Frequently Asked Questions Regarding QuickBooks Functionalities and Capabilities

Frequently Asked Questions Regarding QuickBooks Functionalities and Capabilities

Are you in urgent need of a financial system that guarantees you a simple interface & easy accounting? QuickBooks is a top-rated accounting tool helping businesses to manage finances. It has multiple features & functionalities to assist modern-day businesses in smoother operations.

Select the right kind of QuickBooks version to avail the accounting functionalities at a low cost. Save on hardware cost & install a tool that is helping the business calculate the taxes rightly & maintain the financial record. You will get answers to some of the queries or questions confronting the business & accounting professionals.

Following are the FAQs related to Quickbooks.

Is QuickBooks only useful for financing?

Accounting & financing are the two major functionalities of the QuickBooks tool. But, that’s not all! It is more about managing the business operations in an effective manner. The QuickBooks tool is helping in order management & inventory, tracking of accounts receivable, and printing of pick-list & pack-slips.

QuickBooks is also helping businesses tackle customer or client queries in a smart manner. You can track time & expenses with the tool & it ensures capturing of all the relevant details. It is having its limitations but can also integrate with other apps to help businesses succeed.

What are the powerful functionalities of QuickBooks?

QuickBooks has all the essential functionalities to boost the financial hygiene of a company. When implemented & used consistently, the tool can provide assistance to businesses in managing business operations. The tool is beyond P&L and balance sheet as it provides details on inventory, customers, vendors, job cost, & employee payroll. Some of the powerful functions of the tool are automation of payment reminders, regular billing, tracking of the balance sheet, inventory management, proper customer relationship with business, & more.

How do QuickBooks assist small businesses & startups?

You need a reliable accounting tool at the start of your business set up so that you’re ready to face the accounting challenges. The interface is easy to use & can be hosted on the cloud for remote access. For SMBs & startups, QuickBooks is more than a boon as it provides simple accounting at a simple cost. The different versions of QuickBooks software are meant for all kinds of businesses, but small businesses can avail the benefits at a great price.

What is QuickBooks hosting? How does it differ from QuickBooks online?

QuickBooks hosting is referred to as the installation of the tool on secured third-party servers for remote access of the account. Businesses need to look for reliable hosting providers to do the hosting in a safe way. Hosting is providing peace of mind to businesses as they can handle the business accounts at any time.

QuickBooks Online is a different version of the tool that is handled only by Intuit. It is costlier than QuickBooks hosting & the user needs to contact the Intuit technicians directly in case of any trouble. In QuickBooks hosting, the hosting provider is helping the user free of cost with their concerns.

Does QuickBooks work need extra work or effort?

You can enhance the productivity of businesses using a functional tool like QuickBooks. If you’re managing the accounting operations through the spreadsheet, creating purchase orders, & invoices then QuickBooks will the tasks simpler for you! The work effort will decrease significantly when you manage inventory & payable through an app like QuickBooks 

When is QuickBooks the wrong tool for businesses?

QuickBooks is the best choice for businesses looking to manage finances online at a low cost. But some businesses require industry-specific tools in case of agency royalty management, medical insurance management, or more. Businesses can use specific solutions for their business like account receivable or payable, MRP, or bill of materials with QuickBooks. Also, it supports the integration of add-ons & apps suited with the QuickBooks. Businesses requiring to-the-point functionalities for the business should rather select the specific tools rather than using multiple ones.

Can a business manage inventory with QuickBooks?

QuickBooks is the tool that is helping in the management of inventories in the best manner. The versions like Pro, Premium, & Enterprise have the ability to track the inventory & the value of products. The inventory is increased using features purchasing & receiving and is consumed by using the sales order & invoice feature.

QuickBooks is helping in the successful management of inventory and it includes functionalities like process mapping, real-time process integration, ownership, and a good straight point. The right kind of invoicing feature is helping to track the stock of items in the store.

Does the QuickBooks have MPR (Material Requirement Planning) capability?

It doesn’t inherently provide the MRP capabilities like purchase planning or production schedule. QuickBooks is not looking at the sales plan to track the production needs. It also doesn’t drive a component’s purchasing schedule based on any information. There may be add-on products & the smaller companies are using QuickBooks report & offline analysis sometimes to support the needs.

When to use QuickBooks Payroll solutions?

Intuit has provided the payroll feature in the QuickBooks tool that helps easy calculation of the employee salaries. The tool is assisting in the accurate financial tracking on the paychecks & thus there is no requirement of journal entries. Payroll is needed for most businesses & it is no good idea to look for a different payroll tool. You get all kinds of essential features in QuickBooks that help to manage business operations smartly.

Is it possible to add credit card details to the QuickBooks feed?

Whatever subscription is selected by the QuickBooks user, it supports the addition of bank accounts or credit cards as per the need. Most of the users are able to link themselves with the concept of adding checking accounts to the QuickBooks bank feed. QuickBooks is supporting the addition of both debit & credit cards to your account.

How does the transfer between accounts happen?

It is basically the question of assigning the right kind of labels to make the transfer easier. Many get confused with the addition of ‘Transfer’ and ‘Match’ labels that are applied on QuickBooks. It is important to mark one account as ‘Transfer’ and the other as ‘Match’ when transferring between accounts. The best way possible will be to create a transfer in QuickBooks & then when the transfer comes through the bank feed, it can be matched with the corresponding account.