You are most likely to think of QuickBooks if someone mentions accounting software for small businesses as QuickBooks is servicing 4.5 million global customers online, per Intuit Investor Day 2019. Forty percent of that number are small businesses, out of which 30% are product-based businesses. Learning and becoming familiar with QuickBooks should definitely be on the list of your priorities if you are searching for simple solutions for your accounting matters; however, it can also become overwhelming…especially for the non-tech-savvy. But, don’t fret, we have a few tips and tricks to assist you in becoming more knowledgeable. You will be a QuickBooks professional (or can at least act like it) in no time!
QuickBooks- A Real Game-Changer
QuickBooks offers many services that can help you save a lot of time. This tool has an element for almost all of your accounting needs and it truly can be simple to understand. Below are just a few services QuickBooks offer:
- Tracking your expenses
- Controlling cash flow
- Business performance
- Creating and sending business forms
- Multiple ways to supervise your business (mobile, tablet, computer)
These features allow you to keep up with your accounting needs while offering the freedom business owners require. There are customizable dashboards and even the option to take photos of receipts and quittances so you are sure to stay on track while also being professional and timely with payments.
Advantages and Disadvantages
As with anything, there are some drawbacks to go along with the benefits. We suggest you conduct your own research to dig deeper into these advantages and disadvantages, but we will list a few for you that are worth mentioning. The ones listed are for QuickBooks Online:
Disadvantages-
- Limitations on file size and data
- Limitations on number of users allowed
- Outages and instability
- Upgrade fees
- Lack of a fixed-asset section
There are other drawbacks and limitations, but as suggested, be sure to conduct your own research before making a decision.
Advantages-
- Easy to use and learn
- Good accounting reports
- Affordable
- Easily accessible from multiple devices
- Easy customer information look-up
Again, there are plenty more benefits to using QuickBooks, but we want to get to the tips and tricks!
Tips & Tricks for the Technologically Challenged
Tip #1- This tip is so simple, yet many skip right by it! However, we suggest utilizing QuickBooks’ Getting Started Tutorials. These tutorials are well-constructed and practical, so take the time (once familiarized with the basics) and utilize this section to help navigate the learning curve.
Tip #2- Triple check yourself! Your business structure, reporting forms, Tax ID number, etc. is critical; therefore, be sure to triple check that all of your information is entered in correctly. This assists you in avoiding any future problems and gets you the best results and recommendations from the software.
Tip #3- Inputting customers and doing so accurately- again, triple check your work. Click on the Customers Tab at the top of your screen and input each customer as a new customer. Be sure to correctly add all customer details and customize their payment methods.
Tip #4- Reconcile, reconcile, reconcile! Constant reconciliation will change your life as you will always have a high-level picture of your business. When you receive a statement or payment remittance, be sure it reconciles with your QuickBooks.
Tip #5- Automatic back up. Backing up your QuickBooks is as integral as operating your company. If you’re using QuickBooks Online, then your data is automatically backed up to the cloud. However, if using the desktop version you will want to schedule an automatic backup that occurs regularly. Otherwise, your information will be lost if it crashes.
Tip #6- Customization for easy navigation. With QuickBooks you can customize your taskbar so you can navigate the software with ease and efficiency. In order to customize your Icon Bar click view/customize icon bar and keep what you frequently use.
Tip #7- Automotive memorized transactions. By using this tool you can pay bills or send monthly invoices that follow the same pattern. We all need life simpler, and making regular transactions automatic definitely helps. To enable this, click on lists/memorized transaction list/memorized transaction/new group.
Tip #8- Turn off spellcheck! Spellcheck on QuickBooks can be a bit strange when dealing with certain company or individual names, so we recommend turning this feature off. Simply click on edit/preferences/speller and uncheck the box.
Tip #9- Locating the history of a transaction. Don’t waste time searching for related invoices, credit memos, and payments, to locate what you need go to reports/transaction history and easily find what you are looking for,
Tip #10- Batch invoice printing. Sometimes you may need to print multiple invoices at a time. In order to do this, create your invoices, click the arrow next to Print, and then click Batch Print. This feature allows for you to choose invoice numbers for printing.
Tip #11- Staring reports. If you go to the reports tab, you can click on the star next to the report name. You can “star” reports that are often used so the report will show up at the top in your favorites section. This saves time from scrolling through multiple reports.
Tip #12- Filtering by dates, vendor, memo, etc. When viewing a report or account register you can filter it by a specific transaction type, customer, account, etc. Just click on customize.
Tip #13- Recommended Browsers:
- Google Chrome- all platforms
- Firefox- all platforms
- Safari- available on Mac. Not fully supported.
- Microsoft Edge/ Internet Explorer- not fully supported
Tip #14- Give me more! The ‘more menu’ is available on any saved transaction. This menu allows access to additional information and tools to work with the transaction. Click ‘more’ to view:
- Copy- beneficial with duplicating entries.
- Void
- Delete
Tip #15- Uploading and saving attachments. With QuickBooks Online you can upload and save attachments on any transaction. This creates ease when referencing source documents. To add an attachment open an invoice, click attachment icon, browse for your attachment, and click save.
There are TONS more, but these tips and tricks should help you get started and have you well on your way! Whether you are just starting out or expanding and have more advanced accounting needs, QuickBooks offers an array of solutions to fit your business. Plus, it doesn’t have to be difficult to operate. Once you learn tricks to help you along the way, you’ll be able to see QuickBooks spares you the trouble of confusion and provides easily manageable tools and services so your business can grow.
TK Accounting & Consulting 