2017 Quick Tax Guide for Small Businesses

For most small businesses, the few months of the year means preparing for the tax season. They have to finalize the previous years’ invoices, receipts, and other documents for tax filing. However, before you meet with your accountant to prepare your tax returns, here are a few things you should know regarding the tax season 2017.

About the Tax Season 2017

The most important thing that you should keep in mind is that the deadline for filing taxes has been changed this year. The filing dates of Partnerships and S-Corps have been moved up, while C-Corps’ filing dates have been pushed back.

The due date for Partnerships (Form 1065) and S-Corps (Form 1120-S) has been pushed up from April 15 to March 15. Also, the filing date of C-Corps (Form 1120) has been pushed forward from March 15 to April 15.

Make sure that you keep the new deadlines in mind when preparing for the current tax season. Small businesses that miss their deadline for filing taxes will have to ask for an extension from the IRS. That being said, the taxes are still due on the tax day even if the IRS grants an extension, and any money owed to tax collection agency must be paid.

Tips to Prepare QuickBooks Online for Tax Time

QuickBooks Online (QBO) can make the process of filing taxes super easy for the accountants. Almost everything that you need to enter into the tax returns will be available in the QBO accounts. But you need to ensure that the accounts accurately reflect the transactions carried out during the year. This is a critical step. Otherwise, if the IRS finds any errors such as missed transactions during an audit, you will have to pay a hefty fine.

The first task that you should do is review the accounts and ensure that they correctly reflect actual transactions. Make sure that all the credit and cash transactions are entered into the accounts. Also, you should review the accounts and ensure that the transactions have been categorized correctly. Here are some of the other things that you should specifically look at when reviewing the accounts.

    • Transactions recorded to uncategorized expenses and income
    • Duplicate Transactions
    • Old balances in the account receivable and payable,
    • Old balances in the undeposited fund’s accounts

Next, you must review the profit and loss report and balance sheet to ensure they accurately reflect the transactions entered. Also, don’t forget to reconcile and update the bank account.

Once the above steps have been completed, call your accountant to prepare the tax returns. Remember that taking these steps will make the tax process straightforward and uncomplicated. You will save your accountant time and you will save money. It will also ensure that tax file doesn’t contain any errors, thereby, avoiding the need to pay the large fine to the IRS.

Quickbooks Software

Create and Memorize Reports in QuickBooks

QuickBooks contains several pre-created reports that display summary information from the company data file. The reports are crucial to small business owners for charting the future trajectory of the company. QuickBooks reports can be customized according to the specific user’s needs. In this article, we will cover basic information about how to create and memorize a report template in QuickBooks Desktop 2015 and later. Here you will learn about how to customize, filter and memorize reports to suit your needs and preferences.

How to Customize Report Template in QuickBooks

QuickBooks Desktop allows you to customize the content of any report.  You can add or remove the columns, customize fields, add or delete the header or footer, and also customize the style and font of the report.

In order to customize a report, you should follow the steps outlined below.

Step 1: Select ‘Reports’ from the Menu bar.

Step 2: Open any report, and then click on ‘Customize Report’.

Step 3: Click on the available tabs to customize the window.

Step 4: Once you have customized the report, you must click OK.

The available tabs in QuickBooks that you can customize include Display, Filters, Header / Footers, and Fonts & Numbers.

In the Display tab, you can change different settings regarding the content displayed in the report. You can select the dates covered by the report, report basis (annual or cash), and columns displayed on the report. You can specify how the columns should be displayed in the report (by day, by total, by item type etc). The sort option allows you to choose how the data is sorted (such as ascending or descending order). Also, you can specify to add sub-columns for the previous period, previous year, year-to-date, and percentages in the report.

The Filters tab contains options that you can use to filter the information contained in the report. You can add or remove filter as per your preferences. You can set filters for date, amount, billing status, aging, and many other elements.

In the Header / Footer tab, you can modify information that should appear at the bottom and the top part of the report. The header text appears at the top of the report while the footer text appears at the bottom. You can select information such as company name, report titles, subtitle, and date prepared in the header section of the report. The footer information that you can select or deselect includes the page number and the extra text that you want to be displayed in the report. You can also specify the alignment of the header and footer.

Finally, the Fonts and Numbers tab allow you to select the appearance and style of the report. You can modify the fonts, font style, and font size of different sections of the report. There are several sections whose font can be modified such as column label, row labels, report data, date, report title and subtitle. In addition, you can opt to have all the numbers divided by 1000 or without cents. Lastly, select whether negative numbers should be displayed in parentheses or with a trailing minus sign.

How to Memorize Reports in QuickBooks

In order to avoid having to go through the process of customizing the report every time you want to print the report, you should have the changes memorized in QuickBooks. In this way, the customized report will be ready for future use.

Here are the steps that you should perform to memorize a report:

Step 1: Click on the Memorize in the report window (figure below).

Memorize Reports

Step 2:  Next, you must type a name for the memorized report. You can select the ‘Save in Memorized Report Group’ option if you want to categorize the report template. Also, place a checkmark next to ‘Share this template with others’ option if you want the customized report to be viewed by others.

Step 3: Click Ok.

When you perform the above steps, QuickBooks will save all the report settings. You can access the customized report in different ways. To access the customized report from the report menu you should perform the following steps.

Step 1: Click on the Memorized Reports in the Reports menu.

Step 2: Select the report, or the report group, from the list

Step 3: Click Ok.

You can also access the memorized report from the report center by following these simple steps.

Step 1: Click on the Report Center in the Reports menu.

Step 2: Next, click on the Memorized tab.

