Bookkeeping software, like QuickBooks, helps make the bookkeeping process easier. When you decide to use QuickBooks, you must first select whether you want to use the Desktop version or the Online (cloud-based) version. Both versions have their own advantages, but the big difference between the two is the desktop version can only be accessed from the specific computer it is installed on, while the online version can be accessed from anywhere with an internet connection.
Once you have the version of the software you plan on using, you must set up your business, including the accounting methods you plan to use and your chart of accounts, and then connect your accounts (banking, credit card, etc.) to the software. You may also want to set up payroll. Once your account is all set up, your transactions will automatically be imported into QuickBooks. The transactions can be automatically categorized (especially if you set up banking rules, such as everything labeled “electric” goes in Utilities Expenses), but, if necessary, you can change the category in the Transactions menu.
At the end of the period, you should reconcile your accounts to confirm their accuracy in QuickBooks. Afterwards, the financial reports can be produced at the click of a button.