When building a business, you must properly keep track of your expenses and cash that’s generated. If you don’t, when it comes time to file taxes, it will be difficult and you will miss out on potential tax breaks. When tax season comes around, you will need all your invoices, receipts, clientele information, and much more. Without an accounting software, this process will have you pulling your hair out. QuickBooks accounting software will change that for you. To find out how QuickBooks accounting will help your business keep track of money, keep reading.
Accountants Toolbox
The accountant’s toolbox in QuickBooks accounting is highly beneficial to your business. It is located at the top of the screen and can be opened by clicking the blue briefcase icon. The accountant’s toolbox offers many easy access features that save you time and effort. Things like the journal entry section of the accountant’s toolbox let you stay organized by reclassifying amounts from one account to another. There are also sections such as management reports. This lets you customize templates, create introductory pages, choose report options, add personalized endnotes, include finishing touches, and save and share with clients.
Insights
The insights feature in QuickBooks accounting software is a help to your business. This dashboard is a tab next to the home tab at the top of the screen. You can access data for different clients such as profit and loss without having to run reports. This means you can quickly access this data to learn everything you need to know about your money. The insights tab has many charts to show invoices, overdue payments, income, wages, and more. You can change the settings so only certain categories will show up, or have them all available. Everything is clickable which will then break down that specific category. Even better, it is available as a PDF file or saved then printed off.
Batch Entry & Importing in Bulk
QuickBooks accounting software offers many features to save time while keeping track of your businesses money. Batch entry will improve by entering over one hundred bills and invoices on one screen. Importing in bulk lets you transfer over one thousand items from excel instead of adding them one by one. This saves time while checking to make sure your money and your clients are safe. Do this by going to the accountant menu, then batch enter transactions. You then must select the transaction type, and the proper account so everything is set up right. Having a feature like this means you can add the information into the system faster. That way you can move on to other things for your business.
Delete or Void Transactions in Bulk
QuickBooks accounting will help your business keep track of money in many ways. One is the option to delete or void transactions in bulk. Deleting or voiding transactions in bulk means that you don’t need to worry. Get this done by going to the accountant menu, then Batch Delete/Void Transactions. It is a simple action, yet extremely effective. You know your business is doing exactly what it should be with these features. See which deals connect to others before deleting them so you don’t remove important data. And you will also have an integrated backup system so you know all your data and your clients are safe.
Bill Tracker
This is one of the best ways QuickBooks accounting will help your business keep track of money. Bill tracker helps clients stay on top of their expenses. You will be able to track all vendor related bills in one area. It appears in the same format of a dashboard, which is like the insights dashboard. When you pull up bill tracker, you will see the four categories: purchase orders, open bills, overdue, and paid in the last 30 days. The categories are clickable colored tabs at the top of the screen. This creates an easy to use dashboard that keeps everything separated. Anything that is overdue will show up, which you can easily click on to see what the issue is. You will also be able to immediately change anything on every open item you have. AccountEx Report breaks down everything you need to know about this feature.
Making sure your business is on top of its expenses it important. It is a vital part of any business and if not taken seriously, will cause issues during tax season. QuickBooks accounting will help your business keep track of money with the accountant toolbox feature, the handy insights section on the home page, being able to do batch entry and import from excel in bulk, deleting or voiding transactions in bulk, and using bill tracker to stay informed about everything with the financial side of your business.
Works Cited
https://www.accountexnetwork.com/blog/2015/09/quickbooks-2016-bill-tracker/
http://blog.betterbottomline.com/scott_gregory_quickbooks/2015/07/new-insights-dashboard-feature-in-quickbooks-2015.html