Step 3: Now, you must choose the appropriate group or select uncategorized if you had not assigned the report to any group.

Step 4: Lastly, double click the memorized report from the list.

Note that in some cases an error message may be displayed when you try to save the report settings. This type of error occurs when you try to use too many filters. If you encounter an error message when saving the report settings, you should attempt to reduce the number of filters to resolve the issue. Also, you should try reducing the items selected in each filter to solve the problem.

How to Modify the Memorized Reports

You can easily modify the memorized reports. In order to edit the report settings, you should follow these steps.

Step 1: Open the previously memorized report.

Step 2: Change settings relating to display, filters, header/footer, and font & numbers.

Step 3:  Once you have made all the required changes, you must again save the report. You can choose if you want to create a new customized report or to replace the existing memorized report.

QuickBooks is one of the more versatile accounting software programs available. By following the advice given in this article, you will master the art of creating, memorizing and modifying reports. Keep tuned in for more in-depth advice and tips regarding QuickBooks!

alt="QuickBooks Online Job Costing"

Job Costing Using Class Tracking in QBO

Intuit’s cloud accounting application, QuickBooks Online, is the preferred software choice of small business owners. And, this is not surprising. Intuit continuously improves QuickBooks Online to meet the ongoing demands of businesses. It makes performing accounting tasks a breeze.

QuickBooks Online also contains numerous features like a mobile app to manage your business on the go and class tracking. We will a talk more about the class tracking feature in QuickBooks Online.

So, What is Class Tracking Anyway?

Class tracking is a useful feature that is available in QuickBooks Online Plus only. With this feature, you will be able to track income and expenses transactions to specific projects, jobs or departments.

Although, technically speaking QuickBooks Online doesn’t feature job costing, you can make it work using class tracking. Using this feature, you will be able to track customer jobs. There is another method to track customer jobs known as the sub-customer method, but we will cover that topic in another article.

For now, you should know how to enable class tracking in QuickBooks Online.

Setting Up Class Tracking in QuickBooks Online

You can setup class tracking in QuickBooks by following these simple steps.

Step 1: Click on the gear icon on the upper right corner of the screen.

Step 2: Now, select Account and Settings listed in the sub-menu under Advanced.

You will be presented with the picture as shown below.

alt="Class Tracking On"

Step 3: Scroll down until you see the Categories section, and click on Track Classes.

And that’s it. You have just setup class tracking in QuickBooks Online.

Jobs in QuickBooks begin with an Estimate. You will be able to add Class directly within the Estimate, Invoice, Expense, Check, etc.

To add a new class, you must select Add New from the sub-menu in the Class column.


Apart from the above method mentioned above, you can also add Classes from the Class Lists as depicted in the figure below. You can access Lists from the Gear icon in the top right navigation.

alt="how to find lists"

Just click on All Lists. A new window will open up like the one below.

alt="Where to find class lists"

Next, you must select Classes from the Lists screen. To add a New Class, you must click on the New button. Next, you must add the required Class, and then save it.

You can track each of the jobs by creating reports in QuickBooks Online. You can create budget vs actual report,s as well as profit and loss by class report for the job.

After the job has been completed, you can remove the Class from the list. Note that a Class will not actually be deleted, but it will be made inactive when you delete it from the list. You will still be able to see classes along with the related expenses by generating a report.

For a more in-depth look at the process, click here to see a video on Class Tracking.

alt="Corelytics Basics"

Corelytics QuickBooks Integration Basics

Corelytics® can help you understand vital signs of your business. It connects with QuickBooks® and other accounting software to give you important insights about your business. The application generates trends, forecasts, goals, and benchmarks that can help owners visualize and share vital accounting stats relating to the business.

Three words that best describe Corelytics and what it does are: Monitor, Diagnose, and Adapt.

By using this QuickBooks add-on app, your accounting staff will spend less time preparing reports and more time diagnosing the financial health of the business. The software app allows you to gauge the overall financial health of the business and gain valuable business insights.

Let’s see what some of the value added features of Corelytics are and the benefits they offer to you as a small business owner.

About Corelytics: How it Offers Value to Business Owners?

alt="Corelytics Finacial Dashboard"

Corelytics is a financial dashboard that can give deep insight into your business. The software app uses predictive analytics that ties to industry benchmarks. It connects with QuickBooks to provide owners with a visual overview of their business.

The application can give you an intelligent and quick analysis of the business health without making any data entry. By just a few clicks of the mouse button, you receive detailed and intelligent insights about the financial performance of your business.

Corelytics helps you monitor financial opportunities and challenges. It keeps you on track about the business health and lets you make key strategic decisions to chart the future direction of your business. Using this software, you can understand vital signs of the business and make important financial decisions.

Probably the best thing about Corelytics is that it aggregates industry data and presents the information in the form of a simple to understand graphs. In this way, you can compare your company’s financial performance with that of the industry.

Growth Trends

Corelytics financial dashboard provides you with information that helps you gauge both short and long term trends. Using this information, you get a clearer picture of your business and understand where it’s headed. This information proves invaluable when making important financial decisions and helps make a meaningful impact on bottom-line of the company.

LOB Gross Margin

Another great feature of Corelytics Dashboard is that it helps you find out about the line of business (LOB) that is putting a drag on the company and which is generating profits. This allows you to see the problem areas that need to be tweaked or fixed. It also shows areas that need do not require change, so you avoid wasting resources on things that aren’t broken.

Contributions of the Staff

A useful feature of Corelytics is that it gives indication of revenue generated by full time equivalent employee (FTE). If the revenue per employee is decreasing, it will give an indication of employee productivity at the company. As a result, you can take appropriate actions to rectify the problem, and boost overall company profitability.

