Blog

Five QuickBooks Tips for Small Businesses

It’s amazing how computers allow small businesses to handle the work of many employees with a very small staff. Programs like QuickBooks, offer the most efficient means of bookkeeping; however, using QuickBooks takes some finesse. Since official QuickBooks support usually comes at an additional cost, many users quickly find themselves overwhelmed by the options and functions washing over their screen. And yet, bookkeeping software is essential for any small business, and QuickBooks is the best. How can small business owners get the most out of their software?

We’re here with some QuickBooks support to help. QuickBooks training should be on any user’s to-do list, but here are some tips to help your small business get the most out of QuickBooks from the very beginning.

Choose the Right Program

First, choose the best program for your industry. QuickBooks prides itself on the diversity of its products, but this means buyers need to perform a bit of research before making a final purchase. To make matters more complicated, buyers must choose between traditional and SaaS (software-as-a-service) software. Traditional versions of any QuickBooks program cost a hundred dollars or more, whereas SaaS options are available on a monthly basis for fees starting at about a tenth of the price of traditional software. While SaaS could be more expensive in the long run, it comes with far more features and flexibility than traditional options. Small business owners, for instance, can access their QuickBooks data through not only a computer or laptop, but also from tablets and smart phones. Obviously, such features make a life on the go much easier.

Let the Program Do the Work

Automate as much as possible, and remember, a lot is possible with QuickBooks. Although many small business owners enjoy the idea of managing the details of their companies, your role as a conductor can quickly turn into a ringmaster’s position. Your orchestra can turn into a circus overnight. In these cases, even if you don’t like automated systems, you will need them. Quickbooks can handle everything from customer management to payroll. These automated systems are also streamlined for various industries, which is why it’s so important to choose the right program. There’s no reason to handle day to day leg work when you could invest your time in growing your business.

Bring Your Finances into One Program

Track your finances through QuickBooks rather than your bank statements and always remember to reconcile QuickBooks with all other statements. This doesn’t mean you should ignore information from your bank, but QuickBooks will provide more accurate, up to date numbers. This is especially true of those who run invoices and payroll through QuickBooks. Of course, the second half of this tip includes reconciling. Reconcile QuickBooks with all bills, lines of credit, income, and bank statements. Double-checking the numbers can help you avoid costly mistakes down the line. What’s more, using QuickBooks as the central check point also helps you track down misplaced funds more quickly. After all, if all of the information is already in QuickBooks, the calculations will be essentially effortless.

Develop a Schedule

Schedule through QuickBooks. This links back to tracking your finances and automating regular bills and invoices, but QuickBooks can do much more. QuickBooks actually has features for planning employees’ schedules in addition to automating regular schedules. Business owners have schedules, too, and QuickBooks has the tools you need to keep track of meetings, important dates, and even the mortgage payment. Nearly anything with a regular due date or deadline can be automated. Why spend hours of your workday paying bills and organizing the schedule? QuickBooks not only frees up time, but it can help you keep track of new work and opportunities. You need to fill those hours, after all.

Educate Yourself

Spend the time and money to invest in education. There are many DIY QuickBooks tutorials available online, but you get what you pay for. If you pay nothing, then there are bound to be important features you miss. Since QuickBooks programs are so advanced, they have many functions untrained users may not even know about. The variety of programs also makes it difficult to find a free tutorial that answers industry specific questions. While free training is better than no training, it’s well worth the cost to pay for some professional QuickBooks training. Anyone can use a computer with the right training, and anyone can use QuickBooks with the right support. A few tips can help you reclaim the time and funds to invest in further training, even if you can’t afford QuickBooks training today.

If you know what you’re working with, QuickBooks can help your business grow in dramatic ways. Not only can it fulfill the role of bookkeeper, but it can be your personal assistant, your assistant manager, and your accountant, too. There is work to do, and QuickBooks is more than capable of handling it.

author-avatar

About Marjorie Adams

Our head QuickBooks trainer and guru, Marjorie Adams, is Founder and CEO of Fourlane, Inc., an award-winning consulting firm and Intuit’s #1 QuickBooks Reseller Partner. Fourlane’s team of experts offers several QuickBooks oriented services including consulting, training, programming, integration, and more. Over the years, Fourlane has helped over 10,000 customers across many different industries with their QuickBooks accounting software. Marjorie Adams is considered one of the top QuickBooks trainers in the country. She was listed on CPA Practice Advisor’s 40 Under 40 in 2014 & 2015, and has been recognized as Intuitive Accountant’s 2015 QuickBooks Desktop ProAdvisor of the Year. Marjorie sits on Intuit’s VIP Program, is a frequent contributor to Inuit Accountants News Central, and has developed Intuit’s QuickBooks Enterprise Certification training. She has also been published in The Wall Street Journal, Forbes, BusinessWeek, American Express Open, the Huffington Post, and Inc. Magazine.

Leave a Reply

Your email address will not be published. Required fields are marked *