Quickbooks Accounting software is is widely using in western and many other countries. Its a web based software.
In Accounts and business world there is a range of Accounting software like Tally.erp 9, Quick-books, Simple Accounting,Peatchtree,SAP and many more. Every ERP software has its own pros and cons and we can’t figured out a particular software as the best for us. One should know other software and then should consider his/her specific requirement and expectation from the software and the available resources to apply the same.
deployment of any ERP accounting software requires huge investment by means of finance, training, time etc so the decision should be taken after examining all aspects like your requirements and ability of the software to satisfy the same, the available trained staff to manage the software etc.
Quickbooks is a popular ERP Accounting solutions in countries like USA, UK, and many other countries. Let’s explore the main features of Quick Books
QuickBooks has been designed for users with no accounting background, who want an easy to use, double-entry automated accounting system. QuickBooks has tremendous functionality tracking transactions throughout the entire accounting cycle:
* the estimate for the Jobs awarded
* the sales order from the customer (Premier and Enterprise editions only)
* the vendor purchase order to purchase the goods to be sold
* the item received by the vendor to increase inventory
* the item assembled into a finished good (Premier and Enterprise editions only) for manufacturers
* payroll for the employees
* payments to vendors
* inventory of stock, assembled and special ordered items (Inventory Assembly in Premier and Enterprise editions only)
* shipments to the customer (packing slip)
* invoicing the customer (progress invoicing capabilities are available in all versions other than QuickBooks Basic)
* forms customization to give your business a professional look to customers and vendors
* tracking the amounts due from the customer
* sales tax tracking
* receive and apply money to customer balances
* prints bank deposit forms
* reconciliation of bank and credit card balances
* online banking capabilities
* loan amortization
* fixed asset tracking
Transactions that are repetitive can be saved and automatically re-entered, or re-entered upon demand (called memorized transactions in QuickBooks). Examples of typical uses for this feature
* creating templates of invoices that containing the same items sold (will lesson keypunching time)
* checks payable to the same entity for the same amount (loan payments, rents paid, service agreements for cell phone, internet)
* monthly vendor bills that are repetitive
* journal entries made every month
* purchase orders for repeat items purchased
QuickBooks accounting software is so smart it can be adapted to run any kind of business. While it is designed for easy comprehension, it is chock full of sophisticated (easy to use) features that may be implemented later which will streamline your office systems once the basics have been mastered. QuickBooks class tracking feature allows you to track segments of a business that are independent of customers, jobs, and vendors without adding sub accounts to the chart of accounts. Class tracking is available in all editions excluding Simple Start. Along with the automated accounting activities QuickBooks has the reports needed to manage the business cycle.
QuickBooks software will provide the following reports.
* Balance sheets and income statements (profit and loss)
* Accounts receivable reports
* Sales reports
* Purchasing reports
* Accounts Payable reports
* Account registers (Checking, Assets, Liabilities)
* Customer and vendor reports
* Time and Mileage reports (Not available in QuickBooks Basic)
* Inventory reports
* Sales tax reports
* Payroll reports (if payroll is processed within QuickBooks)- Does not easily handle payroll where one employee works in multiple states subject to multiple state tax withholdings.
Many small businesses pay income tax on the cash basis but manage their business using accrual reports, in QuickBooks you do not need to choose. Reports are available at any time for cash or accrual basis.
QuickBooks provides all the tools for accounting. It handles the accounting transactions needed by most small businesses. QuickBooks functionality and the increasing availability of add-on software will help you adjust your systems to result in streamlined and automated operations. Order a copy for your company, while we doubt you will have need for it, there is a 60 day return policy.
QuickBooks is an automated computer accounting system that can be customized to meet your individual company needs:
* QuickBooks keeps important accounting documents within the computer file for easy access
* Reports are flexible and customized to your industry
* QuickBooks help menu available in all QuickBooks products will make your set-up, training and customization process go smoother
* Customize all forms – Invoices, sales orders, purchase orders, etc to give forms a professional style is unique to your company.
* QuickBooks will keeps important company information, accounting information and tax tables
* QuickBooks will produce reports that compare your actual results to budgeted
* The latest version Quickbooks will track plant assets. QuickBooks Enterprise will depreciate them.
* QuickBooks Payroll is easy to use. The payroll set-up wizard is a series of automated help windows that will guide you through the set-up process. QuickBooks payroll will print the 941, 940, W2, and 1099 tax forms. The tax tables must be purchased each year at an additional cost.
* QuickBooks has automated accounting for inventory for up to 14,500 items, (supercharged QuickBooks Enterprise Solutions will automate the accounting for up to 1,000,000 items). Inventory items are accounted for at average cost (not first in, first out or last in first out)
* QuickBooks has automated the bank reconciliation. A process that will uncover mistakes and makes easy work of correcting problems.
* A good automated system will permit changes to the set-up as your company grows and changes. Quickbooks can change as you become more proficient with accounting.
* QuickBooks gives you a choice of making inactive those items and names that are no longer needed, merging duplications, and editing for new or modified information.
* QuickBooks does not require a year-end close procedure so prior years detailed accounting transactions are available for analysis at any time.
* QuickBooks handles special accounting needs including, discounts, credit memos, returns, loan amortizations, cash receipts, credit card receipts, paying vendor bills with credit cards and more.
* QuickBooks will integrate with Microsoft word for marketing campaigns, invoicing using Word templates you create, or customer correspondence and with Microsoft excel for special reporting needs.
Some points of interest:
1. QuickBooks will track inventory on average cost, not specific identification, FIFO or LIFO
2. QuickBooks does not easily track serial numbers but there are “work a-rounds” so it will be necessary to determine if the work around is a “big deal”. There are add-on software packages that integrate with QuickBooks to solve for this need (at an additional price) QuickBooks does not track attributes of inventory (color, size, style). But QuickBooks provides for customizable fields which can be customized to sell items with attributes (size, color) or use for an inventory item’s location. This is feasible if the item is always stored in the same location, but QuickBooks does not provide for multiple bins for one item. QuickBooks Enterprise offers multiple location tracking for companies with more than 1 warehouse/truck where inventory is kept (additional fees per year apply). The location of an item is not entered in the same window that delivery receipts are entered, so constant modifying of the item’s location can be cumbersome for a part that is continuously being moved.
3. QuickBooks will not create automated reclassification journal entries based on percentages.
4. QuickBooks Premier does have a feature called Inventory Assemblies that allows you to enter daily production which will reduce raw material stock and increase finished goods stock. And when you purchase the edition the Wholesale/Mfg (plus all versions of Enterprise) you can include costs for labor and overhead to the finished good product.
5. Third party software add-ons to QuickBooks will make you more efficient. Third party software integration is available in all versions other than QuickBooks Simple Start.
These automated accounting functions are fundamental to QuickBooks software. The accounting tasks can be accomplished by non accountants because of the intuitive interface. This is one automated accounting system that is flexible and forgiving. You do not have to be afraid of typing the wrong key as QuickBooks is flexible and forgiving! Corrections are easy and annual support plans are inexpensive. We highly recommend QuickBooks automated accounting software, and suggest you take advantage of our set-up and training services to make the transition an easy one.
Easy to use with powerful features for collecting the management information you need! But you will need training. There are right ways and wrong ways to enter data. We offer the training you need to work with QuickBooks so it will manage your financial affairs and monitor your business results
If you are using Quickbooks then do share your views and experience with us.