In conclusion, Corelytics allows business owners to find answers relating to the financial health of a company. By integrating QuickBooks with the application, you can gain deep insight into the financial health of your business. And, you improve the odds of success by making the informed decisions.


alt="How to Create Budgets in QBO"

How to Budget Using QuickBooks

Budgets are important for any business irrespective of its size. The activity helps keep finances on track by prioritizing expenses. This is especially important for small business owners who run a business on a limited budget. They need to conserve money to meet essential company expenses, and stay in the business.

Whether you are trying to pay back a loan or just trying to cover your company’s expenses, it’s in your best interest to make a budget. Without this you cannot efficiently manage your limited resources, and meet unexpected business expenses.

The good news is that you can easily create a budget in QuickBooks®. With just a few clicks of a button, you can quickly create a budget for your business. In this article, you will learn about how to setup a budget in QuickBooks Online and Desktop versions.

How to Create a Budget in QuickBooks Online

The first step to take when creating a budget is to set the first month of the company’s fiscal year. To do this, you must perform the following simple steps.

Step 1: Select the Gear icon on the upper right section of the screen, and click on the Company Settings.

Step 2: Next you must click on the Advanced in the Settings window (see figure below).

alt="QBO Settings"

Step 3:   Now, you must set the fiscal year by clicking on the pencil button in the Accounting section to set the First month of fiscal year.

Step 4: Once you have set the fiscal year, you must click Done.

After you set the fiscal year, your next task is to prepare a budget. You can easily create a budget using an on-screen wizard. To set up a budget, you should perform the steps that are outlined below.

Step 1: Again, select the Gear icon on the upper right screen, and click on Budgeting (see figure below).

alt="Budget WIzard in QBO"

Step 2: Create a Budget wizard will start that will provide instructions on creating a budget. Once you’ve read the instructions, you must click next.

Note: You must add QBO website as an exception to blocked pop-ups in your browser. This is important otherwise the budgeting wizard will not start.

Step 3:  In the next page of the on-screen wizard, you need to select an option to establish budget amounts. You can select option to start with actual amounts from last fiscal year, create a budget from scratch, or copy from an existing budget. Click Next when you have specified your preferences.

Budget Setting

Step 4: In the third page of the on-screen wizard, you will have to specify whether you would like to subdivide the budget. By subdividing a budget, you will be able to track separate accounts for each of your customers. Click, Next when you have made a selection.

Step 5: In the last page of the step-by-step wizard you must select a fiscal year, and then name the budget. Once this is done, you click Finish, and you are presented with a screen that is similar to the one below.

alt="Budget Input Screen"

Step 6: At the bottom of the screen, you will find boxes. You must click on any cell, and then enter the required values. Select Enter by list box and choose Monthly, Quarterly or Yearly to enter respective amounts. You can also enter an amount and click on Copy Across to have the amount copied in every boxes. Clicking on the Save button will transfer the amount in the boxes to the respective income and expense item listed at the top of the page.

You should repeat step 6 for each of the item in the budget line. That said, you don’t need to enter a budget amount for every income and expenses listed on the screen.

Step 7: Once you have completed entering the values, you must click on Finished.

Congratulations! You have just set up a budget in QuickBooks Online.

How to Create a Budget in QuickBooks 2016

The process of setting up a budget in desktop version of QuickBooks is somewhat different than creating a budget in QuickBooks Online. You need to follow the steps below to create a budget in QuickBooks 2016.

Step 1: Select Company, Planning & Budgeting, and then Set Up Budgets.

Step 2: Next, you must select Create New Budget. The following window will show on the screen.

alt="Create New Budget Screen"

Step 3: You must specify a year, and choose the type of budget that you want created in QuickBooks. Selecting the Profit and Loss option will reflect all activity for the year, while the Balance Sheet option will reflect ending balances. The former creates a budget of income and expense amount, while the latter creates a budget of assets, liability, and equity. Normally, you would create a budgeted income and expense account. Click Next, once you are done.

Step 4: In the new screen, you can specify additional criteria and instructions. You can budget using Class or Customer: Job information. Again, click Next, once you are done.

Step 5: Now, you should select an option whether you want to create a budget from scratch or using values from a previous year’s budget. After you have made a selection, you should click Finish.

alt="QBO Budget Grid"

Step 6: You will see a screen similar to the one shown in the figure above. Here you can specify the amount that you want to budget for a particular item. Enter the monthly budgeted amount in each of the cells. To copy a value across the row, you should click on Copy Across Button. Also, you can click on Adjust Row button to adjust values by a specific percentage, for instance increasing the amount by 25%.

Note: If you selected to create a budget using last year’s value, the screen will be already filled with values.

Step 7: After you have entered all the values, you must click Save, and then OK at the bottom right corner of the screen.

Well done! You have just created a budget in QuickBooks 2016.

In the end, creating a budget will allow you to better manage your finances. You can prioritize your expenses and ensure that important expenses of the company are being met. Just remember to set aside money for unexpected costs for expenses that occurs out of the blue.

alt="Email Forms in QuickBooks"

Email Forms and Invoices in QuickBooks

Do you know that you can email forms and invoices directly to your customers through QuickBooks®? Yes that’s right. QuickBooks allows you to send an unlimited number of forms and invoices to your customers right from its user friendly interface.

QuickBooks® is an affordable and cost effective accounting software that allows you to easily send any number of estimates, invoices, packing slips, sales, and other reports through just a few clicks of the button. The forms and invoices are sent to the users using three methods:

  • Outlook,
  • Web Mail Account, and
  • QuickBooks E-Mail

In this article, you will reveal the secrets on how to send forms and invoices to the customers using QuickBooks. Admittedly, sending forms and invoices from QuickBooks will save a lot of valuable time of your accounting staff in servicing your clients.

