Intuit came into existence in the year 1983 intending to provide financial and tax preparation software called QuickBooks with a vision to facilitate small businesses, accountants, and individuals in managing their Statement of Financial Position.
Initially, Intuit introduced Quicken software as personal financial management tool. After its huge success and to bring it one step forward Intuit launched QuickBooks for small business owners. Quicken software does not support “Double-entry” bookkeeping system where as QuickBooks not only eliminate loop holes of Quicken software but also enables a lot more advance features.
QuickBooks is cloud-based accounting software. It has been upgraded many times since this software has developed and every time Intuit has improved the reliability and experience of using the software.
QuickBooks is available in 6 versions as listed below.
QuickBooks for Mac.
Businesses can choose one of the best suites according to their budget and volume of their business operations.
Some more features of QuickBooks
QuickBooks is an easy-to-use software, due to this feature it is a leading bookkeeping software. According to a survey, QuickBooks (including all its versions) acquires 80% of the accounting software market in the USA which means approx. 29 million businesses prefer QuickBooks over any other accounting software to form their business accounts. The reason behind ruling over such a huge market is the features that QuickBooks promotes.
Intuit QuickBooks provides wide range of accounting support to small as well large scale businesses including the following features:
- Cloud Accounting – It is easily accessible on computer, mobile or tablet, therefore one can easily manage their business anytime, anywhere.
- Invoicing – It enables custom invoice creation, professional invoices, sales receipt, purchase orders, sales orders, estimates that one can send their client conveniently.
- Online Banking – QuickBooks online facilitates integration of credit card and bank statements in order to automate the process to auto sync and update your statements and transactions in the software which can be categorized later to their respective chart of accounts.
- Accounting Reports – Through inbuilt reporting format, one can easily reach out to their business performance statements. These formats can be customizable for better presentation to legal authorities and stake holders.
- Inventory Management – QuickBooks track real-time inventory valuation. It keeps updating inventory record with each, buy and sell order of the product.
- Payroll – Intuit Payroll helps businesses to manage their Payroll obligations in-house. Enhance Payroll creates paychecks, calculate payroll taxes and send direct deposit, prepare and e-file federal and state tax forms such as 940,941, and W-2.
- Tax Preparation – Intuit Turbo Tax can be integrated with QuickBooks which helps to file tax returns and provide support to fulfill legal obligations.
Challenges that some businesses might face while using QuickBooks
- Since QuickBooks is easy to use and easily accessible software many small and large businesses are opting QuickBooks to prepare their Financial reports but for someone who is running their business as Property management QuickBooks is not meant for them.
- It typically has a file size issue which means it will work slowly in case of high volume data.
- It requires monthly subscription depending upon the version in which a business has subscribed according to their business operations to keep using their QuickBooks account. This becomes hectic to manage funds in the initial stage for some of the small businesses and individuals.
- Some advanced features like Payroll, Tax, and Inventory management are quite hard to operate for someone who does not have much knowledge about it.
- Syncing problem is something which usually happens with QuickBooks. Sometimes QuickBooks stops fetching bank and credit card account transactions which were integrated with the software initially. It might result in omission of transactions which can lead to unbalanced accounts of the business.
It is not suggested for property managers to select QuickBooks as their bookkeeping software. It does not provide the required features use to manage a property business. The monthly subscription should only be taken after analyzing the requirement of the business. Individuals having a complete or partial knowledge of accounting, payroll and Taxes can manage the software, else the business requires a trained accountant to handle and feed the transactions in the books.
How is QuickBooks helpful?
- Efficient bookkeeping: – QuickBooks provide you a platform where you can connect your bank, PayPal, all your credit cards with the software that helps you in saving a lot of time to login to all your banks and extract the transactions and record in the books. QuickBooks does this automatically.
- Easy Mapping or Categorization of bank feeds: – QuickBooks have a smart feature to detect the transactions previously recorded, you just need to check and match the transactions. You don’t need to spend your time over filling the account code and descriptions over same transactions that appeared continuously in your bank feeds whether monthly, weekly or on a daily basis.
- Flexible: – You don’t need to carry your laptop or computer system all the time with yourself. With QuickBooks your mobile can be your laptop or work as desktop version. Your information is synced with QuickBooks so you’re able to access all your bookkeeping information while on the go.
Why opt for QuickBooks?
Microsoft excel is the best way for bookkeeping and accounting for the small businesses because:-
- Microsoft excel is available free of cost that also help in reducing bookkeeping cost.
- Microsoft excel is very easy to use. Even a beginner can use it, without even having proper knowledge of it.
- Nowadays, there are a lot of online tutorials available regarding the Microsoft Excel from which anyone can learn and start using it.
So, why choose Quickbooks over MS-Excel?
- Automation: – Excel is very much time consuming, while QuickBooks performs many tasks automatically.
- Reports: – It is difficult to prepare an efficient report over excel, since it has to be prepared manually. On the other hand, there are several report options provided by QuickBooks, which automatically prepares the reports as and when you enter data in the software.
- Easy Access: – Excel file can only be accessed by a single user at a time while there is no such issue with the QuickBooks as it can be accessed by several users at a time, and the user can access the data with the mobile phone.
- Backup: – Excel doesn’t store historical data. You often lose your previous data if you continue working over same file however, QuickBooks provides you a backup option. Your data is safe with QuickBooks. It can access your previous data easily at any time.
- Integration: – QuickBooks provides an advance feature of integration. It will easily connect with your bank, credit card and PayPal account which enables you to fetch your transaction directly into your software. Such a facility is not available with Excel.
- Some other quick features, why you should switch to QuickBooks: –
- Run payroll
- Track inventory
- Track bills
- Manage sales and Income
- Integrate add on software
- Statistics and facts
- In May 2002 Intuit launched QuickBooks enterprise Solution for Medium-sized business.
- In September 2005, QuickBooks had 74% of the market in the US.
- Intuit released QuickBooks 2016 that contains several improvements to the existing ones and new features such as batch transaction, bill tracking, continuous feed label printer support, and batch delete/void transactions etc.
- Intuit released QuickBooks 2017 with several improvements like automated reports, smart search and improved viewing of report filters among other things.
- It took QuickBooks now serving 4.5 million global QuickBooks Online customers.
- 40% of QuickBooks Online customers are small businesses.
- The total number of QuickBooks paying customers increased by 1.2M in FY’19.
- Nationwide QuickBooks subscribers: –
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Mercurius Advisory services (MAS) is a leading accounting firm with its efficient and professional workforce including CPAs, ACCAs, CAs as well as qualified bookkeepers who are passionate at heart to provide best to make this company stand apart from the crowd. We are certified QuickBooks Pro Advisors and are assisting over 200 clients on QuickBooks (both Online as well as Desktop versions of the software). As each client is important for us, we provide the best of our services with commitment towards their work in order to develop a long-term and trustworthy professional relationship with them. We are providing accounting, bookkeeping and taxation services to all types of businesses basis and perform each task with extensive experience. We are here to resolve all your business accounting issues regarding compliance in an efficient and professional manner.