The success or failure of a small business is measured by how effectively it uses resources and time to keep track of its accounts and bookkeeping. As a small business owner, you do not have endless resources or the personnel to track how money goes in and out of the business. You are left handling the accounts all by yourself or at best, when you or someone working with you has a few minutes to dedicate to the recordkeeping. As a result, many small businesses use QuickBooks, which is an accounting software package that helps you operate a business smoothly. If you are running a small business or perform bookkeeping on your own, then these tips can help you successfully track the cash, credit, payroll, and various other transactions with the help of QuickBooks.
Learn the Basics before You Use QuickBooks®
Contrary to what some may say, QuickBooks is quite easy to use. Generally, individuals who have a hard time understanding how the software works do not understand whether sales are debit or credit entry. In order to use QuickBooks effectively, it is helpful to have a basic working knowledge of bookkeeping. When used correctly, QuickBooks is definitely one of the easiest and most effective software tools for a small business to streamline its accounting processes. Many businesses that keep poor accounting records or do not review their work on monthly basis have run into some tough situations because they assumed QuickBooks could handle everything automatically.
Learn QuickBooks by Using the Sample Company File
Never use your live company file to experiment with the various tools and features of QuickBooks. You might end up in a situation where your data is different from what it actually should be, resulting in incorrect numbers on the income statement and balance sheet. If you want to learn QuickBooks, use the sample company file that comes with the software. You can experiment with it all you want without tampering with your live files. Once you get to know how things work in the sample file, you can translate the skills you have learned to your live files.
Install Updates Whenever the Notification Pops Up?
One of the most annoying things about QuickBooks is the notification, “QuickBooks has recently downloaded an update. Would you like to install it now?” It pops up way too frequently to anyone’s liking, but you should still install the updates. These updates help reduce bugs and improve the performance of the software. If you are using QuickBooks desktop versions, then you know it can lag behind sometimes. Therefore, it is important to install these updates because they can improve user experience.
As a general rule, whenever a new update notification pops up, do a Google search on whether the update has any issues or not. If not, go ahead and install it. If there is a problem, you may want to wait a few weeks before installing the update. A new update may be on its tail to correct the issues being experienced from the earlier update.
Though this is not a tip to help you succeed in using QuickBooks per se, the developers of QuickBooks work continuously to improve the software by adding new features, making older features more user friendly, which means it could save you much needed time and energy.