Intuit QuickBooks is a corporate accounting software that makes both Accounts Payable and Accounts Receivable extremely manageable for small businesses. In addition to simplifying the accounting process, it is also a great way to pull reports and keep track of company finances all in one place. I use QuickBooks Pro 2014, which is easily broken down into Customers and Vendors, so that all transactions are readily accessible. Furthermore, it is a very easy way to format and create Invoices, especially with the feature to copy invoices, which makes monthly payment schedules extremely simple and saves time. Overall, QuickBooks is easy to understand so there is no extensive training required for new employees. Another useful aspect is that QuickBooks makes it easy to keep track of multiple bank accounts and payment methods in one place. I use it to track four accounts: credit card, checking account, PayPal, and Square, and it is simple to "make transfers" between various accounts. The user friendly monthly reconciliation process in QuickBooks is a helpful tool to ensure that all accounts are in order and nothing is slipping through the cracks.
Most useful features:
• Creating invoices
• Clean records of open invoices to make the collections process easy
• Tracking sales and expenses
• Easily managing and monitoring accounts payable (creating and paying bills, etc.)
• Tracking payroll and taxes
• Pulling sales reports (helpful for calculating commission)
While I think that QuickBooks has a number of useful features, I wish that there was the ability to update payment status (ex: past due notice sent, customer scheduled to send a check on a certain date, etc.) and automatically schedule alerts for when notices should be sent or payments are due. In cases such as this, it would be helpful if there were more advanced features and an easy way to sync QuickBooks with Google calendars for notices. Instead, our company uses a separate CRM interface. It is much more difficult to track the status of payments across multiple programs.
I use the desktop version, however there is also an online option with a monthly subscription fee rather than a onetime software package fee. With the online version, you can install apps to automatically sync PayPal, Square and other accounts. Depending on your business, it may be useful to research the various QuickBooks options and determine which one will meet your needs most effectively. The online version has become increasingly popular due to the fact that it allows cloud access from anywhere, so many people have been switching to this version for easier remote access. By clicking on the image below, you will be able to preview the specific functions available from the QuickBooks desktop home page: