Many small businesses choose QuickBooks as their accounting software because of its ease of use and relevant features. While QuickBooks is already pretty straightforward, there can still be ways to make using it more efficient and streamlined.
If you’re just starting out in the world of QuickBooks or are trying to find easier and faster ways to master the software, we’ve prepared some tips and tricks that will help manage the learning curve and save you time.
1. Use the latest version of QuickBooks.
While you may be tempted to save money and install an older version of QuickBooks than what your business requires, do not! Upgrading or downgrading versions is confusing when it comes to taxes. A good idea would be to speak with an accountant before doing this to avoid any issues later on.
Using the most up-to-date version of QuickBooks will ensure that your business is using the latest features and functions. In turn, using the latest version makes filing taxes easier.
Also, make sure to catch up on all software updates. This will save you time later down the line because bug fixes are often included with these patches or updates.
2. Invest in understanding the basics of QuickBooks.
While it is true that there are many QuickBooks tips and tricks available on the internet, not every method is practical. Before you invest your time (and energy!) into learning some of these methods and applying them to your business, make sure to first understand how your version works.
For example, if you have a pro or premier version of QuickBooks (the more advanced versions), the process may be different than if you had a QuickBooks Lite version. Make sure to invest in learning how your software works before trying out something new.
3. Enter correct company information.
When you first open your QuickBooks software, the very first thing that pops up is a window asking for all of your company information. This includes basic details like name and address, but it also has important fields such as Tax ID number (EIN), industry type, year start date, etc. Filling out this section incorrectly may lead to some serious issues down the line.
In order to avoid any future delays and setbacks, make sure that you fill out all of this information accurately. If your business is an LLC or Corporation, it will be necessary for you to use an EIN number instead of a social security number. For more details on what each field means and how they relate to your business, check out the QuickBooks website.
4. Connect all your accounts.
You can sync all your credit cards and bank accounts with QuickBooks, so you don’t waste time entering each of them later on. Because you will be entering account details repeatedly down the line, it makes sense to save and link them in a single space to allow for the quick reconciling of payments, invoices, transfers, bank statements, and more.
You can also save time by printing your own checks from the software itself. You can do so under the Banking tab, where you will find the Write Checks feature. You can even print them in already-signed form by uploading your signature to the tool.
5. Update reconciliations regularly.
Reconciling is the process of verifying that all transactions are accounted for in your business account. If you ever notice something strange with an amount (such as money missing) or if there is a transaction not showing up, it’s time to reconcile.
QuickBooks makes reconciling extremely easy due to their quick and simple reconciliation tool which can be found on the Home page. This is especially helpful if you have multiple accounts, such as checking and savings.
If all of your transactions are not showing up, it may be necessary to reconcile each account individually so that everything can get sorted out. Keep in mind that this process takes time, as there are many different reasons why a transaction would not show up.
Find the Right Partner For Your Business
If this process takes too long or if QuickBooks doesn’t seem like it’s working right for some reason, there may be other options available. If you are unsure, it is best to ask a professional for help.
Make sure that your business information is accurate and correct before trying out new features of QuickBooks. This will ensure that everything works correctly without any issues or problems.
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