CategoriesQuickBooks

All About QuickBooks Software

If there is anything synonymous with ‘small business accounting software,’ it is QuickBooks. Since its initial release in 1983, this advanced software has continued to dominate the accounting software marketplace. Its current market share of 56.60% is a symbol of its utility and benefits for accounting professionals worldwide. 

 

In this blog, we will cover everything about QuickBooks software.

 

What is QuickBooks?

 

QuickBooks is a full-featured financial management suite that caters to the needs of accounting, payroll, inventory, invoicing, and expense management related to businesses. The feature list is not a complete one of what all this software can do for your business. Highly regarded as the Swiss Army Knife of business financial tools, this software can do just anything related to your business. 

 

QuickBooks is developed and marketed by Intuit. It is available in both desktop versions and an online version accessible via web browsers. 

 

What does QuickBooks accounting software do for businesses?

 

It is user-friendly accounting software that can help you track and organize business-related financial information by eliminating manual data tasks. Instead, it is known to automate numerous tasks, such as time tracking, invoicing, bookkeeping, sales tax management, bank reconciliation, and inventory management. 

 

History of QuickBooks

 

QuickBooks was initially released in a DOS version based on the Quicken codebase. The software became popular amongst small business owners who did not need formal accounting training to use it. Because of its features and benefits, it soon claimed to have around eighty-five percent share of the small business accounting software market (Wikipedia). 

 

QuickBooks kept evolving with new features and versions because of a lack of certain accounting features, security control issues, and a mismatch with accounting standards.

Some other facts related to QuickBooks are:

 

  • By 2000, Intuit developed the Basic and Pro versions of QuickBooks.
  • Intuit launched QuickBooks Enterprise in 2002 for medium-sized businesses.
  • By the end of the third quarter of 2005, QuickBooks had gained 74% of the US market share.
  • Intuit announced the release of QuickBooks 2015 with improved features in September 2014.
  • Intuit released QuickBooks 2016 in September 2015, and it went on like this every year until September 2020, when QuickBooks 2021 was launched.
  • Various versions of QuickBooks are available in different markets.

 

Features of QuickBooks

 

Given below are some of the primary features that make QuickBooks the number one accounting software for small businesses:

 

  • Business finance management
  • Faster invoicing
  • Easier bookkeeping
  • Insights of cash flows, profits and losses, and balance sheets
  • Easy to integrate add-ons for time-tracking, payment processing, etc.
  • Business process automation
  • Industry-recognized security safeguards

 

How Does QuickBooks Work?

 

Intuit developed QuickBooks with unique features for freelancers, small businesses, and mid-size businesses. Given below is a list of tasks you can do using this advanced software:

 

  • Bill Management – to organize bills in one place, schedule, and make payments right in QuickBooks.
  • Bill payments – to simplify bill payments when integrated with Bill Pay from Bill.com.
  • Cash flow management – using QuickBooks cash account for business banking and cash flow forecasting for growth planning.
  • Professional estimates – to customize estimates based on your brand needs and then convert them into invoices with ease
  • Income and expense management – to keep a check on capital inflows and outflows and then to sort transactions into tax categories
  • Inventory management – to track products in stock, cost, see what’s popular, manage vendors, and much else.
  • Live bookkeeping – to match with a certified bookkeeper.
  • Payroll – to automate payroll and tax calculations/filing (both federal and state payroll taxes)
  • Time tracking – to clock employee time and billable hours

 

More About QuickBooks Online

 

QuickBooks Online is the cloud version of QuickBooks software for bookkeepers, small business owners, and similar target users. It provides easy access to your tax and accounting data from anywhere and anytime. Whether it is about integration with third-party apps, adding HSN/SAC codes, or getting customized accounting reports, QuickBooks Online does it all. 

 

You should know that QuickBooks online is different from hosting your licensed QuickBooks software with the help of a QuickBooks hosting provider. So make sure you know the difference between the two before you select any of them. 

 

What is the Difference Between QuickBooks and Quicken?

 

Many users feel confused about the differences between QuickBooks and Quicken software. While QuickBooks focused on the accounting side of businesses, Quicken is meant for managing the personal finance of individuals and families. 

 

Another difference between Quicken and QuickBooks is that the former option is only available as local desktop software. At the same time, the latter also offers an online version with its desktop product. 

 

What are QuickBooks Desktop Products?

 

The following table covers different products or versions of QuickBooks accounting software:

 

QuickBooks Version Subtypes
QuickBooks Self-Employed
  • QuickBooks Self-Employed
  • QuickBooks Self-Employed Tax Bundle
  • QuickBooks Self-Employed Live Tax Bundle
QuickBooks Desktop for Mac

QuickBooks Pro

QuickBooks Premier

QuickBooks Enterprise
  • Gold with remote access
  • Platinum with remote access
  • Diamond with remote access

 

Which QuickBooks Version is Right For You?

