What Is QuickBooks & What Does It Do?

K9 Bookkeeping is determined to make accounting and bookkeeping easy and accessible for business owners of every type.

This article is from our “Bookkeeping for Dummies” series, a part of that broader mission.

QuickBooks is the most popular small business accounting software available today. 

Quickbooks offers a full suite of services and features to help users manage all aspects of maintaining healthy books and warm customer relationships. They have also spun out to provide simple accounting platforms for entrepreneurs in specific industries, including QuickBooks Self-Employed and Quickbooks for Accountants. 

Related: QuickBooks for Small Business: Which Version Do You Need?

It is well known that Quickbooks helps with billing clients, paying bills, generating reports, and preparing taxes, so let’s explore three additional impressive features:

  • Create and Track Invoices

QuickBooks can automatically record income and track how much you owe each customer. Your outstanding invoice numbers can be displayed—known as your accounts receivable (A/R)—and how many days they’re overdue by running an A/R aging report. 

  • Track Employee Time & Expenses

If you are an employee, subcontractor or employer, and would like to monitor working hours, you can use Quickbooks Time to clock on/off and enter your hours during the day. For employers, you can set Quickbooks Time to request employees mark what they were working on and if it was billable, and this feature can be used to transparently show clients how much time was spent on their accounts, and what was achieved during that time.

  • Payroll

Maintaining a consistent and clear payroll is a major part of keeping the trust of your employees and vendors. QuickBooks has a payroll functionality that automatically calculates and runs payroll automatically, ensuring it runs smoothly in a set-it-and-forget-it manner. Plus, it’s integrated with QuickBooks, so your financials will be constantly updated as of the last payroll run.

Related: Who is QuickBooks for?

QuickBooks will allow you to run your payroll by:

  • Paying employees with a check or direct deposit
  • Calculating federal and state payroll taxes automatically
  • Having QuickBooks fill in the payroll tax forms for you
  • E-pay your payroll taxes directly from QuickBooks

We’re happy you found this article informative! Go back to our blog page to find more tips, tricks and guidance on bookkeeping, to ensure your business is financially sound and ready to grow to the next level.

Running a business is hard work, bookkeeping shouldn’t be. 

Let our team of professional bookkeepers take care of your books and receive accurate, detailed reports every month. Our team of experts is laser-focused on the latest trends and premier customer satisfaction, so you can always be sure you’re getting the best care and service. Your personal account manager will focus on handling your books, leaving you to focus on growing your business and leading it forward.

Click here to schedule a FREE consultation to join the hundreds of business owners already working with K9 Bookkeeping to help their businesses grow.