Capabilities and Features of QuickBooks: Complete Guidelines


QuickBooks is widely used accounting software by small enterprises to manage income and expenses and keep a better track of the financial health of their business. It includes various additional features and capabilities that are going to be discussed below. So, go through the complete blog to get a better understanding of QuickBooks.

What is QuickBooks Desktop? Capabilities and Features of QuickBooks

QuickBooks is used for anything from managing payroll to monitoring sales and expenditures to putting together packages for financial statements and more. QuickBooks also automates time-consuming procedures, such as scheduling bank reconciliations, and you need not be an accountant or bookkeeper to use it. It is constantly developing in both on-site accounting systems and cloud-based models with the user-friendly and advanced features.

How do Businesses use it?

It is easy and convenient to manage your sales tax, inventory, create sales orders, create bills of materials, etc. with QuickBooks. It can be used to invoice customers, pay bills, produce reports, and prepare taxes. The Capabilities and features of QuickBooks include several solutions for a solopreneur to a mid-sized business that works great for anyone.

QuickBooks Desktop: Capabilities and Features of QuickBooks

QuickBooks advanced capabilities help you in many things such as:

  • Core accounting: Accounts receivable, general ledger, accounts payable, and bank reconciliation.
  • Financial reporting: Tracks and visualizes trends, evaluates KPIs, balance sheets, and reports profitability on profit and loss (P&L) statements, etc.
  • Payroll (limited): Track employee hours, print checks, and slips for deposit. There is an additional fee for enhanced payroll (calculates payroll taxes and files tax forms).
  • Inventory management: Track orders, sales, and deliveries to keep the standard of product supply.
  • Invoicing and Billing: Automates invoice creation and sharing, as well as payment collection.

Improved payment capabilities

QuickBooks has delivered innovations in all running a small business. It showcased its first look at smarter ways to add payment capabilities to invoices. This innovation means that users of QuickBooks are charged on average within five days of the invoice being received, three times faster than those that do not use QuickBooks payments.
It helps small businesses get paid faster, get access to the capital they need, and better understand their cash flow, allowing them to stay ahead of challenges.

QuickBooks is constantly improving and evolving

It is slowly improving but steadily being the best financial software that can be on the market. There are plenty of improvements that can often prove helpful within the software in terms of running your business.
It can be accessed from any type of modern device, which makes the life of the business owners much easier. New features are added regularly so that you can easily cover all your financial areas.

Salient features of QuickBooks

  • Automatically send customer payment reminders: Using Automated Payment Notifications to quickly set notifications for customers when their invoices are due.
  • Combine multiple invoices in single mail: Simplify in terms of handling customer payments by consolidating several invoices into one email only.
  • Easily transfer file: A more efficient method of file transfer between Accountants and users of QuickBooks.
  • Add customer PO email subject: Now you can easily add PO numbers of customers to email subject lines in QuickBooks.
  • Payroll status for direct deposit: with this new payroll status feature, the employers can see the status of the payroll of the employees that are paid through direct deposit.
  • Expand or collapse columns: Hide columns in reports with jobs and classes to see quick, easy-to-read customer numbers
  • Smart help: To explore advanced support in QuickBooks Desktop Premier 2020 then just click “F1” and search experience or access to live experts through sending messages and call back options.
  • Search Company files easily: Find and open company files at ease with additional file search options. The company file can be stored on your network drives, removable devices such as USB, local storage, and more.
  • Send batch invoices to a customer: This feature is beneficial to customers as it cuts down the number of emails sent to the customers as they do not have to attach each invoice to a separate email. However, the thing to note here is that you can send the invoices pertaining to a single job only. Hence, if you wanted to send invoices of two separate jobs, you would have to send them in different emails.

Bottom line

The above discussed Capabilities and features of QuickBooks proved that it is one of the best small businesses accounting software. It includes multiple features that allow you to keep track of your income and expenses, pay your employees, track your inventory, and simplify your taxes. To explore more, you can easily connect with QuickBooks professionals to get more information about QuickBooks and its benefits.

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