When you are a small business owner, freelancers and who want to control their finances. That is where QuickBooks for dummies come in. QuickBooks can be your friend with so many features and options especially when you have no accounting experience. It is like a financial assistant right on your computer. But how do you get started with QuickBooks for dummies? Do not worry, we will guide you through basic and simple terms in just easy to understand steps. In this blog, you will find out about QuickBooks, its features, how to use it step by step and more, especially if you are a begginer for QuickBooks.
What are QuickBooks?
QuickBooks is an accounting software developed by Intuit that assists small and medium-sized companies. It is a money managing tool, tracking expenses, sending invoices and even a reports runner to check how your company is performing. In QuickBooks, you did not need any accountant to handle your finances. It simplifies the process by doing the tasks automatically like calculate taxes, track income and generate financial reports. All of this can be done in just some clicks.
There are two main versions of QuickBooks:
QuickBooks Online(QBO): QuickBooks Online is a cloud-based version. Here you can look at and work on your data from anywhere and on any device.
QuickBooks Desktop(QBD): QuickBooks Desktop is a traditional version which is directly installed on your computer.
Why Should you Need QuickBooks for Dummies?
QuickBooks helps save time and reduce errors when dealing with your finance. Here we explain why you need QuickBooks.
- Easy to Use: QuickBooks has an easy to use interface for dummies with clear instructions and easy navigation.
- Save Time: It automates many tasks like track invoices, expenses and create reports. The QB does a lot of the work for you.
- Stay Organized: All your financial information is in one place and stay organized which helps to keep track of your money.
- Prepare Tax: It tracks expenses, income and generates tax reports.
- Give you Insight: With QuickBooks, you run reports to see profit or loss, how much money you made and what you owe so you make better decisions for your business.
Features of QuickBooks for Dummies
QuickBooks comes with so many features that make managing your finances easy. Here we discuss features of QuickBooks briefly.
Dashboard: Once you log in QuickBooks, you see the dashboard. You can get an overview of your finances such as.
- Your bank balance.
- Pending Invoice.
- Quick summary of your profit or loss.
Chart of Account: The chart of accounts is that place where all your financial categories live. These include income, expenses, liabilities and equity. When you first set up QuickBooks, you need to categorize your account so that it tracks your finances effectively.
Invoicing: One of the most key features is creating and sending invoices. This is helpful for if you use service-based business or sell products.
- You can create invoices with your business details.
- You can email directly your clients.
- It should also track who is paid or not.
Expenses Tracking: One of the most important features is expenses tracking. You can record your business expenses like office supplies, travel costs and advertising fees. You can also add receipts for each expense directly.
Reports: This is also an important feature of QuickBooks which generates various financial reports. It also shows you how well your business is doing. There are various reports such as.
- Profit & Loss: It shows how much money your business is making or losing.
- Balance Sheet: A snapshot of your business financial position at any given time.
- Cash Flow: Keep track of the money coming in and out of your business.
Step by Step Guide to Setting Up QuickBooks for Dummies
Setting up QuickBooks for dummies is simple, here we discuss it.
Step 1: Sign up in QuickBooks Online
To start, visit the QB website and sign up for QuickBooks Online and choose a plan which fits your business size. Most beginners start with a simple plan.
Step 2: Create your Business Profile
After logging in, you will be asked to set up your business. You should fill in details like your business name, type of the business and your business’s industry(like retail, service etc.)
Step 3: Step up Your Chart of Account
It asks you to set up your Chart of Account. This is where you categorize all your income, expenses and assets. QuickBooks comes with a standard set of accounts, but you can change them to fit your business needs.
Step 4: Link your Bank Account
It lets you connect your bank and credit card within the software. QuickBooks will import your transactions automatically so that you won’t have to enter each purchase and deposit reports manually.
Tips for Using QuickBooks for Dummies
- Keep updating your records to create more precise reports.
- Each month, check that your QuickBooks balance matches your bank account.
- QuickBooks has a mobile app that lets you take photos of your receipts and enter transactions.
- Set up recurring invoice and automatic bill payment to save time.
Conclusion
In conclusion, we hope you will understand about QuickBooks for dummies with the help of this blog. It is among the finest to manage business funds. With QuickBooks, you will save time, be organized and know more about your business financial well-being. In case you have any questions, kindly consult our expert team.