Intuit QuickBooks Software: All You Need to Know


QuickBooks is an accounting software that makes your accounting task easier, simpler and effective.  It is designed to eliminate the complex and difficult process of managing your cash flow, inventory and quicken decision making.

There are three (3) versions of QuickBooks Desktop licences – Pro, Premier and Enterprise Edition – and three (3) versions of QuickBooks Online – simple start, Essential & Online Plus.

QuickBooks Pro and Premier are one – time licence software, no yearly subscription fee while Enterprise Edition is available as one – off licence (with no advanced inventory) or subscription.

The Online versions, Simple Start, Essential or Online Plus are subscription based.

The cost of Quickbooks depends on the version you are opting for.

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There are many benefits of using Quickbooks in your business, one of which is the fact that it can track all your income and expenses while showing you your actual profit or loss by day, week, month or year on real time. Suitable for retail, wholesale, distribution, manufacturing, real estate, travel, oil & Gas, medical centers, IT products re-sellers, hotels, micro-credit, cooperatives, legal firms, auto dealers, school, consulting services, NGO, event managers and any other business type – as long as they earn, spend money and manage money.

  • It tracks all your income and expenses while showing actual profit or loss by day, week, month or year on a real time.
  • Manage multiple currency transactions, create local or domiciliary accounts (update official or black market exchange rates), enter purchases and sales, view foreign exchange gain or loss and generate financial reports in local (home) currency.
  • Monitor banking & credit card transactions: cheque payment, credit transfers and reconcile bank and cash book balances monthly.
  • Creates, sends and keeps a record of all invoices issued to your customers/clients, track payments and outstanding balances at a glance. You can run a customers’ balance report, overdue invoice report and collections details to plan your future cash flow.
  • You can also enter bills received from suppliers or contractors, track amount paid so far – by cheque, cash or online transfers – and view amount due on a daily, weekly, monthly or yearly. If you want to pay your expenses by checking overdue bills, QuickBooks makes it easy to sort expenses by date, vendors or currencies.
  • You can set – up VAT & Withholding tax, track charges, deductions and amount remittable to FIRS.
  • Fixed asset management & depreciation charges.
  • You can save a PDF copy of your invoice, bills, and also attach relevant documents from your computer
  • Track your inventory, monitor stock movement, reconcile warehouse/store balances and generated daily, weekly, monthly inventory report.
  • Know how your business is doing via the report windows – profit or loss, Statement of Financial Position, Cash Flow, and customize any type of report that will help management make decisions.
  • You can also have multiple users on the software and assign roles to each user.
  • To help secure your data, you can also backup, run data file check and maintenance

These and more can easily be achieved using QuickBooks Accounting Software. Do not forget to involve the services of professionals or experts in all your business decision making .

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