Note: Sending forms and invoices through QuickBooks Mail account is only available for users who have subscribed to QuickBooks Pro Plus, QuickBooks Premier Plus, QuickBooks Enterprise Full Service Plan, QuickBooks Payroll, QuickBooks Billing Solutions, Accountant’s Copy File Transfer, or Intuit Merchant Services.

Set Up Preference for Sending Forms and Invoices

The first step is to select your preferred method to send forms and invoices through QuickBooks. You should click edit menu button and select preferences. In the preference tab, select the send forms tab. You will then see the following screen when you click on the send forms tab:

alt="QuickBooks Preferences"

In this screen, you can choose which program QuickBooks should use to send the forms and invoices through email. If you want to send webmail through Outlook Express, Outlook, or Thunderbird, you should select “Outlook” radio button. You should select “Webmail” if you want to use web mail services such as Yahoo!, Gmail, or Hotmail to send forms and correspondences to your clients. Finally, if you have subscribed to QuickBooks Mail service, you should select “QuickBooks E-mail” radio button.

From this screen, you can also select “Auto-check the Email Later” checkbox. When you set up a client in QuickBooks, you have the option of selecting whether you want them to receive invoices, sales receipts etc. through email. On selecting the auto-check the email later checkbox, QuickBooks will automatically mark all forms (sales receipts, invoices, etc.) to be emailed to those clients.

Outlook Email Client

nding forms through Outlook, Outlook Express, or Thunderbird email client is fairly easy. You do not have to enter any settings in QuickBooks to integrate the email client with the accounting software. Just make sure that you have selected “Outlook” in the send forms preference tab as described above.

In order to send forms and emails through the outlook email client, you have to follow these simple steps:

First, open the Outlook (Outlook, Outlook Express, or Thunderbird) client.

Second, in QuickBooks, open the form or invoice that you want to send to the client and click on the Email button. An Outlook message window will open with the attached form.

alt="Outlook Email"

Third, the To Address bar should already be filled with the address of the clients that are set up to receive receipts or invoices through email. In case you want to add or remove clients, you can do so by editing the Address bar. You can also edit the message that you want the client to receive with the invoice.

Fourth, after the email message is finalized, select the send button screen to email the attached form or invoice to the client.

Web Email Client

You have to set up the web mail account manually to send forms and invoices using QuickBooks. In order to send forms and invoices through the web mail client, you have to follow these steps:

Step 1: In the preference screen, click the send forms tab and select “Web Mail” radio button.

Step 2: Now, click on the Default button. You will see a screen similar to one depicted below.

alt="Setup Email Client"

Step 3: In this screen, you can add the details about your web mail client. In the “Email Id” box enter the full email id of your web mail account e.g. abc@yahoo.com. Next, select the email provider from the drop down list.

Step 4: If you selected Yahoo!, Gmail, or Hotmail as an email provider, QuickBooks will automatically fill the Server Name and Port for you. However, if you selected others, you have to have to contact your web mail service provider to know about the details.

Step 5: Click OK once all the information is entered.

Step 6: Now, open the form or invoice that you want to send to the clients and click Email button. If QuickBooks asks for a password on sending the email, enter the password of the web mail account and not the QuickBooks account.

QuickBooks Email Client

You do not have to change any settings when sending invoices or forms using built-in QuickBooks email client. Just select the “QuickBooks Email” radio button on the send forms preference tab. You can send the invoice or form by clicking on the Email button.

However, you should note that a record or copy of the sent invoice is not saved by the QuickBooks Email client. In order to save the copy of the sent email file, you have to set up a default BCC address in the preference tab.

alt="QuickBooks Email Automatic Copy"

In the preference tab, select the send forms tab and click on Company Preferences. In this screen, you enter the recipient’s email address in the BCC box.

No matter what the nature of your business, sending receipts, invoices, and forms to clients on time is essential. QuickBooks makes it easy to send forms and invoices directly to the customers and vendors. This saves precious time and resources of your company in preparing forms and invoices to send to the clients.

Your staff does not have to print and scan the invoices and forms separately for the clients. Upon approval, relevant staff can send forms and invoices to the clients directly through QuickBooks, thus saving time and money.

alt="Reimbursable Expenses"

Record Reimbursable Expenses in QuickBooks

Reimbursable expenses are out-of-pocket expenses that a company incurs on behalf of its client. Afterwards, the expenses are included on an invoice sent to the client. QuickBooks® distinguishes this kind of expense and tracks which expenses have been invoiced to the client.

In this post, we will show you how to properly enter and record Reimbursable Expenses in QuickBooks. You will also learn how to invoice the reimbursable expense to the customer.

Record Reimbursable Expenses in QuickBooks

There are three ways you can record reimbursement expenses in QuickBooks. Most people will use Method No. 1 and Method No. 2. However, you can select the method that seems most convenient for you.

QuickBooks Desktop Enter Bills


Method 1: Expense Account Method

This is the most common method of recording reimbursable expenses in QuickBooks. In this method, QuickBooks records the reimbursement as an expense. This expense is transferred to the sales revenue account upon invoicing the customer.

Step 1: Click the Expense Tab from the Enter Bills or Write Checks screen.

Step 2: Select the appropriate customer in the customer:job tab.

Step 3: Now, select the appropriate expense account and enter the amount of reimbursement expense.

