Meaning and definition of QuickBooks
Founded in 1983 by Stock Cook and Tom Proulx in Mountain View, California, USA, QuickBooks refer to a line of business accounting software developed and marketed by Intuit. After the success of Quicken for individual financial management, the business company developed a similar solution for small business owners.
Features of QuickBooks
Intuit has incorporated numerous web-based features into QuickBooks, counting remote access capabilities, remote payroll assistance and outsourcing, online banking and reconciliation, electronic payment functions, mapping features through amalgamation with Google maps, marketing options through Google, and improved e-mail functionality through Microsoft Outlook and Outlook Express.
Versions of QuickBooks are available in numerous different markets. Intuit’s Canadian and UK divisions proffer versions of QuickBooks which support the exclusive needs of each region, like Canada’s GST, HST, or PST sales tax and European VAT for the UK edition. Reckon Ltd., as per license from Intuit, publishes versions for the New Zealand, Australian, and Singapore markets. Support for Irish and South African VAT is accessible in the QuickBooks UK edition. The Mac version is, however, available only in the US.
Initially, the software was accepted among small business holders with no formal accounting training. Per se, the software soon asserts up to 85% of the small business accounting software market. It persists to sway the vast majority of this market. However, professional accountants were not contented with initial versions of the system, referring to poor security controls like no audit trail, in addition to non-conformity with conventional accounting standards.
Intuit wanted to viaduct the gap with these accounting professionals, finally providing full audit trail abilities double entry accounting functions and increased functions. At present, options include manufacturers’ versions, professional service firms, wholesalers, contractors, retailers, and non-profit entities, besides a specifically designed for professional accounting firms who examine multiple small business clients.
In September 2005, QuickBooks had occupied 74% of the market. An Intuit Press Release of June 19, 2008, stated that as of March 2008, the share of Quick Books retail units in the business accounting category reached 94.2%, as per NPD Group. It also mentions that as much as 50,000 accountants, CPAs and individual business consultants are members of the Quick Books Pro Advisor program.