firm is doing by controlling your cash inflow and outflow activities in QuickBooks. Lenders frequently require financial statements when you apply for a small business loan or line of credit.