Step 4: In the billable column, enter a check mark in the checkbox. This indicates that you want to bill the customer later for the reimbursement expense. You can leave the check box blank in case you do not want to charge the customer for the expense. Note that the expense will still display in the expense account.

Step 5: Save the transaction.

Method 2: Items Tab Method

The Items method tab is ideal in situations where markup needs to be added to the reimbursement expense. It is the only method that allows gross margin to be determined without creating an “Unbilled Costs” account. The customer’s reimbursement expense is treated as revenue and invoiced to the customer later on.

Using this method, you enter the reimbursement expense as an item in the Enter Bills, Enter Credit Card Charges, or Write Checks screen. When entering the expense account as an item, the reimbursement amount is posted to the cost account you chose while setting up the item.

On the other hand, when invoicing the amount in the sales receipt or invoice screen, the reimbursement amount is posted to the revenue account you chose while setting up the item.

Step 1: Go to the Item List screen and create a new Other Charge Item.

Step 3: In the item screen you can see the box that says, “The item is used in assemblies or is a reimbursable charge”. Click on this box.

Step 4: On the Enter Bills, Enter Credit Card Charges, or Write Checks screen, go to the items list screen. Select the Item that you have just created. Take care not to place a check mark on the column on far right side of the screen.

Step 5: Fill in the required information and save the transaction.

The method is not easy. Setting up the item takes time and involves careful consideration. Due care must be taken in assigning item in the Edit Item Screen. The item needs to be assigned to the correct sales/revenue account on the “Sales Information” section and the proper cost account on the “Purchase Information” side

Moreover, the method is also difficult to implement in case the company wants to post to various revenue and cost accounts. Each item needs to be established and customized individually depending upon the accounts where they are to be posted.

Method 3: COGS Method

Another way to record the reimbursement expense is to enter it in the COGS account. The cost will appear on the “Unbilled Costs” report and cannot be billed to the customer. Companies who do not charge the reimbursement expense to the customers can use this method.

However, note that once the reimbursement expense is entered through this method, it can never be billed to the customer.

First: Click the Expense Tab from the Enter Bills or Write Checks screen.

Second: Select the appropriate customer in the customer:job tab.

Third: Now, enter the reimbursement expense in the COGS account rather than an expense cost as in Method 1 above. Notice that you cannot select the column on the far right side of the screen. This shows that you cannot bill the expense to the customer.

Fourth: Save the transaction.

Invoice Reimbursable Expense in QuickBooks

Invoicing reimbursable expenses in QuickBooks is quite easy. The following steps reveal to you the correct way to invoice reimburse expense to the customers.

QuickBooks Desktop Create Invoices

Step 1: Create a new invoice in QuickBooks.

Step 2: Select the customer from the drop down list in Customer:Job tab.

Step 3: Now, click the ADD Time/Costs button.

Step 4: In the new screen, add the reimbursement expense that you want to charge to the customer. If you do not want to bill the customer for a specific reimbursement expense, click the Hide column to remove the expense from the list.

If you used method 2 to enter the reimbursement expense, you must add the reimbursement item you created previously that is associated with the customer. When you select the item, it is placed onto the customer’s invoice screen.

Step 5: Now, create a markup account by entering the markup percentage (%) or amount in the Expenses tab.

Step 6: Once all the required information is entered, you must click OK to transfer the information to the invoice.

Note: The Hide button will not delete the expense. It will still appear in the QuickBooks accounts. However, the customer is not charged for the expense. Also, in case you accidentally delete the invoice or the invoice line, you must open the reimbursable expense window. Then, click on the grayed invoice icon next to the customer: job to make the expense billable again.

Using QuickBooks accounting software is very easy to use. Both small and mid-sized companies use the benefits of this versatile and affordable software. Your business gets the needed boost to go above and beyond the competition. You not only experience cost savings, you bill reimbursable expenses like a pro.

5 Productive QuickBooks Add-ons

You may not know it, but QuickBooks accounting software has found hundreds of third-party add-ons to extend its functionality.  You get to handpick from a host of integrated apps. Each serves different functions, such as streamlining inventory management, giving you more flexibility to record employee time, etc. Using QuickBooks add-ons, you can automate different aspects of your small business.

Let’s take a quick look at 5 must-have apps that are perfect for improving small business productivity. Most of the add-ons listed here are reasonably priced. Additionally, the add-ons mentioned work with QuickBooks Desktop, Online or in some instances, with both versions of the accounting software.

1. SmartVault for QuickBooks (http://www.smartvault.com/quickbooks/)
Smart Vault® for QuickBooks is a great add-on that allows you to go paperless and organize your documents. The online document storage add-on integrates with QuickBooks. It allows you to attach documents to any QuickBooks entry.  Just scan and attach documents to customers and vendor records, bills, invoices, and much more.

Attaching documents within QuickBooks also makes your accounting system audit-ready. All related financial data will be located in a single location, which makes it easier for internal and external auditors to examine and verify company records.

2. Corelytics Financial Dashboard (http://appcenter.intuit.com/corelytics)
If you want greater insights into your small business, you subscribe to Corelytics® Financial Dashboard. The online service retrieves information from QuickBooks and presents the data in the form of easy-to-understand reports.

Not only is Corelytics an award-winning application, many consider it the best solution of its kind. Apart from tracking the performance of the company across different lines, the add-on also allows you to compare how the results stack up against competitors.  Moreover, the software generates forecasts based on existing financial performance. Try the app for 30-days free, and then the cost is $99/month. No credit card required for the 30-day trial.

