QuickBooks has been long been rated as the best accounting software for small businesses. QuickBooks basically allows a business to establish an easy to use accounting system through which a business owner or employee can send invoices, accept payments, scan receipts, track sales and expenses, run payroll, and follow your monthly and quarterly progress. With the 2014 edition of QuickBooks running on your computer, let’s take a look at a few tips that can help you streamline the bookkeeping process.
Hire a Certified QuickBooks ProAdvisor
An Advanced Certified QuickBooks Proadvisor can almost operate QuickBooks with their eyes closed. Well, not really, but these individuals have been thoroughly tested on QuickBooks, and they know the tricks that keep QuickBooks humming. If you’re a small business owner with little to no experience or knowledge of bookkeeping, then it is best that you hire someone else to do it for you, even if you have spent $200 to $400 on accounting package software. Consider hiring a proadvisor who can save you time and effort. This person can update the daily details within the software in an efficient manner, which usually translates money saved.
It’s fair to think, “Why should I spend money on an accountant or proadvisor when I just bought software to handle everything?” But then, not knowing your way around the software will only lead to wrong numbers showing up at the end of the month, which can hinder accurate financial reporting.. At the very least, hire an Advanced Certified QuickBooks Proadvisors to setup your chart of accounts and data file mapping to ensure accurate reporting. Remember, garbage in, garbage out. Hiring a certified QuickBooks ProAdvisor on an hourly, monthly or a per project basis will ensure your entries are correct, and it will certainly be more viable than hiring a dedicated bookkeeper or accountant.
One of the hardest jobs for a small business owner is managing payroll. Think about it. How will you manage to correctly calculate all the paychecks, make the deposits in a timely manner and file the appropriate tax forms on your own? Unless you know your way around running payroll, you should consider outsourcing it. Payroll is a non-value added activity, which is why outsourcing it will not be a bad call. It could cost as little as $900 per year, which is money well invested rather than doing it yourself and not delivering the paychecks or taxes on time. You can make most of the $900 back by avoiding payroll tax penalties.
Using a sample company file, learn how online banking works within QuickBooks. Once you get used to it, link your online banking systems like PayPal to allow automatic download of transaction data into QuickBooks. This provides for more accurate and fast data entry, again saving you time and effort.
Setup Your Whole Accounting System on QuickBooks
There’s a reason why QuickBooks has been reviewed and voted as the best accounting software for small businesses. QuickBooks gives you the opportunity to setup a complete accounting environment on your computer or laptop, which is why you should incorporate every detail of your business within it. This will not only help you easily track your data entry, but will also provide more details when you create your monthly or quarterly income statement and balance sheet reports. The 2014 edition is more intuitive and user friendly than the previous versions. If you have not purchased QuickBooks yet, then do it now to ensure progressive growth through a streamlined accounting system. If you have an earlier version, there is no better time than the present to upgrade to QuickBooks 2014.