QuickBooks

Infobox Software
name = QuickBooks



caption = QuickBooks Pro 2008
developer = Intuit, Inc.
latest_release_version = 2008
latest_release_date = October 2007
operating_system = Microsoft WindowsCite web|url=http://reviews.cnet.com/accounting-and-finance/quickbooks-2008-pro/4507-6405_7-32631884.html|title=QuickBooks 2008 Pro Specs|accessdate=2008-05-17|publisher=CNET|author=Elsa Wenzel ]
Mac OS X
genre = Accounting software
license = Proprietary
website = [http://quickbooks.intuit.com www.quickbooks.intuit.com]

QuickBooks is a line of business accounting software developed and marketed by Intuit.

History

Intuit was founded in 1983 by Scott Cook and Tom Proulx in Mountain View, California, USA. After the success of Quicken for individual financial management, the company looked to provide a similar solution to small business owners giving them a system that required little or no accounting experience, yet helping provide financial structure and compliance.

Initial release

The software was popular among small business owners who had no formal accounting training. As such, the software soon claimed up to 80 percent of the small business accounting software market. It continues to command the vast majority of this market. [ [http://www.usatoday.com/educate/college/careers/Advice/1-16-06.htm USA TODAY Education - Careers TODAY ] ] Professional accountants, however, were not satisfied with early versions of the system, citing poor security controls such as no audit trail, as well as non-conformity with traditional accounting standards. (Such accountants often provide small businesses with monthly and year-end services that require data from the software used for day-to-day operations by the business.)

ubsequent releases

Intuit sought to bridge the gap with these accounting professionals, eventually providing full audit trail capabilities, double-entry accounting functions and increased functions. By 2000, Intuit had developed Basic and Pro versions of the software and, in 2003, started offering industry-specific versions, with workflow processes and reports designed for each of these business types along with terminology associated with the trades.

Options now include versions for manufacturers, wholesalers, professional service firms, contractors, non-profit entities and retailers, in addition to one specifically designed for professional accounting firms who service multiple small business clients. In May 2002 Intuit launched QuickBooks Enterprise Solutions for medium-sized businesses.

A September 5, 2005 Business Week article said Intuit CEO Stephen M. Bennett learned last November that Microsoft had a QuickBooks-killer in the works. [http://www.businessweek.com/magazine/content/05_36/b3949090_mz063.htm How To Face Off Against Microsoft] The article also said that on May 10 (2005), Intuit's top 40 managers went to a hotel. They divided in groups representing Intuit and Microsoft. The Microsoft team came up with a plan to attack Intuit's small-biz accounting software, QuickBooks. The mastermind behind the event, QuickBooks General Manager Brad D. Smith, sent out mock press releases with titles such as "Microsoft slashes prices," forcing teams to scramble. It further said Intuit had a 74% market share (for QuickBooks).

A June 19, 2008 Intuit Press Release said that as of March 2008, QuickBooks' share of retail units in the business accounting category reached 94.2 percent, according to NPD Group. It also says that more than 50,000 accountants, CPAs and independent business consultants are members of the QuickBooks ProAdvisor program. [http://www.intuit.com/about_intuit/press_room/press_release/2008/0619qb.jsp] By then Brad Smith was the new CEO, though Bennett had nearly tripled Intuit revenue and quadrupled earnings in eight years. [http://www.intuit.com/about_intuit/press_room/press_release/2007/0822cr.jsp Intuit Announces CEO Succession]

International versions

Versions of this product are available in many different markets. Intuit's Canadian & U.K. divisions offer versions of QuickBooks that support the unique needs of each region, such as Canada's GST or PST sales tax and the U.K's Value Added Tax (VAT). [http://www.reckon.com.au Reckon Ltd] (Australian Securities Exchange (ASX): [http://www.asx.com.au/asx/markets/PriceResults.jsp?method=get&template=F1001&ASXCodes=rkn RKN] ) under licence from Intuit, publishes versions for the Australian, New Zealand and Singapore markets. Version 2008 has enhanced support for [http://www.axonware.ie/quickbooks.htm Irish VAT reporting] .

