What Is QuickBooks Used For?

By Jacklyn Dephoff

QuickBooks is a productivity tool designed to help you manage financial information more easily. This software helps in accounting, bookkeeping and managing your income and expenses. QuickBooks can be accessed directly on your desktop or online, depending on the type of account that you want.

Types

The five types of QuickBooks offer solutions for various size and kinds of business. For simple finances, the free version called QuickBooks Simple Start allows you to create custom invoices and track and manage expenses. QuickBooks Simple Start, QuickBooks Pro, QuickBook Premier and QuickBooks for Mac offer additional features.

Financial Account Organizer

QuickBooks helps you organize financial accounts in one place. It allows you to manage bank and credit card accounts. You can create charts or reports to track your money in each financial account.

Vendors and Billers

QuickBooks can help you track scheduled bills or any payment made to vendors or billers. You can set up recurring payments if needed. This tool could help avoid delayed transactions or in some cases, penalty for late payments.

Customer Management

Customer management is part of running a business. Quickbooks offers customer management tools that will help you store and track sales information for each customer.

Payroll Management

Quickbooks' payroll management option helps you in tracking payments to employees as well as filing taxes. You could set up customized payroll items and generate payroll reports.

Time Tracker

Quickbooks Time Tracker is an online timesheet that will help you maintain records of work done per hour. This project management tool can be integrated to your calendar and other financial tools, to track and synchronize projects accurately.

Preparation of Tax Information

Preparing end of the year income tax is another prominent feature of Quickbooks. In preparing your tax information, you will be given three choices: (1) Fill out tax forms by hand, (2) Export to your tax software or (3) Give tax reports to your accountant. If you'll choose option 2, you could import the tax information in TurboTax software for preparation and e-filing (note: additional fees may apply when using TurboTax).