 

The following table will help you select the right QuickBooks version for your business needs:

 

Who You Are? Suggested QuickBooks Version
Solo entrepreneur seeking cloud accounting software QuickBooks Self Employed
Small businesses in need of cloud-accessible accounting QuickBooks Online
Small or midsize businesses looking for desktop accounting software QuickBooks Desktop
To enhance the current version of QuickBooks in use QuickBooks App
Small businesses using MacOS QuickBooks Desktop Mac
Small business which has just started  QuickBooks Pro
Businesses with industry-specific needs QuickBooks Premier
Businesses looking for a flexible financial management solution QuickBooks Enterprise

 

Note: The suggestions for QuickBooks versions given above are generic in nature. You are advised to assess your business needs carefully before selecting any QuickBooks product.

 

Recommended Read: Cost Vs. Benefits of QuickBooks Cloud Hosting

 

What are QuickBooks Alternatives?

 

The accounting software industry has grown manifold over the years, resulting in multiple software available in the market for different use cases. Genuine QuickBooks alternatives will make it easier to manage business accounting books, create invoices, send payments, to name a few. 

 

A few popular QuickBooks alternatives include FreshBooks, Sage, and Zoho.

 

QuickBooks FAQs

 

Is QuickBooks difficult to use and learn?

 

Individuals who know about various accounting concepts find QuickBooks easy to use. However, those who are new to this software and accounting may need a bit of a learning curve to use it.

 

What percentage of businesses use QuickBooks?

 

As per a valid source, nearly 64.4% of small businesses use QuickBooks software.

 

How much does QuickBooks cost?

 

The cost of QuickBooks depends on the version you buy the license of. In addition, you may have to pay the price of QuickBooks hosting if you switch to its cloud-hosted version.

 

Is QuickBooks good for a small business?

QuickBooks is the preferred choice of millions of small businesses in the U.S. and caters to diverse needs with its range of products.

 

Do you need to be an accountant to use QuickBooks?

Other than CPAs and accounting firms, small business owners can also use the basic versions of QuickBooks software. 

 

CategoriesQuickBooksQuickBooks Hosting

What Makes QuickBooks Good for Small Businesses?

Handling accounting tasks related to a small business is not as easy as it may seem. In the early stages of business launch and development, many business owners prefer handling account books manually. It requires significant effort to manage various facets of the business, including accounting, production, procurement, to name a few. 

 

If you have also started a small business recently, you must dedicate your precious time to the right things and manage accounting tasks using QuickBooks software. You might have heard some misconceptions about QuickBooks being limited to enterprises. 

 

The truth is – QuickBooks has been designed with a wide range of features that can benefit businesses of almost any size and scale. As a result, it is one of the leading accounting software loved by CPAs and accounting firms in the USA. According to the stats, the current market share of QuickBooks stands at 56.82%. Whether it is about managing expenses, creating custom invoices, or managing inventory, QuickBooks has also become the go-to option for small businesses. 

 

Five Reasons You Should Choose QuickBooks for Your Small Business

 

 

  • Connected Banking for Money Management

 

Many QuickBooks features have been designed to help small businesses manage their funds efficiently. For example, with bank feeds in QuickBooks, you can easily connect your bank account to this application to get a complete view of your finances. With these feeds, you can check the funds coming in or going out in real-time. It does not require manual data entry and hence, reduces the risk of clerical errors. 

 

It can also help you sort the transactions by matching income with invoices on the one hand and outflows with expenses on the other. 

 

 

  • Invoicing

 

Another feature that makes QuickBooks highly useful for small businesses is invoice creation. Using this advanced application, you can create custom invoices in a few steps and get paid on time. It makes the manual task of invoice creation simpler and helps you get faster payments. You can also set up payment schedules and keep track of invoices to manage the influx of money better. 

 

You can use QuickBooks invoice template or create a custom invoice matching your brand identity in seconds.

 

Recommended Read: Differences Between QuickBooks 2019 Vs. 2020 Vs. 2021

 

  • Financial reporting and insights

 

With QuickBooks software, you can get instant access to financial reports and data related to your small business. For example, it gives you a 360-degree view of sales categorized under customers, products, or location. You can also create custom reports, including cash flow, balance sheets, and P&L statements. All these reports will help you stay on top of the business finances based on which you can make decisions for further growth.  

