Information technology is so common that software apps and hardware gadgets are now household names. Who isn’t familiar with Windows OS by Microsoft, Apple Computers, the iPhone and iPod, the Macintosh, Linux and other popular apps? Some applications however are not as well-known outside the industry in which the software has been specifically designed for, like QuickBooks. QuickBooks is a software designed specifically for small businesses with accounting needs. Profit Financial Services, our small business accounting firm, discusses the important features and benefits of this software that is used by many small business owners around the globe.
QuickBooks is an array of software solutions created to manage payroll, inventory, sales and other needs of a small business. The software’s value-added features include marketing tools, merchant services, and training solutions. Each solution is designed and tailor-made to fit the requirements of specific industries.
QuickBooks is a product of Intuit, a software development company founded by Scott Cook and Tom Proulx in 1983. Their first financial application software was named Quicken, which became a market success. The product, however, did not function as a “double-entry” accounting package. In 1994, Intuit purchased the right to use the double-entry accounting program called MoneyCounts, an application developed by Parsons Technology. The company then combined the best features of MoneyCounts and Quicken and named the new, integrated program, QuickBooks. In a short time, the software has captured 85% of the small business market. It has maintained its hold the market ever since.
Intuit improved on the earlier versions of QuickBooks in response to numerous feedback from accounting professionals. By 2000, the company developed a Basic and Pro version of the software. In 2002, Intuit launched QuickBooks Enterprise Solutions for medium-sized businesses.
Benefits of QuickBooks
What is the appeal of QuickBooks to small business owners? Here are 15 of the best value benefits that QuickBooks offers:
- QuickBooks has the capability to send invoices via e-mail. Now a days, more businesses use email rather than the traditional “snail” mail or even fax machines. So, a program that allows you to send invoices through electronic mail is ideal.
- You can enter transactions through the QuickBooks forms interface. The program also allows you to utilize their more streamlined version of recording transactions.
- Using Microsoft Word, you can send formality, fill in the blank collection letters with content options appropriate to the recipient. This takes the confusion out of composing collections letters.
- QuickBooks allows you to send invoices in batches. This means that if you have more than a couple invoices that need to be sent out, you can save a lot of time with QuickBooks.
- When it is appropriate and useful to do so, QuickBooks can accept data input using Microsoft Excel.
- QuickBooks is programmed to adopt the Payment Application Best Practices. This will give your small business a competitive edge in the global market because it allows you to accept payments with secure credit card acceptance and storage.
- You can easily customize unattended backups.
- You can customize your bookkeeping forms.
- With mobile integration, you can use your Smartphone to access certain areas of QuickBooks.
- QuickBooks’s Remote Access capability enables another user with internet access to view your QuickBooks account if given permission.
- QuickBooks reports can easily be exported to Excel spreadsheet format.
- QuickBooks has the capability to generate invoices that present two balances: the balance for the current invoice and the total balance owed.
- The DrillDown or QuickZoom enables a user to do faster problem solving.
Versions specific to industry and geography
QuickBooks comes in versions specific to different businesses such as manufacturers, wholesalers, professional service firms, contractors, non-profit entities and retailers. There is even one version specifically created for professional accounting firms who service multiple small business clients. In May 2002 Intuit launched QuickBooks Enterprise Solutions for medium-sized businesses.
Besides offering industry specific versions, QuickBooks also comes in country specific versions. The company’s Canadian and U.K. divisions market versions of QuickBooks that support the unique needs of each region and time zone, such as Canada’s GST, HST or PST sales tax and European VAT for the UK edition. There are also published versions for the Australian, New Zealand and Singapore markets. The UK edition is programmed to compute Irish and South African VAT.
Intuit also offers a hosted solution called QuickBooks Online (QBO). With QBO, a customer pays a monthly subscription fee instead of an upfront fee. The user can access the software exclusively through a secure login via web browser. Intuit hosts all of the user’s data, provides patches, and regularly upgrades the software automatically. Mozilla Firefox and Internet Explorer are the browsers supported by QuickBooks online. Safari, Firefox and Google Chrome are also supported if a user is using Mac platform. QBO can also be accessed via an iPhone, a BlackBerry, and an Android web app.
Continuing Product Innovation
QuickBooks maintains its leadership in its industry because it is the continuing innovation of Intuit. This year, the company has released QuickBooks Pro 2014. QuickBooks Pro 2014 can more than satisfy the specifications of most small businesses. The new version contains all the basic modules to manage common accounting tasks such as general accounting, payroll, banking, inventory, customer management, time and job billing, and vendor and purchase orders. For users seeking facilities for processing of credit card payments, direct deposits and point of sales, compatible add-ons are available.
Our small business accounting firm in Hamilton, Profit Financial services, knows how valuable this accounting software can be for small businesses, which is why we offer Quickbooks training and consulting services. Over 4.5 million companies worldwide now use this amazing software, and we encourage all small businesses to try it. The reputation of QuickBooks speaks volumes about their reliability.
Contact Profit Financial Services, a small business accounting firm in Hamilton, today to inquire about QuickBooks training for your business.