General features and use

Small businesses use QuickBooks for most financially-related business processes, from entering sales receipts, tracking expenses, preparing and sending invoices, sales tax tracking and payment, preparation of basic financial statements and reports, and inventory management. The program also includes MICR check printing and options for employee payroll and time tracking. For most tasks, QuickBooks doesn't require users to understand standard accounting procedures, including double-entry bookkeeping. Most transactions are recorded using on-line screens that closely resemble paper based forms such as invoices or checks.

Recent feature additions

Intuit has integrated several web-based features into QuickBooks, including remote access capabilities, remote payroll assistance and outsourcing, electronic payment functions, online banking and reconciliation, mapping features through integration with Google Maps, marketing options through Google, and improved e-mail functionality through Microsoft Outlook and Outlook Express. For the 2008 version, the company has also added import from Excel spreadsheets, additional employee time tracking options, pre-authorization of electronic funds and new Help functions. In June 2007, Intuit announced that QuickBooks Enterprise Solutions would run on Linux servers, whereas previously it required a Windows server to run. [ [http://www.intuit.com/about_intuit/press_room/press_release/2007/06-13.jhtml Intuit Press Release - Intuit's QuickBooks Enterprise Solutions Embraces Linux ] ]

oftware as a service

QuickBooks is also available as a hosted solution, which Intuit calls QuickBooks Online Edition. The user pays a monthly subscription fee rather than an upfront fee and accesses the software exclusively through secure logon via a web browser. QuickBooks Online requires an ActiveX control that operates only with the Windows operating system. Intuit hosts all of the user's data, and provides patches and regularly upgrades the software automatically.

QuickBooks Point of Sale

QuickBooks Point of Sale is software that replaces a retailer's cash register, tracks their inventory, sales, and customer information, and provides reports for managing their business and serving their customers.

Add-on programs

Through the Solutions Marketplace, http://marketplace.intuit.com, [ [http://marketplace.intuit.com/ Intuit QuickBooks Solutions Marketplace ] ] Intuit has encouraged third-party software developers to create programs that fill niche areas for specific industries and integrate with QuickBooks. These systems often provide enhanced options for payroll, inventory, distribution, billing and other functions. The Intuit Developer Network provides marketing and technical resources including all SDKs and support via http://developer.intuit.com.

The application 'Customer Manager' is a CRM application that integrates QuickBooks data with customer data, including that found in other software such as Microsoft Outlook.

[http://www.payroll.com Payroll Products] allow the processing of timesheets and processing payroll. [ [http://www.pcmag.com/article2/0,1895,2151049,00.asp It Pays to Do Payroll Right - Plans Provided - Reviews by PC Magazine ] ] Annual updates are available by subscription.

Online Terminal is a web-based service aimed at enabling very small or home-based businesses to take credit card payments, without needing a credit card terminal or any special processing software. The cost of the service is subscription to a merchant account. Its features include emailing of confirmation receipts, six months of transaction history, and tracking of merchant account funds.

Lacerte, a tax preparation software used by professional accountants who prepare taxes for a living, integrates with QuickBooks.

Criticisms

The 1999 version of QuickBooks forced users to pay an additional fee for payroll table updates. [cite web |url=http://www.infoworld.com/articles/op/xml/01/04/30/010430opfoster.html |title=Twist in Intuit's crippleware techniques doubles the cost of its tax-table service |work=Infoworld |first=Ed |last=Foster |accessdate=2008-06-25]

On 15 December 2007, the company released a version of its automatic updater for Mac OS X with a serious program error. The company fixed the updater on 17 December, but by then it had caused substantial data loss for a number of users. [ [http://www.eweek.com/c/a/Desktops-and-Notebooks/QuickBooks-Update-Dropping-Data-for-Mac-Users/ QuickBooks Update Dropping Data for Mac Users] , eWeek, Dec 18 2007. Retrieved 2008-06-25.] [ [http://www.macsimumnews.com/index.php/archive/quickbooks_for_macs_causing_data_loss QuickBooks for Macs causing data loss] , Macsimum News, Dec 17 2007. Retrieved 2008-06-25.]

ee also

*Comparison of accounting software
*QIF format

External links

* [http://www.quickbooks.intuit.com/ QuickBooks Official site]

References