QuickBooks is the most popular accounting software for small businesses. The desktop version has been around for more than 25 years and the online more than 10 years. It is affordable, easily accessible, and ideal for non-accountants. Many competitors have great software but you need accounting or bookkeeping knowledge to use it, whereas someone without this knowledge can set up and use QuickBooks. Before diving into the nuts and bolts of setting up QuickBooks for your business, you should understand what QuickBooks is, and what your options are when it comes to using it. Once you know what your options are, you will be in a better position to choose the version of QuickBooks that will best suit your business needs.
If you don't have previous experience as a bookkeeper, then you will need to know a few bookkeeping basics before you get started. In the introduction to the bookkeeping section, we cover five key areas in terms of recording transactions in your business: money coming in, money going out, inventory purchases, fixed asset purchases, and liabilities. In this section, we will also cover the importance of the chart of accounts, accounting methods, and what double-entry bookkeeping is.
We will cover the following key concepts in this chapter:
- What is QuickBooks?
- Exploring QuickBooks Online (QBO) editions
- Choosing the right QuickBooks Online edition
- Introducing the QuickBooks Desktop (QBD) product line
- Choosing the right QuickBooks Desktop version
- Introducing new features in QuickBooks Desktop 2021
- Small business bookkeeping 101
Once you've got these key concepts under your belt, you will be ready to dive into setting up your business in QBO.
