QuickBooks is an industry-leading accounting software that offers remarkable tools for managing your customers, vendors, inventory, finances, as well as your clients. Using this application, you can easily run your business. For getting deeper knowledge about QuickBooks, look at the given information. This will help you to know “How QuickBooks Works”.
For using this ultimate software, you first have to create a QuickBooks account. Then, access your account through Quickbooks sign in and perform the following functions for enhancing your accounting experience.
Track Project Profitability
- Get clear reports of your project’s earning.
- Track costs, expenses, incomes all in one place.
- Control expenses by analyzing how much income is exceeding the cost.
- Maximize profit by knowing the trending and beneficial projects in which you can invest.
- Reminds you to pay bills and avoid late fees.
- Track the bills along with their due dates.
- Record and create payments.
- Pay a number of vendors at the same time.
- Automatically makes the payments from your bank account and record them in the books.
- Provides an easy portal for making payments.
- User-friendly portal for making partial payments.
- Categories your personal and business trips in order to know the accurate tax deductions.
- Add trips manually.
- Provides reports on miles driven and deductions.
- Automatically track miles with the smartphone.
Income & Expenses
- Connects your QuickBooks account to a bank account, credit card, PayPal, etc.
- Import and categories income as well as expenses.
- Provides cash-flow statement for managing the expenses.
- Categories all the expenses with tax deductions.
Invoicing & Payments
- Customize your invoice with your own logo.
- You can set up a recurring invoice whom you bill regularly.
- Get notifications when your customers view or pay bills.
- Provide automated payment reminders.
- Track invoice status.
- Create partial invoices for different stages of the project.
- Tracks payments that you make to contractors.
- Create ready-to-send 1099 forms.
- Separates the contractor expenses and payments made to them.
- Provides a user-friendly portal to file taxes.
- Purchase and print 1099 tax forms directly and easily from QuickBooks.
- Payroll taxes are automatically calculated, filed and paid.
- Setup payrolls once and further they will run on their own.
- Manage your money with easy payroll tracking.
- QuickBooks will automatically resolve filing errors and pay penalties.
- Manage accounting and payroll, all in one place.
- Save your time with multiple users working together.
- Control access to business data by granting permissions user by user.
- Invite the accountant to log in to your account separately without sharing credentials.
- Share reports and sensitive data without sharing a log-in.
- Automatic updates of your inventory to track it in real-time.
- Get the notification whenever its time to reorder inventory.
- Manage vendors by knowing what popular in the market.
- Get an inventory summary report.
- Monitor cash flow and business performance with QuickBooks reports.
- Make better business decisions with clear financial statements.
- Customize your reports as per the information you want to see.
- Track recent trends and prepare a roadmap of your spendings.
Sales and Sales Tax
- Use a mobile card reader to accept payments through cards.
- Automatically calculates your invoice taxes.
- Get Sales Tax Liability report to know where you stand.
- File your taxes manually or electronically.
- Customize your estimates as per the need and demand of business.
- Automatic conversion of accepted estimates into an invoice.
- Eazy e-payments via the “Pay Now” tab on the invoice.
- Get your estimate status directly by mobile signature.
- Organize your data in order to calculate tax easily.
- Snap your receipts and store them for keeping the track.
- Know your tax quarterly to keep that amount aside.
- Keep track of taxable and non-taxable sales via the Sales Tax Liability report.