Thinking about using quickbooks for your business accounting needs? Here is a simple introduction to read first.

1. Introduction To
Quickbooks
A Simple
For Small Business

2. That’s why most business owners use some
form of accounting software. Recently we
reviewed the top 4 providers of small
business accounting software and chose
Quickbooks as our top choice.
Keeping track of your
business’s finances by hand
can get overwhelming fast.

3. Quickbooks is accounting software for
business owners who want to keep their
finances organized and accurate, but
don’t necessarily have a lot of
accounting knowledge.
What is Quickbooks?

4. Quickbooks also offers add on services that allow you to handle things such
as payroll, inventory tracking, and credit card processing.
In addition to basic accounting,
invoicing, and reporting capabilities.

5. At it’s most basic level, quickbooks allows you to
keep track of the money coming in and out of your
business, how much you owe others, and how much
others owe you.
What Are Small Business
Owners Using Quickbooks For?

6. At it’s most basic level, quickbooks allows you to
keep track of the money coming in and out of your
business, how much you owe others, and how much
others owe you.
What Are Small Business
Owners Using Quickbooks For?
Click Here to Get a
Free Trial of
Quickbooks

7. If you are currently keeping your books by hand,
then you can imagine how nice it would be to have everything
organized into simple reports like this:

8. Create Invoices
and Keep Track of
the Money You Are Owed
You can easily create and send customized invoices to your customers
using Quickbooks. This makes keeping track of the money owed by
your customers (also known as your accounts receivable) a breeze.

9. When you use Quickbook’s
invoicing program, you get a
report that lists everything
you need to know about your
outstanding invoices.
All of your unpaid charges are arranged neatly by customer and job. By
double clicking any given invoice, you get a more detailed summary of
the account’s activity.

10. In addition to tracking the money they are owed (accounts
receivable), many larger businesses also use Quickbooks to
keep track of the money they owe others (accounts payable).

11. Make Tax Season a Breeze with
Quickbooks’ Tax Reports
If you use an accountant, all the information
they need to complete your tax return is
already organized for them in
Quickbooks. Come tax time, all you
have to do is provide them
with a read only login
to your Quickbooks
account, and they
can take it from there.

12. If you do your own taxes,
Quickbooks allows you to easily transfer all the needed information into a
tax preparation program like TurboTax.

13. If you do your own taxes,
Quickbooks allows you to easily transfer all the needed information into a
tax preparation program like TurboTax.
Click Here to Get a
Free Trial of
Quickbooks

14. Chart Your Success with
Quickbooks’ Report Options
Quickbooks also makes reporting on your business’s
financials a breeze. While there are many reports available
to you, the 3 most important are:
!
• The Profit and Loss Report (Income Statement)
• The Cashflow Statement
• The Balance Sheet
!
Let’s have a look at what each tells you about your business:

15. The Profit and
Loss Report
(Income Statement)

16. At the end of the day most people are
in business to make money. One of
the primary functions of Quickbooks is
to tell you just that:
How much money your
business has earned or lost
over a specific period of time.

17. Lists all the money you have paid out over a specific time (your
expenses), and all the money you have earned (your income) over that
same period. Your expenses are then subtracted from your income to
give your net income.
The profit and loss report
Is basically the profit or loss of your business over the time period you
have run the report for. You can run profit and loss reports for short
periods of time like week over week, or longer periods of time like
quarterly or annually.
Net income

18. Is basically the profit or loss of your
business over the time period you have
run the report for. You can run profit
and loss reports for short periods of
time like week over week, or longer
periods of time like quarterly or
annually.
Net income

19. statement of
Cashflows
Keep on top of your
cash with your

20. You also want to keep track of the
amount and timing of the money
coming into and out of your business.
In addition to keeping
track of how profitable
your business is,

21. The cash flow statement is similar
to the profit and loss report, but it
does not factor in anything that
does not involve actual money
coming into and out of the
business.
The Cash Flow Statement in
Quickbooks allows you to do
just that.

22. Your Balance
Sheet
See a full summary of your
business’s Financial Picture with

23. The final piece of the puzzle is the overall
financial picture of your business.
This is where the balance sheet comes into play. It gives you
the broadest overview of everything that is happening with
your company’s financial picture.
!
Your balance sheet is made
up of three primary categories:

24. Assets:
An asset is anything you own that is
worth something. This includes both
things you can touch (your inventory,
real estate, office supplies, cash etc)
and intangible things like a patent or
trademark your business holds.

25. Liabilities:
A liability is a legally-binding
obligation to settle a debt. It refers
mostly to things like taxes, money
you owe to vendors for goods and
services, and the bank for loans.

26. Equity:
Is what is left over after you
subtract your assets and your
liabilities. This includes any
money you have invested in
your business plus any earnings
you have not withdrawn from
the business. If your business
has lost money over that period
you would subtract any losses
your business has taken.

27. Your business’s equity is
meant to show what would
be left over if you closed
up business today, sold off
everything you owned, and
paid all your debts.

28. Now it’s time to get setup with your own Quickbooks account. The first step
in that process is to choose the right version of Quickbooks for your
business. We show you how to do that in the next presentation in this series.
You hopefully now have a good understanding of what
Quickbooks is and why businesses use it.

29. Click here to tweet
this presentation.
Join The Community:
www.FitSmallBusiness.com
See the full article here
Click Here to Get a
Free Trial of
Quickbooks