QuickBooks is Intuit Inc’s set of software solutions designed to manage payroll, inventory, sales and other needs of a small business. The software’s features include marketing tools, merchant services, product and supplies, training solutions. Each solution is developed according to different industries and their needs.
Keeping track of your business’s finances by hand can get overwhelming fast. That’s why most business owners use some form of accounting software. Recently we reviewed the top 4 providers of small business accounting software and chose QuickBooks as our top choice. (Read that article here)
If you are considering using QuickBooks for your business, then this introduction is for you. After reading you should have a full understanding of what small businesses use Quickbooks for, and how you can leverage it in your business.
Intuit’s products for construction contractors include the Simple Start Plus Pack, Quickbooks Pro, Quickbooks Premier Contractor and Quickbooks Enterprise Solutions: Contractor. These products are designed to meet contractor's needs based on company size.
These software solutions are used to monitor expenses, create invoices and reports, track change orders and job status, and manage inventory, customers, vendors and employees. In addition to these industry specific packages and their corresponding capabilities, Intuit offers add-ons to Quickbook versions as well as third-party tools that integrate with Quickbooks in order to enhance current functions.
Basic system configuration requires at least a 1.8 GHz processor, 1 GB of disk space, 256 MB of RAM for a single user and 512 MB of RAM for multiple users. Additional requirements are dependent on the desired software package. All software that is to be downloaded needs a high-speed internet connection, Internet Explorer 6.0 or higher and 2.5 GB of free disk space.
For solutions that prepare letters or export reports, Microsoft Word 2000 or above is required. Likewise, for contact synchronization in Microsoft Outlook, Outlook 2000 or above is needed.
Stay in sync with your bank Automatically download, categorize, and reconcile bank and credit card transactions.1
Track your expenses Record expenses for tax time. You can even photograph and save receipts with your phone.
Send professional invoices Easily create custom invoices with your company branding and the fields you need.
Quickbooks_financing Get paid 2x faster Email invoices and accept online and mobile payments. Additional fees apply.2
Quickbooks_financing Pay your employees NEW! Have an expert run payroll for you. Additional fees apply.3
Quickbooks_financing Connect to your apps Sync data from popular apps like PayPal, Square, and others into QuickBooks.
Know where your business stands See your Profit & Loss, Balance Sheet, and dozens of other reports in one click.
Quickbooks_financing Manage and pay bills Record and pay bills from vendors. You can also schedule recurring payments.4
Quickbooks_financing Free mobile apps Get tasks done on the go with free apps for iPhone, iPad, and Android.
Quickbooks_financing Free support If you have an issue, US-based support is available to help
Quickbooks_financing Access for up to 5 users Your data stays up to date even when multiple users make updates in QuickBooks.6
Automatic backups QuickBooks backs up your data everyday with encrypted data.7
See and Compare All Features Take QuickBooks for a test drive
We set up a sample company called "Craig's Design and Landscaping Services" so you can see how QuickBooks works.
Intuit was founded in 1983 by Scott Cook and Tom Proulx in Mountain View, California, USA. After the success of Quicken for individual financial management, the company developed similar services for small business owners.
Initial release The initial Quicken software did not function as a "double-entry" accounting package. The initial release of QuickBooks was the DOS version that was based on the Quicken codebase. The Windows and Mac versions shared a different codebase that was based on In-House Accountant, which Intuit had acquired. The software was popular among small business owners who had no formal accounting training. As such, the software soon claimed up to 85 percent of the small business accounting software market. It continues to command the vast majority of this market. Professional accountants, however, were not satisfied with early versions of the system, citing poor security controls, such as no audit trail, as well as non-conformity with traditional accounting standards.
Subsequent releases Intuit sought to bridge the gap with these accounting professionals, eventually providing full audit trail capabilities, double-entry accounting functions and increased functions. By 2000, Intuit had developed Basic and Pro versions of the software and, in 2003, started offering industry-specific versions, with workflow processes and reports designed for each of these business types along with terminology associated with the trades.
Options now include versions for manufacturers, wholesalers, professional service firms, contractors, non-profit entities and retailers, in addition to one specifically designed for professional accounting firms who service multiple small business clients. In May 2002 Intuit launched QuickBooks Enterprise Solutions for medium-sized businesses.
In September 2005, QuickBooks had 74% of the market in the US. A June 19, 2008 Intuit Press Release said that as of March 2008, QuickBooks' share of retail units in the business accounting category reached 94.2 percent, according to NPD Group. It also says that more than 50,000 accountants, CPAs and independent business consultants are members of the QuickBooks ProAdvisor program. By then Brad Smith was the new CEO, though former CEO Steve Bennett had nearly tripled Intuit revenue and quadrupled earnings in eight years.
On September 22, 2014, Intuit announced the release of QuickBooks 2015 with features that users have been requesting from the past versions. Improved income tracker, pinned notes, improved registration process and insights on homepage are some of the general changes for all versions of QuickBooks 2015.
In September 2015, Intuit released QuickBooks 2016 that contains several improvements to the existing ones and new features such as batch transaction, bill tracking, continuous feed label printer support, batch delete/void transactions etc
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