3 Commonly Asked Questions About QuickBooks

QuickBooks has been around for years and continues to be improved to make it better and better for business owners. This accounting software helps businesses in all different industries to more easily manage their sales, inventory, accounting, and more. We’ve answered the most common questions about QuickBooks, so read on to find out more.

Q: What Exactly Can QuickBooks Help Me Do For my Business?

A: QuickBooks software has grown and expanded over the years, and can help you manage many areas of your business. Here is an overview of the features and capabilities of QuickBooks:

• Sales & Income Management: Create invoices, manage accounts receivable, and report on past due accounts.
• Expense Management: Connect your bank and credit accounts to Quickbooks for easy tracking and payment of bills and to manage accounts payable.
• Basic to Advanced Reporting: Whether you’re versed in accounting documents like P&L reports and balance sheets or not, QuickBooks has plenty of accounting reports available and can walk you through how to use and analyze each one.
• Tracking Inventory: Keep track of the number of products you have in stock and your costs.
• Receive Online Payments: Give your customers the convenience of settling invoices online.

Q: Are There Multiple Versions of QuickBooks?

A: Over the years, Intuit has recognized the need for adjusting their software so that it better suits specific areas of business. Their QuickBooks Desktop Enterprise software comes in 3 variations:

1. QuickBooks Enterprise for Contractors
2. QuickBooks Enterprise for Manufacturers and Wholesalers.
3. QuickBooks Enterprise for Nonprofit Organizations.

Q: Do I Need an Accounting Background to Use QuickBooks?

A: One of the benefits of this accounting and business management software is that it includes many helpful tips as you use it. Having a general idea of how different accounting processes work is good to have in advance, but it is not a requirement in order to use QuickBooks. Now, if you want to use QuickBooks as efficiently as possible and make it worth it for your business, you may want to work with a certified accountant.

Save time and money when you choose CFO Source to spearhead your business’s accounting processes. We’ve been using QuickBooks for many years to help businesses manage their finances. Contact us today!