3. SpringAhead (https://www.springahead.com/)
SpringAhead® uses spreadsheets to monitor employee expenses and time. The online add-on allows you to monitor employee time, expenses, and bills by integrating with QuickBooks. Through three-way integration between QuickBooks, SpringAhead, and SmartVault, you can enter expense data, attach scanned receipts, and export the data to QuickBooks.

4. Results CRM (http://www.results-software.com/crm/)
Results CRM® is an integrated QuickBooks add-on that handles your marketing and sales efforts. You can also manage your relationship and contact data, sales quotes, marketing campaigns, expenses, reports, and much more. The add-on software supports multi-directional integration between QuickBooks, Constant Contact®, Smartvault, and several other programs, greatly improving business productivity.

5. SOS Inventory (https://workplace.intuit.com/sos-inventory)
QuickBooks Online provides great flexibility and convenience in managing accounting functions. However, it lacks a robust inventory management feature. You can solve this problem to some extent by using a third party app known as SOS Inventory®.

SOS integrates with QuickBooks Online and allows small businesses to manage inventories, sales, and customer orders effortlessly. Additionally, you save a lot of time using this third party app. It comes with several features that simplify the task managing inventories.

One of the best things about the app is that it can be accessed from anywhere with a smartphone. Advanced features allow you to manage multiple items located in different locations. You can test the online service free for a 30-day period, after which you can subscribe for $20 per month with a maximum of three users.

Indeed, the above list mentions some of the best QuickBooks add-ons to enhance the productivity of small businesses. There are hundreds of other add-ons that extend the functionality of the accounting software. To read more on QuickBooks apps, check out 7 Great QuickBooks Online Apps.  If you use any QuickBooks add-ons that have improved your company’s productivity, share them with us by using the comment section.


QuickBooks attachments tips and tricks

QBO Attachment Feature Enhanced

QuickBooks Online (QBO) contains a number of powerful features including document attachment that makes accounting a breeze. You can save a great deal of time when you use QuickBooks accounting software for recording financial transactions. The cloud accounting software provides great flexibility in managing accounting information for small business users.

One of the top features is the ability to attach documents to transactions such as estimates, expenses, bills, and invoices. You can use attachments for various purposes such as:

  • Attaching contracts to invoices or estimates
  • Adding receipts to expenses for such things as making purchase in stores etc.
  • Attaching bills to payments and expense forms

The attached documents can be used by auditors to verify payments made using the online accounting software. Intuit improved and enhanced the feature in QuickBooks Online, allowing users to add a picture to name of product or services regardless of whether it was inventory, non-inventory, or service item.

Recently, the attachment feature in QBO received a slight upgrade. Now, users can attach documents and pictures to list names including Vendors and Customers.

How Do You Upload an Attachment in QuickBooks Online

You can upload different types of attachments in QuickBooks Online. They can be in the form of scanned photos, PDFs, and Word documents among others. The attachments can be uploaded from multiple places in QuickBooks. These include:

Individual Transaction Forms — You can upload attachments when recording new transaction such as an estimate, an invoice, or expense. The attachment will be linked to the transaction that you can view at later time.

You can add attachments by creating a new transaction and selecting Create (+), and then Estimate, or Invoice, etc. Afterwards, you must scroll down to the attachment section and drag-and-drop new attachments.

The attachments that are linked with estimates and invoices can also be emailed to the customers. To do this you need to click on ‘attach to email’ and then send to the customers. This is a great way to keep the client updated about the transaction by sending relevant photos or reminders.

Attachments Page — This is a convenient place to upload multiple attachments from a single location. You can then link them to individual transactions. Go to the QuickBooks Attachments page: Gear > Attachments.

Attachment features in QuickBooks Online

To upload the attachments, drag and drop them in the attachment window. Also, you can click on the paper clip icon to select the files that you want to attach in QBO. The attachment file cannot be greater than 25 MB.

Sort attachments by clicking on the header area above the attachments, Name, Type, Size, and Note. You can also edit the attachments by adding a note.  Click in Action column, click the Down arrow next to the appropriate item, and select Edit. A window will open showing you the receipt and a Notes area where you can add additional relevant information.

On the Attachments page, you can create a compressed Zip file of multiple attachments. You can also link the attachments to expense/invoice from this window. Furthermore, you can edit or delete the attachments, and print them if desired.

One last tip, you can zoom in on the details of each attachment displayed on the page. Just click in the Action column, click the Down arrow next to the appropriate item, and select Edit. A preview of the receipt or attached document will open. Use the mouse to zoom in on document and scroll either vertically or horizontally to view detail of the invoice. You can also use Up, Down, Left, and Right button to view details of the attached documents.

Bank Feed and Register — You can also add attachments in the Bank Register and Bank Feed areas. To upload an attachment in the bank, you go to Registers via the home page or Chart of Accounts. Click on Register, then the gear icon, and lastly, attachments.  You will be able see an Attachments column appear. It is indicated by a paperclip icon. You can see which transactions have an attachment and those that do not.

Quickbooks- Bank Feed and Register
To attach documents in the Banking area, you must select a transaction by clicking on the line item. The line item will open up to display more details on the transaction, and the Add Attachment link in blue. Select Add Attachment, the file window will open, so you can attach the appropriate document.

Quickbooks-bank and credit cards

Customer Center — The latest upgrade allows you to add attachments from the customer center. Using this feature you can add multiple attachments to transactions for any of your customers.

To add the attachment, you must click on the Customer Center. Then, select the name of the customer.  The Attachments field can be found at the bottom of the screen under the Customer Details tab. Click on the paperclip icon or drag and drop your desired attachments. You can add and link multiple attachments to the customer. View the attachments by clicking on the customer name. Select customer details. Then, select the attachment that you want to view. A new window will open in another browser tab or screen.

