What is QuickBooks and how does it work? – Forbes Advisor

Billing

Billing is one of the most crucial functions for many businesses, especially those that provide services or hire freelancers. QuickBooks makes it easy to create invoices from scratch or from a previous estimate. You can even set up an invoice for recurring payments.

You can then share the invoice with customers by mail or print and send a hard copy. It allows you to easily run and view reports such as the number of outstanding invoices, the total amount owed by customers, and the details of each invoice (paid or due).

Invoice and expense tracking

When setting up QuickBooks, you can connect your bank as well as your credit card accounts to the software. Once done, QuickBooks automatically tracks your bills and expenses.

However, tracking bills automatically doesn’t mean you can’t do it manually. You can directly record a manual transaction easily, either cash or check.

Again, QuickBooks offers plenty of reports to analyze your bills and expenses. If you have an invoice record, you can easily track upcoming payments to ensure timely payment of invoices.

Employee time and expense tracking

With QuickBooks, it is very easy to track time and billable expenses incurred by employees or contractors. They can either enter it themselves using the QuickBooks mobile app, or submit it manually and an accountant on your end can enter the details into the app.

Online payments

As a business owner, you know how important it is to maintain a steady positive cash flow. QuickBooks Payments makes it easier to accept payments online when you send invoices from the app.

If you operate in multiple international locations, QuickBooks allows you to accept payments in local currencies. Of course, it’s safest to check first if QuickBooks accepts payments in the currency you’re dealing with. All transactions are recorded automatically as they occur.

Pay

Payroll processing is an important function for any business. The payroll module automatically calculates payroll as often as you want. Three plans give your business the scalability to grow over time and add functionality as needed. The Core plan offers everything a small or medium-sized business would need to get started, while the Premium and Elite plans allow for options like same-day direct deposit and expert setup assistance.

Maria D. Ervin