Quickbooks for Personal Use: A Comprehensive Guide

Data will always be a part of your workflows, no matter where you work or what you do, be it your business organization or your personal finances. In organizations, you have to work with data related to Customers, Employees, Orders, Marketing, and Advertising Costs.

Whereas you deal with personal expenses, investments, mileages, and taxes. Irrespective of whether it’s your business or your personal life, all the data needs to be accounted for properly to keep the cash flow under check. This is where Accounting Systems like QuickBooks comes in handy. 

Have a hard time keeping track of your personal finances? Well, worry no more, here’s an ultimate guide on how you can leverage QuickBooks for Personal Use. QuickBooks, one of the best Accounting and Finance Software in the industry, makes it easy to keep track of your finances with its accounting functionalities.

What is QuickBooks?

QuickBooks (QB) is a Finance Software that assists businesses with Bookkeeping, Accounting, Payroll, Inventory Management, and other Financial Processes.

Designed to automate common financial operations, QuickBooks is a Cloud-based all-in-one software that allows you to access your accounts from anywhere, at any time. You can track Accounts and Payments, and maintain Invoices and other financial tasks such as Payroll and Taxes on the go.

QuickBooks makes it easy to grow your small business in the right direction. You can also scan and upload all your expenses receipts because QuickBooks allows you to access mobile apps directly from your system. You can also create a group of customers according to their status or location or type.

Key Features of QuickBooks

QuickBooks automates Sales Tax Calculations, Product Tracking, and Transactions Updates, to name a few. QuickBooks also helps individuals to track and manage their income and expenses, scan receipt images, and connect banking information. Below are some of the features of QuickBooks responsible for its immense popularity among Businesses and Finance Professionals.

• Payroll: Payroll Service is integrated with QuickBooks, allowing you to see important information while completing your taxes.
• Customization: QuickBooks can be customized to suit one’s individual needs and tastes, making it versatile and suitable for a wide range of businesses.
• Online Payment: Quickbooks Online Payment System assures you of faster payments, allowing you to pay your bills with a Credit Card or a Bank Transfer.
• Invoicing: QuickBooks Online allows you to create custom invoices and includes an online payment link in the invoice. You can also add a Credit Card or Bank Account number directly to the invoice for immediate payment. 
• Customer Management: The Sales feature in QuickBooks Online offers solid customer management and good invoice creation and management capability.
• Integrations: QuickBooks offers native integrations with hundreds of apps, including Stripe, PayPal, and Expensify, among other CRM, and ECommerce apps.

Now that you have a basic understanding of this robust Accounting Tool, let’s dive straight into QuickBooks for Personal Use.

Compare Zoho Books and QuickBooks to find out which accounting software suits your business needs. Learn about their pricing, features, and integrations to make an informed choice in the Zoho Books vs QuickBooks guide.

QuickBooks for Personal Use

Utilizing QuickBooks for Personal Use and Money Management will streamline your Home Affairs right from Online Banking to managing Budgets. Simply put, QuickBooks helps you run your home on the go.

You can easily keep track of your expenses, income, and budget all in one place. Not only that, but you can also pay your bills on time, estimate taxes, and update your finances automatically with Quickbooks for Personal Finance.

You can run Payroll on the go with the Mobile App, get automated Email Reminders, download your Bank Transactions into QuickBooks, get access to an exceptional Support System, and more.

QuickBooks is Cloud-based, and hence your Financial Data is securely hosted on the Cloud allowing you to access it anytime, and across any device. Let’s discuss the important aspects of QuickBooks for Personal Use mentioned below.

1. Tracking Expenses

You can easily keep track of your expenses by connecting your Bank Accounts and Credit Cards to Quickbooks. You can further segment your expenses into different categories and eventually generate Financial Reports to better understand your spendings.

2. Estimating Taxes

As discussed, Quickbooks automatically categorizes expenses and organizes them in one place, helping you to easily track expenses around the year. Therefore, you do not have to stress Tax Filing and Tax Deductions.

3. Scanning Receipts

You can upload your receipts on Quickbooks mobile app and match the receipt information with an existing transaction.

4. Cash Flow Management

One of the most important aspects of leveraging QuickBooks for Personal Use is Cash Flow Management. By entering your Financial Data on QuickBooks regularly, you can have a better understanding and stay in control of your cash flow.

You can input your past transaction details as well as anticipated future transactions like Systematic Investment Plans (SIPs), Lease Payments, and more, allowing QuickBooks to forecast your spendings in future months easily.

5. Online Payment

With QuickBooks, you can accept all types of payments such as Bank Transfers, Credit/Debit Cards, etc., assuring you of faster payments. QuickBooks automatically fetches your transactions, saving you time and cost.

6. Automate Bills

QuickBooks Personal helps you to automatically manage and pay your bills all in one place. You can put your bills on auto-payment to make sure that you never miss a payment. If not, you can prefer automated reminders for bill payments. You can save your Payment Credentials for faster checkout using a feature called “Memorized Transactions”.

Also, you can pay multiple vendors all at once and also specify a Payment Method for each of the vendors. Plus, there is no chance of any receipt or invoice being overlooked, as they are automatically saved in the Cloud.

7. Track Mileage

QuickBooks for Home Use gives you the functionality of tracking mileage automatically via GPS to add to your potential tax deductions. You can also easily categorize your trips into business or personal, and generate Mileage Reports to get a breakdown of miles.

8. Financial Reporting

One important tip while utilizing QuickBooks for Personal Use is to leverage the Reporting Tools you have access to. QuickBooks Report Center accumulates all the data and helps in better tracking of Sales, Costs, Income, Expenses, and overall Finances. You can generate and access Financial Reports with just the click of a button.

So, this is how you can utilize QuickBooks for Personal Use. Tick your Expenses, Income, Grocery Bills, Medical Bills, Health Insurances, Taxes, and more, all in one place.

QuickBooks Pricing

QuickBooks offers a scalable product and comes with 4 paid plan options.

1. Simple Start: $12.50/month for the first 3 months, then charges $25 per month. It supports a single user.
2. Essentials: $20/month for the first 3 months, then charges $40 per month. It supports up to 3 users.
3. Plus: $35/month for the first 3 months, then charges $70 per month. It supports up to 5 users.
4. Advanced: $75/month for the first 3 months, then charges $150 per month. It supports up to 25 users.

The base tier of QuickBooks is referred to as “Simple Start” and is best suited if you’re availing QuickBooks for Personal Use. This basic version of QuickBooks helps you with everything you need for Home Finance, be it tracking expenses and income, managing receipts, invoicing, managing tax deductions, generating basic Financial Reports, etc.

With all this in mind, you would surely want to implement QuickBooks for Personal Use.

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Conclusion

In today’s world, it is very important to have the right set of Accounting Tools in your arsenal to manage your finances and make Data-Driven decisions. There are a few options to consider when you’re using QuickBooks for Personal Finances.

But, selecting QuickBooks for Home Use is the best decision you can make for yourself. This article introduced you to QuickBooks and took you through the important aspects of utilizing QuickBooks for Personal Use.

However, if you’re generating a lot of data from various sources, manually accounting all that data into QuickBooks can become a monotonous task. Hence, you can use Hevo’s 14-Days Free Trial which provides you with functionalities for Analysis, Report Preparations, Real-Time Data Transfer, Invoices, and so more.