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11 Tips to Make the Most Out Of QuickBooks


It should not come as a surprise that QuickBooks has become one of the most famous accounting software on a global scale. And why wouldn’t it be? The accessibility, affordability, and integration options are more practical than ever. In fact, the number of add-ons you can integrate within the software is quite overwhelming.

That said, several small businesses use QuickBooks without utilizing its complete features. Besides, the continuous updates of the software have made things easier for small and medium-sized businesses (SMBs).

Contrary to misguided perception, you don’t necessarily need an accounting degree to understand a wide array of features attached to QuickBooks. Also, the popularity of the software is not born out of thin air; its practical approach and diverse usability require you be more familiar with it.

1. Record Your Revenues Correctly

One of the most fundamental aspects of QuickBooks is recording your revenue stream. However, small business owners often make the mistake of recording incomplete or faulty revenue commands that might confuse the software altogether.

Ideally, you should make sure that your revenues continuously exceed your expenses. Also, don’t forget the fact that you can use QuickBooks solely for recording expense accounts.

2. Integrate Your Digital Order-Taking Solution with QuickBooks

If you find yourself in a position of debt, you must dive into a 360-degree feature to evaluate your financial books and make relevant cuts. You can, for instance, minimize the entire process when it comes to order-to-cash.

And all you have to do is integrate your online order solution in QuickBooks to make it automated. Consequently, your business will be able to increase productivity and decrease extraneous administrative costs without human errors. Also, it’s a great strategy to minimize your overall business debt.

3. Utilize Attachments

Attaching important documents is arguably the most used feature when it comes to QuickBooks. Although you can attach a contract, lease agreement, or resale certificate, you also have the freedom to attach your credit card and bank statements. Naturally, you want your accountant to have instant access at any time of the year.

4. Create Custom Reports and Save Valuable Time

If you, for example, use a similar report on continuous-basis, you can practically create and save a custom report by selecting your choice of filters. Just rename your new custom report and save the relevant changes.

So, what will you have to do next time you open your report? Well, select your custom report from the dedicated list, and it will automatically incorporate all the filters you previously may have saved. Also, you can include the customized report to a specific group that can share the contents with other individuals of your business.

5. Categorize Your Expenses with Consistency

Business owners have the freedom to categorize specific costs. However, it is essential to stick to a single rule of classification that thwarts confusion. If you, for instance, switch your classification back-and-forth for every quarter of expenses, you will see weird fluctuations throughout your financial statements.

In addition, you can set specific standards when it comes to the classification of expenses to make sure everyone one of your team members utilizing QuickBooks is on the same page.

6. Utilize Audit Trail for Risk Protection

At this point, you must be aware of the value of “QuickBooks Audit Trail.” It instantly italicizes and bolds all transactions that require immediate adjustments. Now, you should use Audit Trail as part of your current monthly assessment. It’s a great way to pinpoint fraud instantaneously and restrict financial or emotional toll on your company.

7. Figure Out the Possible App Integrations

Small business owners, for instance, usually have to undertake the responsibilities of bookkeeping. Keeping that in mind, you must learn to integrate different types of apps that are beneficial for your business.

The underlying purpose of getting familiar with app integrations is to ensure flawless synchronization. And when the time comes to duplicate or add more transactions, you wouldn’t have to worry about unexpected errors from integrated apps.

8. Don’t Hesitate to Log Your Payments into Undeposited Account

If you’re in a state of a dilemma because of that unidentified “un-deposited funds” entry in your balance sheet, don’t be. In simple terms, the “un-deposited funds” refer to an auto-generated value that accounts for received money in your balance sheet.

Now, just because you see a figure doesn’t necessarily mean there’s an error. However, if the problem persists, it may be because you are not recording your deposited funds correctly. So, when you log your payments, make sure to input all your payments within QuickBooks module.

9. Switch Your Default Email Text Configuration

If you go through the preferences of your QuickBooks, switch the default email textual setting for all pay stubs, invoices, and statements. For instance, when it comes to sending pay stub emails to employees, you can alter the textual template that employees will get in an encrypted file.

10. Add More Details

When it comes to accounting, every detail matters. So, when you include transactions in QuickBooks, don’t overlook to add all details specific to the respective transaction. Practically, you should mention details such as the vendor, transaction breakdown, and brief description. If you want to conduct a review in the foreseeable future, these details will save you plenty of research time.

11. Don’t Forget to Customize Icon Bar

Yes, you can customize the icon bar of your QuickBooks. You should modify your current icon bars to something, which might be more suitable for your business needs. If you want to get rid of an irrelevant icon bar, click on the “view” menu and then on “customize icon bar.” After that, you can choose and select the icon you’d like to delete.

It is never too late or too early to invest your time and get familiar with the added features of QuickBooks more professionally. Businesses often have scrambled financial books because of the “wing it” approach and input irregular income & expenses information within QuickBooks. In hindsight, practice the usability of current and added features of QuickBooks and discuss it with your accountant concerning the software’s complete functionality. It is, after all, a non-accountant program.


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