Intuit QuickBooks is arguably one of the most intelligent accounting software platforms on the market today. With an active user base of over 29 million people, it holds a commanding lead in the SMB accounting space with a 80% market share.
If you operate an e-commerce platform, then you must keep track of your finances based on the guidelines of where you operate. You must report your income and losses even if your company is a sole proprietorship. QuickBooks makes this work a more manageable chore to complete.
Knowing how to use Intuit QuickBooks will help you to keep your finances organized so that your taxes and financial reports take less time to complete.
What Is Intuit QuickBooks?
QuickBooks features an accounting software package for small business owners. It comes in cloud-based or on-premises versions to help online stores handle payroll functions, manage expenses, and pay bills.
Anyone who accepts business payments can take advantage of the features of this product. Scott Cook and Tom Proulx founded Intuit in 1983, and a professional version of the software has been available since 2000.
The 2017 version of QuickBooks features automated reports, improved data filtering, and smart search capabilities.
Is QuickBooks Safe?
Is Intuit QuickBooks safe to use? Absolutely.
No system is 100% foolproof, especially when you operate an online store. You can benefit from the encryption and security features of this product to create a positive experience.
What Are the Advantages of Using QuickBooks?
Keeping track of your finances in an easy-to-use accounting software platform is the primary advantage you’ll receive when using QuickBooks.
You’ll also discover that some exciting security benefits are available when you start using QuickBooks for your online store.
The critical security objectives of the self-employed and online versions of QuickBooks use three security cornerstones to keep information secure.
QuickBooks requires all users to have a PIN and a customer identification number when accessing an account. These identifiers must be present when sending a payment instruction or any other data. The platform uses VeriSign technologies to guarantee its online certificate authority.
The SSL and RSA technology ensures message accuracy so that everyone can have confidence that the information doesn’t change after it leaves the sender.
This combination of benefits ensures that Intuit QuickBooks is safe for everyone to use.
How to Use QuickBooks for Your Online Store?
If you are ready to start using Intuit QuickBooks for your online store, then you’ll want to complete the following steps.
QuickBooks will ask you to migrate your finances with the help of a financial professional. You can skip this step if you keep track of your books personally.
Intuit provides several tutorials that introduce you to how the software thinks. Revenue is considered “money in” and expenses are “money out.”
You will need to set a password for QuickBooks. This option is in the dropdown menu under the “Intuit Account” heading at the top of the screen. It helps to change this security option at least once every three months to maximize your security.
Enter the vital information for your online store. You can find this step under the “Account and Settings” from the dropdown menu under “Your Company.” Outside of your business name and address, you’ll want your tax identification number and your reporting calendar if you follow one.
Enter your client information by clicking on the “Customer” tab. You have the option to choose a preferred payment method for your invoices during this stage of the setup process.
Then enter the contact information for your vendors and employees through the appropriate tabs. QuickBooks asks for a lot of data, so you can decide how much of it you want to input at this stage. You can confirm each entry by generating a report by clicking on the command button on the right-hand side of the screen.
Under the “Banking” tab, you will need to connect the relevant bank accounts for your online store. You have the option to make your credit cards available. Then you can start assigning expenses by category or manually enter transactions as needed.
You can add more features to Intuit QuickBooks through the platform’s app center. Several advanced tools are there to help you manage inventory, billing needs, and customer relationships.
Are You Ready to Try Intuit QuickBooks?
QuickBooks is a fantastic accounting software program that will make it easier to manage the finances of your online store. As long as you remember to enter and track your money in and out, it can save you a lot of time when generating reports or filing taxes each year.