Popularly Used Tools In Financial Management

Popularly Used Tools In Financial Management

There are two tools that are most popularly used in financial management known as QuickBooks and Quicken which are used throughout the world. Both this software are developed by the same developer known as Intuit. The developer of Ethereum code is not real and you can find out more here. Intuit also own Mint.com which is a very popular website for personal finance management as well as made TurboTax which is a tax filing program. Depending on various uses they can be used for they both QuickBooks and Quicken have distinctive features.

Feature of QuickBooks

QuickBooks is fully loaded with all the features required for business management as well as financial management which is completely composed of tools required for:

  • Payroll
  • Accounting
  • Tax filing
  • Inventory
  • Bank account tracking
  • Reconciliation
  • Invoicing
  • Budgeting
  • Accounts receivable
  • Expense management
  • Accounts payable management

The above-mention set of features does not explain in details what capabilities QuickBooks has to do. It is possible to plug in several other tools of software in addition to this which will offer additional features. We can say that the Swiss Army Knife of financial management tools is QuickBooks.

Why it is known as the Swiss Army Knife of financial tools is that it is possible to whatever is required for your business with the help of QuickBooks. However, there are many things that are offered by QuickBooks which is not of any use to a lot of businesses and also the price for this software that is QuickBooks Professional is too high because of which many people tend to look for other options.

QuickBooks will not fail you when you are running a business which of either small or medium in size and wants to keep track of all the financial data as well as make reports which will consist of a summary of all the aspects pertaining to your business. One thing to keep in mind is all the new things take a little bit of learning to do when you start using it. However, when you start running the program for the first time, not all the features will be instinctive.

There are two versions of QuickBooks offered, one for desktop and other for your online browsing which you can get for some fee that is fixed. The online version can be accessed by paying some fee every month through smartphones, browsers, and tablets. It is necessary to pay an extra fee for using features like payment processing and payroll management no matter which version of the software you are using.

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