Through digital accounting, organizations can easily streamline their accounting operations. QuickBooks, offered by Intuit, is the most acclaimed accounting software available on the market. Through QuickBooks Bookkeeping software, users can record transactions, create reports, manage payroll and do much more. In this article, we will explore in depth, how QuickBooks Bookkeeping helps you in simplifying Bookkeeping.
- 1 Record Transactions – Reduces the need to hire a professional
- 2 Create Reports and Generate Financial Statements
- 3 Manage Manufacturing and Inventory
Record Transactions – Reduces the need to hire a professional
Since everything is recorded through the digital medium, changes can easily be made. QB also enables users to make changes to accounting data for which the books have been closed. This is something that many accounting softwares restricts.
Still, QB displays a warning and requires the user to have administrative privileges to make changes to the data of financial years for which books have been closed. This enables users to rectify errors while ensuring accuracy of their financial data.
Create Reports and Generate Financial Statements
1. Analyze data and curtail costs while maximizing profits
With QuickBooks, users can easily analyze the financial data for any period of time. You can create Financial statements like:
- Profit and Loss Statements
- Cash Flow Statements
- Balance Sheets
- Audit Log
- Trial Balance
- Transaction detail by account
A Few important reports available in QB:
- Customer/ Vendor detail summary
- Accounts Receivable/ Payable summary/detail reports
- Bank reconciliation report
- Sales Tax Liability Report
- Open Purchase Order List
- Inventory Valuation Detail
Also, QB enables users to create customized reports. In addition to this, industry specific templates are available in QB which can also be customized according to user’s requirements. Further, QB 2017 enables users to view all the filters applied on a particular report. This makes it easier for users to recreate or edit a report.
Manage Manufacturing and Inventory
Track inventory, products, assemblies and subassemblies to reduce cost incurred in development cycle
QuickBooks makes inventory tracking a cakewalk. With the introduction of Advanced Inventory in QB 2017, users can seamlessly enter items and track them throughout their life cycle. Further, QB works with bar code scanners that can be used for easily entering data about items. You can also use a serial number scanner for making entry about items in QB. QB also provides the option to manually enter items, their quantity and their rates.
Bill of materials can be used for tracking raw materials, assemblies and subassemblies. Basically you can track a product along with its components throughout its whole life cycle. Users can also acquire the valuation of the product and any of its components during the development cycle.
Upon receiving the valuation of a particular product or component, you can use Advanced Pricing to ascertain the total price of a product. You can enter all the details about a product and the profit margin you want on it. Upon processing this data, Advanced Pricing will give you the price at which a particular product should be sold. You can also use this feature to ascertain price of services.
Need Professional Help?
If you get stuck anywhere in the process, feel free to get in touch with AccountingErrors QuickBooks Technical Support Team, Which is available 24/7 on 📞.