What is QuickBooks? A Practical Guide for Busy Finance Teams

Key takeaways

• QuickBooks is Intuit’s accounting platform for small and mid-sized businesses, used to track income and expenses, invoice customers, and run reports.

• Most companies use QuickBooks Online for anywhere access, connected bank feeds, and a growing app ecosystem, while U.S. sales of new Desktop licenses have ended.

• You can pair QuickBooks with Xe to handle international payments, schedule payouts, manage high-volume batches, and keep currency costs predictable when paying overseas suppliers.

If you manage finance at a growing company, you have likely heard of QuickBooks. It is a popular accounting system that centralizes day-to-day tasks like invoicing, bill pay, and basic reporting. This overview explains what QuickBooks is, how it works at a high level, the main versions you will see, and where Xe can complement your workflow for cross-border payments.

What is QuickBooks?

QuickBooks is an accounting software family from Intuit. It helps businesses record transactions, send invoices, categorize expenses, reconcile bank activity, and prepare financial statements. QuickBooks is available as cloud software, called QuickBooks Online, and as legacy desktop software in some markets.¹

Why many teams choose QuickBooks Online

QuickBooks Online runs in the browser and on mobile, so your books are available wherever you work. It connects to bank and card accounts for automatic transaction feeds, supports common workflows like invoicing and bills, and offers a marketplace of add-ons for functions such as payroll and reporting.¹ ³

QuickBooks at a glance

Before you choose, list your top jobs to be done. The table below maps typical needs to the QuickBooks option that usually fits.

Use this to start a conversation with your accountant or bookkeeper.

Choose the simplest option that covers your current workflow, then add features as your needs grow.

How QuickBooks works

At its core, QuickBooks is a general ledger. You connect bank accounts, categorize transactions as income, expense, asset, or liability, and create source documents like invoices and bills. Bank feeds bring in new activity automatically, rules help categorize repeat items, and reports like profit and loss or balance sheet show how the business is performing.¹ ³

Common use cases

Invoicing customers: Create and send invoices, collect payments, and match to deposits.¹

Bills and expenses: Enter vendor bills, mark them as paid, and attach receipts for audit readiness.¹

Bank reconciliation: Compare what cleared at the bank with what is in your books so balances stay accurate.³

Basic payroll: Add payroll services to run wages and file payroll taxes from one place.¹

Getting set up cleanly

• Agree the chart of accounts: Keep names simple, align with your tax filing needs.

• Turn on bank feeds: Connect operating accounts and cards so transactions flow in automatically.³

• Set basic controls: Use user roles, review rules for categorization, and schedule monthly reconciliations.

• Document your month-end checklist: Define who runs reports, who reviews, and how adjustments are posted.
  
  

FAQ

What is QuickBooks used for?
It is used to manage day-to-day accounting, for example invoicing, expenses, bank reconciliation, and core financial reports.¹

Is QuickBooks Online replacing QuickBooks Desktop in the U.S.?
Intuit stopped selling new QuickBooks Desktop licenses online in the U.S. in 2024. Existing customers may still have support options for their versions, but new U.S. sales have ended.²

Do I need an accountant to use QuickBooks?
You can start on your own, many businesses do, however having an accountant or bookkeeper helps you set up your chart of accounts, close each month, and prepare for tax time.

Can QuickBooks handle payroll?
Yes, payroll is available as an add-on so you can pay employees and file payroll taxes from QuickBooks.¹

Can I track international payments in QuickBooks?
Yes, you can record international payments in your books. For sending funds, use a payments provider like Xe and then reconcile the transaction and fees in QuickBooks with the correct references.

Where QuickBooks stops, and where Xe helps

QuickBooks is not a global payments rail. When you need to pay international suppliers or teams, Xe can fill the gap.

• International payments: Send money to many countries and currencies directly from a Xe account, then record the payment in QuickBooks with the correct references.

• Batch payments: Pay multiple recipients in one go for supplier runs or contractor payouts, then post a single reference to your books for faster reconciliation.

• Schedule payments: Set dates for deposits, retainers, and milestone invoices so cash outflows match your plan.

• Currency risk management: If a purchase order is priced in a foreign currency, consider fixing a future rate with a forward contract to keep costs predictable, then reflect the result in your financials.
  

Citations

¹ Intuit — What is QuickBooks Online and how it works — https://quickbooks.intuit.com/online/how-it-works/ — (accessed October 16, 2025)
² Intuit — U.S. QuickBooks Desktop sales ended September 30, 2024 — https://quickbooks.intuit.com/learn-support/en-us/help-article/new-subscriptions/us-quickbooks-desktop-sold-july-2024/L5lkQNq7L_US_en_US — (accessed October 16, 2025)
³ Intuit — Bank feeds overview — https://quickbooks.intuit.com/global/bank-feeds/ — (accessed October 16, 2025)
⁴ Intuit — QuickBooks Online Advanced overview — https://quickbooks.intuit.com/online/advanced/ — (accessed October 16, 2025)

Information from these sources was taken on October 16, 2025.

The content within this blog post is for informational purposes only and is not intended to constitute financial, legal, immigration, or tax advice. All figures and data are based on publicly available sources at the time of writing and are subject to change. Actual conditions may vary depending on location, timing, and personal circumstances. We recommend consulting official government resources or a licensed professional for the most up-to-date and personalized guidance.