A Quick Background on Quickbooks

In the data age, it’s pretty common for one to become somewhat familiar with a piece of technology or software and assume that they know everything there is to know about it. But one of the most vital steps in true mastery is moving past assumption into real understanding—which sometimes takes a quick refresher on the core basics.

What is Quickbooks?

To put it simply, Quickbooks is a software set used by small and medium-sized businesses to manage finances for inventory, vendors, and staff. When set up correctly, it can take the headache out of trying to manage the minutia of running a business. Quickbooks can be set up to automatically track products or services, manage sales transactions, and even calculate tax on sales.

Quickbooks has a number of options, from desktop- to web-based software, and platform variations based on business size and depth of data requirements, so it’s also important that businesses or individuals ensure that they are using the correct version for their specific needs. Going too cheap may reduce functionality, and going too expensive may become a drain on a small business’s revenue.

How is Quickbooks used?

Since the early 1990’s, Quickbooks has provided their accounting software to small businesses, especially those in the manufacturing and contracting sectors. Quickbooks offers a specific option for contractors, giving them more time on the jobsite and away from managing the office. Quickbooks has grown exponentially since its inception, providing solutions for all of the necessary functions a contractor needs to operate efficiently.

• Accounting – Quickbooks is the hub for any small business’s financial records, integrating all accounts—from checking and savings to accounts receivable—in one platform.
• Vendor lists – Managing vendors is also a key offering within Quickbooks, giving access to a list of all merchants, complete with transactional history and sorting options.
• Item lists – Inventory is also stored in Quickbooks, allowing for creation, deletion, and updates in real-time.
• Customer lists – Quickbooks stores each customer record and their transaction records, giving easy access to history and sorting.
• Billing, Invoicing, and Purchase Orders – Bills, invoices, and PO’s can be created in Quickbooks for each of the customers and vendors saved in the system, making transactions easier and financial history more accurate.
• Reports – For the more analytical minds, Quickbooks can also provide reporting such as profit/loss reports and transaction analysis.
• Payroll – The payroll option in Quickbooks centralizes payroll, and helps account for taxes, direct deposit, deductions, and more.

It’s easy to see why Quickbooks has been one of the most popular options for managing a small business. The software itself has everything needed to manage finances. The tricky part is ensuring that the system is set up properly and maintained accurately. As with all software, the user makes or breaks the system.

To be sure that Quickbooks is truly doing all it can, it’s vital to consult with a Quickbooks expert. Professional assistance can be the difference between a successful day on the job and many dismal hours in front of the computer screen.