QuickBooks

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QuickBooks

Developed by	Intuit, Inc. ^[1]
Latest release	2008 / October 2007
OS	Microsoft Windows^[1] Mac OS X
Genre	Accounting software
License	Proprietary
Website	www.quickbooks.intuit.com

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

1 History
2 International versions
3 General features and use
4 Add-on programs
5 Competitors
6 See also
7 External links
8 References

[edit] History

Intuit was founded in 1983 by Scott Cook and Tom Proulx in Mountain View, California. 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.

[edit] 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.^[2] 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. (Professional accountants, such as CPAs, 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.)

[edit] Subsequent 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 larger small to mid-sized businesses.

[edit] Updater error in December 2007

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.^[3]^[4]

[edit] 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). Reckon Ltd ( Australian Securities Exchange(ASX):RKN) under licence from Intuit, publishes versions for the Australian, New Zealand and Singapore markets. Version 2008 has enhanced support for Irish VAT reporting.

[edit] 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.

[edit] 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's 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.^[5]

[edit] Software as a service

QuickBooks is also available as a hosted solution (see software as a service), 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.

[edit] 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.

[edit] Add-on programs

Through the Solutions Marketplace, http://marketplace.intuit.com,^[6] 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 SDK's and support via http://Developer.intuit.com.

[edit] Competitors

Among the primary competitors to QuickBooks is Sage Software, which produces several programs for business accounting, including two lines aimed at the small business market: Simply Accounting and Sage Peachtree. Microsoft entered the small business accounting market in 2004 with Microsoft Small Business Accounting and then in 2005 with Microsoft Office Accounting Professional and Accounting Express.