QuickBooks is an Accounting Software that gathers information about an entity (usually a Business) in order to record the financial transactions such as payments and income.
The entry of the data is key to using the software. It is manually entered, sometimes with the help of online connections to banks and other financial institutions.
Next, the intergrity of the data is paramount, so that that data can be relied on, QuickBooks offers a sytem of reconciliation. That means manual entries are compared to statements and other documents (checks & deposit slips are examples) in a reconciation system so that errors may be found and corrected.
Ultimately this backbone of record keeping gives the ability to create reports -for instance, the above information would show income & spending , which can be viewed as profit or loss for a particular time period - annually monthly, daily..
Other features help record invoices to customers, bills paid to vendors, inventory on hand for sale, assets purchased for the business, loans taken and paid back, payroll, timekeeping, payroll tax payments and payroll tax return filings. The software is not magic, as it requires at least some understanding of bookkeeping, accounting and or business. However it is a powerful tool for facilitating business functions for payroll, invoicing, payments and banking as well as in gathering information as above and presenting it for management decision making.
QuickBooks offers a way to keep track of a business monies in order to keep a business running smothly, to help management decision making and ultimately to pay business taxes.