Attach records to customers


Vendor Center — Another upgrade is the option to put attachments with Vendor names.  To add attachments, go to the Vendor Center. Click on the name of the vendor. You will find Attachments field at the bottom of the screen under the Vendor Details tab. Similar to adding attachments in Customer center, you can select and upload multiple attachments.

Preview attachments by clicking on the Vendor name, and then select Vendor Details. A new window or tab will open where you can view the attachment details/image.

A final tip, you can attach email receipts in QuickBooks Online. This is a handy feature to attach receipts received from online vendors such as Amazon and Uber. To save the receipts, you must click on the attachment, save them on the desktop, and upload them to QuickBooks.


The QuickBooks Online attachment feature is certainly useful for accountants. The saved attachments come in handy during the audit of the company accounts. These attachments serve as primary documentation of your business expenses. Each and every expense can be traced, thereby, helping your accountant and auditors to verify your expenses.

The information mentioned here will make it easier for you to add attachments in QBO. If you have further tips to share relating to QBO attachments, you can comment in the box below.

7 Great Apps for QuickBooks Online

quickbooks-online-app-onsQuickBooks Online offers an easy to use, robust, and accounting interface that works anytime, anywhere. At present, over 1 million businesses worldwide are benefiting from the online accounting software. The simple yet powerful interface of the accounting platform provides scalable solutions that fit the requirements of businesses of all types and sizes.

The online accounting software does an excellent job handling the basics – invoicing, budgeting, bank reconciliation, reports, and so on. Yet, the addition of the third-party add-ons really boosts its functionality and takes it to next level. These add-ons are available on the home screen of the QuickBooks Online or the Intuit App Marketplace.

Some of the add-ons are for free while others require you to pay a monthly subscription fee to avail their services. Here we present a list of 7 great QuickBooks Online apps that provide value added functionality for online accounting users.

1. TSheets Time Tracker
TSheets® Time Tracker is one of the best QuickBooks Online apps. The add-on easily integrates with the online accounting software and provides the ability to track employees’ time for payroll, job costing or invoicing.

Once installed in QuickBooks online, staff can clock in using their mobile devices. This is extremely useful for organizations that allow employees to work from their homes. The add-on tracks employee’s time and GPS location points for employee routing, accountability and more.

You can review employee times in TSheets and then sync to QuickBooks Online after approval. You can then use the recorded data for job costing, payroll or invoicing. This greatly reduces the accounting time and cost incurred in keeping track of the remote employees.

2. Add-On for PayPal Integration
PayPal is another great QuickBooks Online app. The add-on syncs the company’s PayPal related sales transactions with the online accounting software. You can use this add-on to keep your transactions organized and in one place.

The QuickBooks Online PayPal app easily synchronizes PayPal receipts, fees, tax, and discounts. Once installed, data is synced and categorized automatically without any user intervention. The online app can also generate sales receipts for transactions. It can also adjust inventory for products that have inventory tracking enabled.

What’s more, the online app gives you complete control of how PayPal data shows up in QuickBooks Online. Customize settings to make sure that the data is recorded and classified properly. In addition, you can decide which information is entered or discarded from the QuickBooks accounting software.

3. Sync Business with American Express Open
This useful add-on allows you to sync your American Express® online account with QuickBooks Online. The add-on securely connects your business card with the online accounting software. You can also use the add-on to import your customized QuickBooks categories into the American Express online account.

You can label or categorize your transactions directly from the online statement. When the transactions are transferred to your QuickBooks Online company file, you do not need to categorize the transactions again.

When this add-on is combined with Receipt Match Mobile App, you can snap pictures of the receipts and label them on the go. You can download the Receipt Match® app for free from both the Android and iOS app stores.

4. Method CRM
Method CRM® is a powerful customer relationship management (CRM) tool. This online tool makes it easy to track leads and manage them once they convert into customers. The Method CRM add-on integrates seamlessly with QuickBooks Online. You can sync invoices, discounts and other customer transactions into the online accounting software.

The customer relationship add-on allows you to track potential leads. You can use the app to manage your customer service team, assign tasks, and send follow-up emails to the potential customers. Your customers, online vendors, customer representative teams, and more are all accessible anytime, anywhere.

You can also integrate the customer service app with your website. The customers can request information about your product and services directly from the website. Sales reps can then follow up with the leads and try to convert them into customers. Once the leads are converted into customers, the status is updated on the website.

5. Shopify Cloud Cart Connector
Shopify Cloud Connector is another great app for QuickBooks Online. The add-on allows seamless connectivity between the online accounting software and Shopify, a popular online e-store platform. Once installed, the add-on automatically syncs inventory and orders with QuickBooks Online.

You can use the cloud-cart connector to create credit memos, refund receipts, and partial refunds. The add-on can match customers’ orders by company, name, or assign a single customer to all orders. The online cart can map the items either manually or using an SKU. The fields are broken down by functions. This makes it easy for you to make changes as necessary.

6. LivePlan Dashboard and Forecasting
LivePlan Dashboard and Forecasting provides a powerful user interface to create budgets, track performance, and forecast sales. You can use the dashboard to get deeper insights into your company. These insights are used to understand the performance of the company. Thus, making it easier for you to chart its future direction. LivePlan add-on gives you powerful tools to compare the actual performance of the company against the budget. You view how your company is doing compared to last month, last year and more.

7. FG Receivables Manager
Finally, FG Receivables Manager is another great online add-on for QuickBooks Online. The online add-on allows you to save time on monitoring your account receivables. You can use the add-on to reduce bad debt invoices by more than 70%. A definite must have tool for companies to significantly improve their bottom-line.

