Know Which Version of QuickBooks Is Right for You

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QuickBooks is an all-in-one accounting software solution for individuals, small business owners, and even accountants to track income and expenditures, prepare payroll and billings, manage clients, and more. Intuit provides a range of editions of QuickBooks, so it’s necessary to select the software that fits your requirements. In this tutorial, I am going to describe the different QuickBooks versions and their usage for completing various financial tasks.

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For Individuals

QuickBooks is a useful tool for individuals handling their personal finances and managing cash flow that includes all of the incomes and bills. If you’re a freelancer or Individual contractor, then you use the QuickBooks Self-Employed edition to keep both your personal and business finances managed.

  • QuickBooks Self-Employed (Independent Contractor)– This is mainly a simpler version of QuickBooks Online with a very detailed focus on the self-employed individuals. It’s best for commingling personal transactions, categorizing revenues and expenses for Schedule C, calculating and paying quarterly estimated taxes, tracking loss and profits, recording business miles, etc.

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For Small Businesses

Every small business owner has different requirements. Created for use by small to medium-sized businesses, the bookkeeping program boasts a range of innovative features aimed at facilitating users to track and manage each of their accounting transactions such as accounts payable and receivable, financial reporting, and credit card management. Take a look at its editions:

  • QuickBooks Payroll– Instead of accomplishing your payroll tasks manually, it’s better to use QuickBooks Payroll software for more excellent processing. Apart from helping to pay employees on time; it helps in calculating salaries along with sick and vacation time, and employer-sponsored benefits like health and retirements. Intuit’s QuickBooks customer services help you to manage your payroll tasks effortlessly.
  • QuickBooks Payments– Intuit’s QuickBooks Payments, formerly known as “QBMS” or “QuickBooks Merchant Services,” is a credit card processing edition included with the QuickBooks bookkeeping software. It lets merchant’s process credit cards through their accounting software, which also involves the automatic bookkeeping of the dealings.
  • QuickBooks desktop– As the name implies, QuickBooks Desktop edition includes Mac, Premier, Pro, and Enterprise Solutions. Also, it has the least amount of functions and enables up to five simultaneous users. Its Enterprise includes the most features such as inventory management through bar code scanning, tracking inventory location and integrate with other programs.

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  • QuickBooks Online– Its online version well for small business owners that prefer the ease of not having the program to manage, update, and backup. Although QBO is not robust enough for their needs, still, you can use the online version for managing your basic accounting requirements. In the case of any missing feature you found while using it, you can contact with the QuickBooks customer support number and seek the solution.
  • QuickBooks Point of Sale– QuickBooks Point of Sale is a bookkeeping software that is created to assist small business owners in keeping track and managing sales and inventory. It can be used to ring up product sales and to see instantly how much inventory is left. This is designed to work as a substitute to the traditional cash register. Using this for inventory is managed to be much simpler.
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For Accountants

Intuit’s QuickBooks is the best accounting software application for accountants and bookkeepers to make them work efficiently. Additionally, it also provide a helping hand to complete the tasks for clients.

  • QuickBooks Accountant– It provides several features that let you manage your business accounts. As an accountant, you can email paper entries to clients, manage two company files simultaneously, copy data from Excel, and generate and customize financial accounts. QBA offers you the tools you require for keeping books for others.

All in all, QuickBooks is world’s best financial accounting software program developed by Intuit. This is the best tool for business owners who lack the financial or accounting background to keep their transactions of business sorted.

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