QuickBooks is one of the most comprehensive accounting software packages on the market, and thousands of busy business owners use it every day. The software is popular for ease of use, a simple UX, security features and rich accounting features from banking integration to employee management.
However, getting up to speed on QuickBooks can be challenging if you’re just getting started using it to organize your finances. In fact, even if you’re a pro at QuickBooks, you may be missing critical tips and tricks that can save you hours each month balancing the books and attending to routine matters. Let’s take a look at 7 QuickBooks tips that can change your life and have your finances streamlined in no time.
Use ProAdvisor
Here’s a tip for business owners just getting started with QuickBooks: use ProAdvisor. ProAdvisor is part of the QuickBooks Intuit Package and connects you with a local accountant (depending on where you live) who can help get you up and running on the software. They can also advise you on issues like tax requirements, offsetting of expenses and business structure.
Invest in Understanding the Basics
Like all software, QuickBooks has a learning curve. However, if you use the Getting Started Tutorials that it offers, you’ll be more comfortable with how this accounting software works, such as management of bills, inputting costs and more. The tutorials are well-constructed and very practical, so invest a couple of hours after you get set up familiarizing yourself with the basic features.
Choose a Highly Secure Password
When it comes to protecting your financial data, the key is having a strong password. This will save you plenty of headaches later. Often, your QuickBooks integrates with online banking; a hacked system can open your financial vault in a risky way. To change your password, simply visit the Your Account tab and go to Change Password.
Enter Correct Company Information
What your firm looks like – its business structure, reporting forms, calendars for reporting as well as its Tax ID number – is critical. Avoid problems down the line by ensuring that all your data is entered correctly into the system via the “Company Tab.” Inputting the correct information and double-checking what’s in the system will help you get the best recommendations and results from the software.
Input Accurate Customer Details
Learn the fundamentals of setting up a customer in the system. All you need to do is head to the Customers Tab at the top center of your screen and enter all the customer details. Input each customer as a new customer and customize their payment methods, whether its cash, check or credit card. Setting up your core customers in one sitting and being disciplined about adding new customers as needed makes it easier to handle tasks such as invoicing and reconciliation.
Inputting Employee Details
If you’ll be using this software to pay your employees, the software can help you manage payroll deductions, benefits and tax payments. To take advantage of the feature, visit the Employees Tab which will lead you to the Employees Center. From there, each employee can be quickly set up and it’s possible to view reporting.
Reconciling on QuickBooks
One of the integral tips with QuickBooks that can change your life is constant reconciliation. When you reconcile your accounts regularly, you always have a high-level picture of what’s happening in your business. It’s simple: When you receive a statement or a payment remittance, ensure it reconciles with your QuickBooks. This encompasses all statements, including those for credit cards, loans and bank accounts.
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