Read this article to understand the features of QuickBooksThere are many features to look for when choosing QuickBooks software. Here in this article, we have provided some popular QuickBooks features, go through them, and enhance your knowledge. Keep reading till the end to grasp the detailed information. For more info contact our QuickBooks ProAdvisor toll-free+1-844-405-0904
QuickBooks offers too many advanced features to provide you the best accounting and bookkeeping experience for your accounting tasks. Here are some QuickBooks features by the different versions of QuickBooks software.
Before choosing accounting software for your business it is important to consider which version is offering which features. And then depending on your business you should go for software.
Table of Contents
Some Popular QuickBooks Features
1. Inventory Management
QuickBooks offers one of the best-advanced inventory management systems than any other accounting software. As you know there are different versions of QuickBooks are available but QuickBooks Enterprise is arguably the best among them and thus provides the best-advanced inventory management.
With the help of QuickBooks advanced inventory management, you can easily create and set up sub-assemblies automatically without entering them manually one by one. Since you’ve got unlimited inventory capacity you don’t need to worry about the minimum and maximum stock levels. You can also set advanced price rules for the customers, vendors, items, etc.
Apart from this, another major benefit of using the QuickBooks accounting software is that you can accurately enter your financial data into the software. The only thing you need to do is to scan the serial numbers, inventory, or bar codes. You can also generate your own barcodes using QuickBooks Point of Sale Barcode scanner.
It is important for every business to closely keep an eye on the supply chain. If you are familiar with the QuickBooks features then it will be very easy for you to track the supply chain. QuickBooks is able to provide you industry-standard reports with precise details like the number of items present in the inventory, sales order, and purchase order.
If you want to locate inventory tasks then you can easily do that by going to the inventory items and reports and then QuickBooks Inventory Center. In addition to this, you can reorder your entire inventory with just a few clicks. QuickBooks provides you an inventory stock status record that will assist you in reordering the inventory items as needed.
2. Define User Roles and Permissions
It is a known fact that not every employee of an organization or business needs full access to the accounting and financial details. And if this vulnerable financial data is accessible to all the employees then the possibility of data loss and the data breach will surely increase. One of many QuickBooks features lower the risk of happening this.
This QuickBooks feature allows employees to access data according to the user role assign by you. Depending on the department in which your employee work and work responsibilities you can assign a role to each and every employee. This means that as the owner of the business you will have the entire control over the data. With this software, you can easily assign user roles and permission to your employees.
There are more than hundred of predefined roles available in QuickBooks from you can assign one to your employee. But if you are not satisfied with the predefined roles then in QuickBooks, you can also easily create a user profile with customized permissions to every employee.
3. Managing Reports and Financials
In a business, it is important to have an in-depth knowledge of all the financial transactions so that you have a good idea about the company’s income and expenses. If you are using the QuickBooks accounting software for managing reports and financials then it will be very easy for you to track income using the ‘Income Tracker‘ feature. Here you can also enter the expense transactions and that too the transactions made from the multiple bank accounts. All this can be done under one hood and with less time too.
Another one of the best QuickBooks features is that you can easily create a state of the art business reports using one of many templates depending upon your business. You can create reports like profit and loss statements, balance sheets, cash flow statements, Quarterly or fiscal year budgets, forecast comparisons, etc. All the business personals are aware of how important these reports are when you want to analyze business growth and productivity. All future decisions mainly depend on the accuracy of these reports.
There is a feature in QuickBooks Enterprise that allows you to combine multiple reports from many companies into one. It is also very convenient to export data from QuickBooks to Excel and vice versa.
In addition to this, you can also conveniently track your expenses, fixed assets, tax deductibles.
4. Tracking of Sales and Customers
It is important for every business to track sales and orders no matter if it is small-sized, medium-sized, or large enterprise business. As we know it is not easy at all to accurately track sales and orders. QuickBooks features simplify the entire process of sales order tracking for you. With the help of this feature, you can easily track the salespersons and also view their expenses at the same time. In QuickBooks Lead Centre, you can track the leads easily. This will save both your time as well as effort.
QuickBooks advanced user tracking feature allows you to add a number of customers, vendors, and employees. This will eventually help you in the growth of your business as well. Apart from all this you can also create and set up recurring invoices and estimates, set up and use foreign currencies for sales transactions, create custom pricing lists and this is just the tip of the iceberg, you can do a lot more than this in QuickBooks accounting software.
5. Generate Reports
One of the great features of QuickBooks is, you can generate reports and graphs very easily. QuickBooks account can generate reports automatically using the QuickBooks schedule report. And also it can generate reports like cash flow statements, balance sheets, or profit and loss sheets. These all features are available in a reports menu. You can generate them at any time.
6. Invoice
This feature allows you to make sales forms in a quick and easy way. Therefore QuickBooks can automatically track who owes you money and when a payment gets paid. you can get paid at the correct time with the help of this QuickBooks feature. All your client information that you entered previously is pre-filled and also the charges are automatically calculated. So these features saving your time and increase your money.
7. Journal Entries
Another feature in QuickBooks is that you can easily create and send journal entries to your clients directly from the software, you don’t even need to print them on the document or export them as pdf. QuickBooks send these journal entries as an email attachment to the emails listed in the company information. QuickBooks Accountant also sorts all of your clients on the main menu so that you can easily find their files.
If you ever in a hurry to send files to the clients and in the rush you mistakenly commit an error then the software’s in-built tools and widgets help you in finding and resolving the errors instantly.
8. Track Budget
You can easily track your income and expenses accounts QuickBooks makes it very easy for you. It helps you understand your cash flow and what’s the current status of your business so that you can make better decisions.
9. QuickBooks Payroll Software
Payroll software is a very important feature of QuickBooks that integrates with all versions of QuickBooks. Unlimited payrolls each month, free direct deposit, or printable checks, automatic tax calculations, electronic tax filing, and free expert payroll support are the important payroll and tax features of QuickBooks payroll software.
10. QuickBooks Free Trial
Above we’ve discussed the major QuickBooks features due to which this is one of the most popular accounting software for small, medium, and large-sized enterprises. But it is important for every user to experience all these features in person before buying the software.
Therefore, Intuit’s QuickBooks offers you 30 days free trial run for both the QuickBooks version. So, you can have to experience every feature and decide which QuickBooks version is a perfect fit for you.
You can check out our article on QuickBooks Online Trial version and QuickBooks Desktop Trial version. Then, you can easily choose which version is appropriate for your business.
The Bottom Line
In this article, we’ve discussed the most popular QuickBooks features that everyone should have known if they are using QuickBooks or thinking of buying the QuickBooks accounting software.
If you have any questions related to accounting and bookkeeping then we recommend you to have assistance from our team of QuickBooks ProAdvisors. Our team consists of Intuit certified accounting professionals who can solve any issue instantly. To know more about the services we offer feel free to contact our support team via a 24/7 toll-free number +1-844-405-0904.