 

 

  • Tax Tracking

 

Facing tax traps is often a big challenge for small businesses, which can be easily avoided with the help of QuickBooks. With its intrinsic features, you can automatically track and calculate sales tax. Every time you create an invoice, the software automatically calculates taxes for you, which makes preparing and paying taxes easier. 

 

With QuickBooks reports, you can also create a tax summary for review before filing the taxes. 

 

 

  • Paperless accounting

 

Like many other small business owners, you might also be working on being environment-friendly and reducing your carbon footprint. By switching to QuickBooks, you make a step forward towards paperless accounting as it helps manage documents and invoices in digital format. Whether it is invoice generation or reporting, you can efficiently work with digital files and save paper.

 

Make Your Small Business Grow Big with QuickBooks on Cloud

 

Using QuickBooks for your business can be a game-changer in the long run. The next big thing is to combine the power of this software with that of cloud technology in the form of QuickBooks hosting. You can host your licensed QB on a cloud server with Verito Technologies and enjoy seamless remote access on the go. Work on QB files from anywhere with our smart cloud solutions.

 

Start your QuickBooks hosting free trial with us today!

 

CategoriesQuickBooks

Which is the best and most affordable accounting software for 2021?

Almost every form of business requires some form of accounting. Whether it is about tracking the expenses, streamlining books, or handling the accounting files of various clients, there are so many tasks that an accounting professional must handle. With technology helping us in every sphere of life, we look for a solution to simplify these tasks too, accounting software. 

The best accounting software will help you streamline accounting processes related to your business. It offers valuable reports to track the financial health of your business and make the daily tasks more efficient. But all this happens after the proper selection of accounting software. 

You might be wondering – ‘Which of the accounting software available in the market is most suitable for my needs and is also affordable?’

If you want a straightforward answer, it’s QuickBooks. There is not just one but many reasons to support it. 

What Makes QuickBooks the Best Accounting Software for 2021?

QuickBooks is one of the top-rated accounting applications preferred by CPAs around the world. It has been designed with features that take care of various accounting needs. Here are the primary elements that make QuickBooks the best accounting software:

  • Financial Reports

With QuickBooks, you can generate reports to analyze various aspects of your business and make informed decisions. With multiple reports like balance sheet reports, cash flow statements, profit and loss reports, etc., you can optimize business processes to generate higher sales and revenue. 

  • User Permissions

If you have hired a team of accountants to support your business, managing their roles while protecting business-sensitive data becomes a challenge. QuickBooks help tackle this challenge by providing complete control over user permissions and settings. You can easily configure their rights to ensure that every user only gets access to the data he needs. 

  • Payroll Processing

Hiring employees to manage payroll is less efficient and often results in human errors. A slight mistake can make your employees unhappy about the payroll processing. This is why reputable businesses rely on QuickBooks to automate various payroll activities. You also get QuickBooks Payroll integrated with this software. 

  • Tax Filing

Manual tax filing often involves tax preparation using hundreds of payment receipts and transactional entries. Still, there are chances that the accountant may make a mistake, or you may lose some essential receipts. With QuickBooks, you can access all your transactional data and bank statements in one place to simplify the tax filing process. 

  • Easy Invoicing

Creating invoices manually for all your clients is a cumbersome process that often results in delayed payments. Having QuickBooks accounting software by your side helps create invoices easily and send them to the clients. You can also check if the client has seen it or not to ask for payments timely.

Does QuickBooks Lie Within Your Budget?

If you want the best value for money, investing in the correct version of QuickBooks can be the best bet for you. Buying this software means saving money that you would otherwise spend on hiring professionals to handle various accounting tasks for you. In simple words, you can run multiple facets of your business with this advanced software. 

The best part is – it is available in different versions – Pro, Premier, and Enterprise. Depending on your requirements, you can select the version that matches the features you need. Since each version has different functionalities, it is advisable to dig deeper into their feature sets before buying.

Also Read: Which Version of QuickBooks Can Be Hosted on the Cloud?

QuickBooks and Cloud Hosting – What’s the Connection?

When you buy QuickBooks desktop software, you need to install it on your computer(s) to access its features. It also means you cannot use it when you are not in the office where the system is installed. QuickBooks hosting resolves this location-centric problem. By hosting QuickBooks on the cloud, you can access it from anywhere and anytime, using the device of your choice. The cloud technology also helps in keeping the QB data secure on third-party remote servers.

However, you should know that QuickBooks hosting services are to be chosen in addition to the software license but are worth the price payable. 

If you want to start hosting your QuickBooks on the cloud, give us a call right away at 1-855-583-7486.

