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QuickBooks is one of the most common accounting software for small businesses in 2023. Whether you need to move away from manual bookkeeping, your spreadsheets have turned into a many-headed hydra, or you need a better option than your current software, QuickBooks may be a good option. Choice without burning a hole in your pocket.

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In this article, we’ll discuss what QuickBooks is and how it works so you can understand how it can help you save time and get your financials under control.

What is QuickBooks?

Although QuickBooks is best known for its accounting software, it offers a range of accounting and financial solutions for small businesses. Here are some examples:

QuickBooks Payroll: Existing as a self-service or full-service solution, it lets businesses pay up to 50 employees by check or direct deposit. If you opt for a full-service plan, your year-end W-2 tax forms for local, state, and federal taxes are automatically calculated and filed.

QuickBooks Commerce: Brings all your orders and inventory together on one central dashboard, giving you the real-time status of every order. Q Commerce is hugely scalable, and you can use it to rapidly add new sales channels or build your B2B commerce platform and integrate with online marketplaces.

QuickBooks Online: You can preserve your accounting books in the cloud, accessible from anywhere, anytime, using QuickBooks Online. This service also has billing capabilities.

QuickBooks Live: Using QuickBooks Live. You can partner with an expert accountant to handle your bookkeeping needs.

QuickBooks Payments: QuickBooks Payments lets you generate payment-enabled invoices, set up recurring invoices, and get paid digitally on the go. Your customers can pay digitally using the method of their choice.

QuickBooks Time: Track the billable hours of your employees, clients, or projects using QuickBooks Time. Keeping track of your time is easy with QuickBooks Payroll and payments.

These apps seamlessly integrate with QuickBooks accounting software, creating a complete accounting and payment ecosystem for your small and medium-sized business.

How QuickBooks Works

While many options are available, you don’t need to subscribe to all QuickBooks services at once. You can start with one application, such as accounting or payroll software, and add more as you grow. If you outgrow a service, you can remove or update it as needed.

A typical QuickBooks setup might look like this: You start by signing up for accounting software, then add QuickBooks Live to help you fully customize your design. You can then login up for QuickBooks Payroll to expedite monthly payments and QuickBooks Time to track billable hours. You hire full-time employees, contractors, and freelancers as your business grows.

Quickbooks Software Options

Billing

Billing is one of the most crucial functions for many businesses, especially those that provide services or hire freelancers. QuickBooks makes it easy to create invoices from scratch or a previous quote. You can even set up a bill for recurring payments.

You can then share the invoice with customers by mail or take a hard copy and send a hard copy. It allows you to quickly run and view reports such as the number of unpaid invoices, the total amount owed by customers, and the details of each invoice (paid or overdue).

Track Bills and Expenses

While setting up QuickBooks, you can connect your bank and credit card accounts to the software. Once done, QuickBooks automatically keeps track of your bills and expenses.

However, tracking bills automatically doesn’t mean you can’t do it manually. You can easily directly record a manual transaction, either cash or check.

Again, QuickBooks offers plenty of reports to analyze your bills and expenses. If you have a bill journal, you can easily track upcoming payments to ensure bills are paid on time.

Track Employee Time and Expenses

With QuickBooks, tracking time and billable expenses incurred by employees or contractors are easy. They can enter it themselves using the QuickBooks mobile app or submit it manually, and an accountant can enter the details into the app.

Online Payments

As a business owner, you know how vital it is to manage positive cash flow consistently. QuickBooks Payments lets you easily accept payments online when you send invoices from the app.

QuickBooks allows you to accept payments in local currencies if you operate in multiple international locations. All transactions are automatically recorded as they occur. Of course, it’s safest to check first if QuickBooks accepts payments in the currency you’re working with.

Pay Slip

Payroll processing is an essential function for any business. The payroll module automatically calculates payroll as often as you want. Three plans give your business the scalability to grow over time and add functionality as needed. The Core plan offers everything a small or medium-sized business would need to start, while the Premium and Elite plans allow for options like same-day direct deposit and expert setup assistance.