What Are The 10 Basic Functions Of Quickbooks?

QuickBooks is designed to help businesses manage their finances easily. Here are the 10 basic functions every user should know:

Income & Expense Tracking

QuickBooks records daily income and expenses automatically by connecting to your bank and credit cards.

Invoicing

Create and send professional invoices to customers, track payments, and send reminders.

Bill Management

Enter vendor bills, track due dates, and manage accounts payable.

Financial Reporting

Generate key reports like Profit & Loss, Balance Sheet, and Cash Flow statements.

Bank Reconciliation

Match transactions in QuickBooks with your bank statements to ensure accuracy.

Payroll Processing

Pay employees, calculate taxes, and file payroll reports (with payroll add-on).

Inventory Tracking

Track stock levels, cost of goods sold (COGS), and product sales.

Tax Calculation & Preparation

Track sales tax, prepare reports, and simplify tax filing.

Budgeting

Set budgets and compare actual performance against forecasts.

Multi-User Access

Allow accountants, bookkeepers, and team members to access the system with role-based permissions.