CategoriesCloud HostingQuickBooks

A Complete Guide to QuickBooks Hosting for Businesses

When we think of small business accounting software, the first name that comes to mind is QuickBooks. Being the most popular application for accounting businesses, QuickBooks helps manage income and expenses to maintain businesses’ financial health. Whether it is invoicing customers, generating reports, or paying bills, QuickBooks can do it all. But it has certain limitations that you can overcome when you choose QuickBooks hosting for business.

Let’s discuss various aspects of QuickBooks hosting for business and how you can benefit from it.

What is QuickBooks Hosting for Business?

QuickBooks Hosting for Business refers to installing the desktop version of QuickBooks on a cloud server instead of hosting it on a local computer. Also known as hosted QuickBooks or QuickBooks Cloud, this mechanism enables remote software access via a web browser. As an authorized user, you can access the software from anywhere, and at any time with QuickBooks hosting for business. 

If you seek the robustness of the QuickBooks desktop version paired with cloud technology benefits, you need QuickBooks hosting for business.

How Does QuickBooks Hosting Help Businesses Grow?

Here is the process followed to host QuickBooks on the cloud:

  1. You buy a licensed copy of QuickBooks desktop software and hire a cloud hosting provider to host it on a cloud server.
  2. The chosen cloud solution provider will share credentials with you and your members for secure and authenticated access to the software.
  3. The end-users access cloud-hosted QuickBooks using Remote Desktop Protocol (RDP).
  4. QuickBooks hosting for business also allows easy software access from various devices empowered by different operating systems.
  5. The features, functions, and interface of QuickBooks cloud will be as same as that of its desktop version. 
  6. All the changes made on QuickBooks data files get saved automatically on the cloud, and authorized users can see the changes simultaneously. 

Need to Switch from QuickBooks Desktop to QuickBooks Hosting for Business

QuickBooks desktop software has excellent functions that make it easy for CPAs to handle various accounting tasks. Its limitations restrict professionals from utilizing it maximally. QuickBooks hosting for business helps overcome most of these limitations. 

Let’s look at the comparative study between QuickBooks hosting for business and QuickBooks desktop version.

QuickBooks Desktop LimitationsQuickBooks Hosting Advantages
Limited access to the softwareMultiple user access
Data storage on the local device onlyData and software hosted on high-performance cloud servers
Limited local device configurationEasy-to-scale cloud resources
Inability to collaborate over tasksSeamless collaboration between team members
Inconvenience of sharing data filesQuick and easy file sharing between users
No automation in software updatesAutomatic software updates
Risk of data lossRolling backup against accidental data loss

Version Compatibility for QuickBooks Hosting for Business

QuickBooks hosting for business is available for all versions of QuickBooks, such as QuickBooks Pro, Premier, Accountant, and Enterprise. 

What More Should You Know About QuickBooks Hosting for Business?

  • When using QuickBooks hosting for business, you do not need to save QuickBooks data files on your local desktop. All the data gets stored on the centralized server where the software is hosted.
  • You do not need to invest in IT infrastructure or support professionals to care for your IT needs. Instead, you gain round-the-clock support from the IT experts of chosen cloud service providers.
  • QuickBooks hosting for business is different from QuickBooks online, which is a cloud-backed SaaS application. QuickBooks Online features are also slightly different from that of its desktop version, making it difficult for some CPAs to transition. Instead, they choose QuickBooks hosting for business with the help of QuickBooks hosting providers.
  • After switching to QuickBooks hosting for business, your Cloud Hosting Provider will help you integrate various add-ons. Most popular QuickBooks add-ons include ACCTivate!, SmartVault, BillQuick, and Fishbowl Inventory.
  • New users often hesitate before switching to QuickBooks hosting for business. Reliable cloud hosting providers offer a free trial to their clients with no obligations. 
  • You can select a QuickBooks hosting provider based on the security practices followed, uptime guarantee, pricing plans, support policies, and client testimonials. 

QuickBooks hosting for business comes with various advantages for accounting businesses. Before you switch to cloud-hosted QuickBooks, it is crucial that you understand what it is and how it works. With a thorough understanding of QuickBooks hosting, you will find it easier to make an informed choice and plan to take the leap for your business. 

Want to experience QuickBooks Hosting for Business? Start your QuickBooks hosting free trial today.


About Verito Technologies

Verito Technologies provides fully-managed, turn-key cloud hosting solutions for all size companies. We host your favorite tax/accounting software on a dedicated cloud server backed by enterprise-grade security that is SOC2, PCI DSS, SSAE compliant, and our strategically located data centers offer a 99.99% uptime guarantee. Automated backups and a 24/7 support team provide complete peace of mind.

CategoriesQuickBooks

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