QuickBooks and the features

QuickBooks is accounting software that provides a complete bookkeeping solution. It’s an ideal accounting solution for small and medium businesses. An accountant/bookkeeper just needs to enter the basic accounting entry in a respective chart of accounts and many useful report can be obtained with just a few clicks.

QuickBooks offers its services as cloud data storage or desktop data storage, which means your accounting data can be stored in the server of QuickBooks or your computer respectively. An added advantage of cloud-based QuickBooks subscription is instant access to accounting data from anywhere with the availability of internet connection and device. The accounting data of the desktop can also be shared with other desktop users. However, the Company file has to be extracted from one desktop (sending desktop) and installed on another desktop (receiving desktop).

Further, your account of QuickBooks online can be accessed form QuickBooks’s official website. In recent times of pandemic, people are more inclined towards online version on account of its flexibility and ease of use.

QuickBooks subscription

There are different subscription levels for the desktop and online versions. The features and functions of QuickBooks change with the level of subscription. The desktop version comes with three versions that include Pro Plus, Premier Plus, and Enterprise. There is a difference in the features as Pro-plus is a basic version and provides all the essential accounting functions.

Premier plus comes with all basic features and modules for forecasting and industry-specific information while the Enterprise version offers all the basic and advanced features including forecasting, advanced inventory management, and advanced features of order fulfillment. QuickBooks desktop can be an excellent choice if you are looking for a number of advanced features in your accounting software with potentially more security of your accounting data.

On the contrary, QuickBooks online comes with three levels of subscriptions that include Simple start (recommended for a business start-up), Essential (recommended for a run of the business), and Plus (Recommended for growth of the business).

The simple start comes with access to one user and provides all the basic accounting and bookkeeping features including invoice generation, expense tracking, connecting of books with the bank, tracking of VAT, and access to one user plus accountant. The essential version comes with all the basic accounting features and additional features of insights & reporting, Multi-currency management, and employees’ management, it gives access to three users plus an accountant. The most advanced version is Plus which provides all the features of the essential version and additional features that include budgeting, inventory tracking, and tracking of the projects, this version includes access to five users plus an accountant.

QuickBooks module

QuickBooks is easy to use software with different modules for transactions. These functional modules include sales, expenses, payroll, reporting, cash & bank balances, and accounting module. To start, you just need to set up a chart of accounts and post the correct entries in their respective chart of accounts.

The prime advantage of QuickBooks is integration and flexibility. It means if you generate an invoice from the sales module, it will automatically credit the sales and debit receivables. That’s connectivity of operational activity with the pure accounting at the back end

The same is the case when an invoice of expense is entered in the expense module of QuickBooks, it will debit the expenses and credit accounts payable. Cash & bank module can be connected with the bank and transactions can be sink from a bank that makes the process of bank reconciliation more than easy. However, in the accounting module, both debit and credit need to be entered in order to pass the journal voucher. In addition to this, there is a separate module for payroll management and taxes.

Data security and back up

For QuickBooks online, the Company data is protected in the service of the Company. Intuit (Company managing QuickBooks) makes use of the VeriSign Secured product. These products secure the socket layer (SSL). Servers are regularly monitored with data encryption technology, fire wall protection which makes a system of QuickBooks as secure as the system of the bank. There is no need for back up data at the customer end as accounting data of your Company remain in safe hand.

However, the security of data with QuickBooks desktop may be compromised if good quality anti-virus is not installed on your computer.

Why QuickBooks

QuickBooks comes with easy to use interface. It means business activities can be performed by a person with limited knowledge of accounting. It’s flexible as data can be accessed from anywhere with an internet connection and device. It provides great integration and creates ease in the work of an accountant.