QuickBooks: Who owns it?
Almost everyone out there is familiar with this fantastic tool used for financial applications. It is known as QuickBooks. It is an accounting software manufactured by Intuit. However, now this is owned by Intuit and H.I.G. capital jointly. The primary target audience for whom it was developed is people running small and medium-sized businesses. Scott Cook is the co-founder of this software giant named Intuit that owns QuickBooks. He launched Intuit in 1983. Though he stepped down from Intuit C.E.O. in 1994, he is still the chairman of Intuit. The current C.E.O. of Intuit is Sasan K. Goodrazi.
He is a self-made billionaire and along with his wife and has donated millions for the education of children and is actively involved in other philanthropic activities. Cook was also an early investor in the famous and globally used application called Snapchat. His net worth over the time in 2021 is 640 crores USD. As per the Forbes 2021 ranking, Scott Cook ranked number 146 under Forbes’s top 400. He was the richest in tech in the 2017 Forbes ranking and was positioned at 680th rank for billionaires in 2021.
About the visionary:-
Scott Cook is the co-founder and chairman of the executive committee of Intuit and holds a bachelor’s degree in economics and mathematics from the University of Southern California and an M.B.A. from the prestigious Harvard Business School. He was born in Glendale, California, on July 26, 1952.
When he was a child, his father used to teach him some tricks of boxing and used to purchase heavy machinery objects. No one in his family had gone to college ever except for his mother.
His mother, to support the family, used to work for a clerk company, but she always used to have a passion for education. She was able to attend college for barely a year and a half. Mr. Cook recalls that as a child, his family did not have the privilege of going on vacation until he was 16.
He said in an interview that his qualities to work harder and educate himself come as a mix from his father and mother. His father was more like a go-getter. He was against the idea of paying someone to get something done that he could do independently. So, for most of his childhood, Scott Cook and his family would plumb their house themselves and repair a damaged car all by themselves.
Talking about jobs, he said jobs teach you a lot more about yourself, rather than the job itself. The first job that he took was doing odd jobs for one of his neighbors. That was the first time he was introduced to the concept of lunch breaks while working because, as per what he has seen performing with his father, you were supposed only to work faster and faster.
Soon after doing odd jobs for neighbors, he landed a job at a manufacturing unit. This manufacturing unit was used to chop wood to make blinds. Then he landed a job at a local men’s clothing store. He observed and learned a lot as this involved dealing directly with customers. This was his first observation about small businesses.
Next, with the help of his father’s reference, he got a job at the truck yard at a power utility. It was meant to maintain all the wires that would go up there. The experiences that he got from this job were an eye-opener. He joined this job as a summer intern whose job was to wash trucks for other mechanics. Along with him, there were three other people deputed for the same. However, since the cook was used to doing work faster all his childhood, he alone used to complete the work of all three men. This kind of put the job of the other two men at risk, and hence they started implementing ways to block his capabilities. And then one of his fellow-workmen whom he was talking to a few days ago died, and that kind of rocked his world.
At the same time, he had also applied for the Federal Research grant, and he was successfully able to achieve the same. Moving on from here, he was soon working in his University, but that process did not go very well of his will to do something to change the world.
Moving on from here, he worked with giants such as Procter and Gamble in Ohio and then Bain and Company in California. He learned great attributes about running a business, such as research, product development, and management. With all these learnings circulating him, his mind was already building up the idea of doing something of his own.
He married Signe Ostby, who also worked for Procter and Gamble before launching productivity software for personal computers. Together, the couple has three children. The formation of Intuit took place after his marriage.
The idea of Intuit came to his mind when one day, his wife was complaining about managing and paying all the bills. He launched quicken and named his organization Intuit. Further, in 2002 he and his wife established the first-ever center to train M.B.A.s about brand and product management.
What is QuickBooks?
Managing your Financial reports, those records, those documents important for your business at times can be a complete mess. QuickBooks is a financial application that helps you clear this mess. Financial software like QuickBooks is there to make accounting more accessible and reliable. QuickBooks is an elementary program to use. It enables you to organize your financial reports, records, etc., in one single location.
It manages everything from your purchases to your sales and expenses all in one place. This gives you an idea of the most popular and most required thing on your buyer’s list as per the market graph and study. It also gives you a great insight into your expenses. Using this track record, you can understand where you can cut down on your costs to manage your revenue better.
The following important feature of QuickBooks is to regulate payroll. While starting an organization, you may begin with one person. However, with the time progressing when the work-family becomes vast, you need to ensure that everyone gets laid on time. QuickBooks, through its payroll feature, helps you maintain the data for the same.
Now, at times people would think of this as cloud-based software or a complete offline package. There are several classifications of QuickBooks. It is readily available in a desktop version and a cloud-based version known as QuickBooks online. Among the various versions of QuickBooks, business owners most commonly prefer versions of Quickbooks online, QuickBooks desktop, QuickBooks self-employed, QuickBooks Mac.
As a beginner, you can start with QuickBooks online. It offers a wide range of features with its online subscription as well as unlimited cloud storage. It also comes loaded with the free sub of 30 days. After that free 30 days period expires, you would have to pay for the premium membership.
QuickBooks expands with your business. Whether you are downsizing or upscaling, QuickBooks is flexible enough to help you meet the requirements of your business and keep all the essential documentation in one place.
Benefits of QuickBooks:-
- This application helps you track and manage your sales and income by creating invoices to follow them.
- One of the most used and popular features of QuickBooks is to automatically keep sync of your bills and expenses by linking your bank and credit card accounts to QuickBooks.
- It also helps in managing all of your cash inflow and outflow activities.
- With Quickbooks, you can also access several reports that provide valuable and critical information about your business and help you with great insights and opportunities.
- QuickBooks has its payroll function that can automatically calculate and run payroll as often as you need it and also as quickly as you need it.
- If you need to keep track of the inventory you sell, there is nothing better than QuickBooks. It will automatically track and update this for you.
- It helps you figure out ways to improve your cash flow.
- By using QuickBooks, you also can offer your customers the great choice and facility to pay their invoices online.
- With QuickBooks, you can add an Intuit payment feature with just a simple click a button option. Adding this feature hardly takes 15 minutes.
Tech tips about QuickBooks:-
Here are some exciting tech tips about QuickBooks:-
- If you use Chrome or Firefox as your browser while using QuickBooks online version, then ctrl + alt + h will open the QuickBooks help menu.
- Similarly, a combination of ctrl+I will open the invoice option.
- Moving further, ctrl and r will open receive payments.
- If you want to open the expense part, the shortcut is ctrl+alt +x.
- To pull up the lists, the shortcut is ctrl+alt +l.
- To pull up the accounts, the shortcut is ctrl+alt+a.
- Ctrl +alt+c is meant for opening the list of customers.
- Similarly, for opening the list of vendors, the shortcut is ctrl+alt+v.
Conclusion:-
Quickbook is a fine software that helps you stay organized financially. It helps you keep all of your finances in one place. This simplifies the evaluation of your profit and loss. It also enables you to build on your existing financial capital.
F.A.Q.s:-
Q)Is QuickBooks supported on Linux, Ubuntu?
A)No.
Q)Does QuickBooks work on apple mac?
A)Yes.