To sum up, QuickBooks Online third party add-ons greatly extend the functionality of this powerful accounting software. You can use the add-ons to sync accounting information, monitor your customers, gain deeper insights, track employee time and much more!

QBO 101: Setup Roles and Users in QuickBooks Online

QuickBooks Online offers flexibility and convenience in performing accounting functions. The accounting software is ideally suited to the needs of medium and small businesses. What’s best about the accounting software is that you can scale it up (or down) based on the required needs of your business.

The simple version of QuickBooks Online subscriptions includes access to a total of three users, (one user and 2 accountants) who can access the cloud software simultaneously.

QuickBooks Online Essential subscriptions include access to five concurrent users (three users and two accountants). QuickBooks Online Plus subscription allow access to seven concurrent users (five users and two accountants).

With QuickBooks Online Plus subscription, you can add up to a maximum of twenty-five users at an additional cost.

So, the question is how do you add a user or accountant to QuickBooks Online?

You can add users and assign roles from the Administrator panel. In order to add a user, you must perform the following simple steps.

  1.  Click on the Gear Icon on the upper right corner of the screen.
  2.  Select Manage Users from the sub-menu under Your Company.
  3.  Click on the New button at the bottom right corner of the screen, select the type of user you want to add, and then click Next.
  4.  Now, you must specify the access right that you want to give to the user’s, and again click on Next.
  5.  In the new screen that opens, you can make adjustments to the user’s access like limiting their ability to make changes to customer accounts, print checks, etc. You can even provide view only access when going to the next screen.
  6.  Lastly, you must enter the email address of the user that you want to give access to QuickBooks Online, click on the Next button, and then Finish.

Congratulations! Now, you have successfully setup a new user in QuickBooks Online. An email will be sent to the new user who must select Click Here. The user will have to create a user ID and password to gain access to the company file.

Now that you know how to add a user in QuickBooks, let’s add and assign your Accountant access to your QuickBooks Online account. The process is really simple and somewhat similar to adding users.

First, click on the Gear Icon on the upper right corner of the screen.

Next, Select Manage Users from the submenu.

Now, under the accounting firms at the bottom of the screen, you must click on Invite Accountant.

Finally, you must enter the email address of the Accountant, click Next, and then Finish.

Once you perform the above steps, an email is sent to the Accountant containing a link to access the software.

Owine additional type of user that you can add in QuickBooks Online Plus version is a Time Tracking User. These users are not charged against the number of users that you are allowed. To add this type of user, follow the same steps described above. Select Time Tracking under the Manage Users Tab.

This type of user is helpful if you charge your clients or customers for time worked. You can use Time Tracking to record people’s time within QuickBooks Online. That way, you can easily pull billable hours into your customer invoices.

How BillQuick and QuickBooks Work Together to Streamline Small Business Operations

BillQuick is easy to use time tracking, service billing, and project management software. The software is suitable for different kinds of service businesses including architects, CPSs, computer consultants, engineers, contractors, marketing consultants, and others. BillQuick integrates with Intuit’s QuickBooks desktop software to streamline several accounting functions.

Using this software, business owners can maintain Job, Customer, and Employee data, and Activity and Expense codes tables. If you are a small business owner, and you want to further streamline the accounting function in your business, then you should continue reading. We will reveal not only the function of this QuickBooks add-on but also its benefits.

Overview of BillQuick Integration with QuickBooks
BillQuick can be integrated with QuickBooks to expand on its time tracking, project management and service billing accounting features. The add-on enhances these accounting functions and makes it more efficient. The software helps accounting personnel perform these additional tasks in less time, resulting in increased cost savings for your company.

BillQuick comes with its own billing, time and project management features. You will NEVER have to enter the data twice when integrating the software with QuickBooks. Moreover, you can fully customize the integration, and you have control over when, where, and what data is synchronized. Your accounting personnel will be working smarter instead of harder when using this QuickBooks add-on. The software improves data entry accuracy, avoids duplicate entry of data, and provides better control over the way accounting functions are performed.

The following tables depict how the data flows between QuickBooks and BillQuick.


Highlights of BillQuick Functions
The main benefit of using BillQuick is that it automates repetitive tasks, which in turn, saves time for your staff. The software is suitable for all business sizes and is completely scalable. You can choose Basic, Pro and Enterprise versions depending on the needs of your business.

BillQuick software will allow you to speed up time keeping processes, decrease the time involved in the billing process, and help you gain a better understanding of the different projects your team is handling. Moreover, you can check compliance with the Defense Contract Audit Agency (DCAA) with a single click of the mouse. Below you will find a brief description of the various tasks you can perform with BillQuick:

1. Time & Expense
BillQuick includes a time card that records employee work time, overtime, compensation, and vacation, sick, and holiday leaves. Time Card is available in spreadsheet, calendar, and stopwatch format. You can create time entries from the TO-DO items. Moreover, you can also run multiple timers at the same time. You can also record the expenses in different currencies!

You can view full history of time and expense entries including the date of submission, approval, or refusal from authorized personnel. This history can prove to be invaluable during audit – internal and external – of the accounting process. Also, you can link images and documents to the time and expense entries.

2. Project Management
The project management module of BillQuick allows you to instantly see the status of projects. You will know what projects that are in the red (loss) and have incurred more cost than budgeted. You can also schedule tasks and activities through an interactive Gantt chart. This chart can be customized by dragging, stretching, and dropping tasks on the timeline.

An employee workload forecaster allows you to view the tasks assigned to each employee in calendar format. By glancing at the colored-coded calendar, you can quickly find out the status of tasks assigned to the employees. You can also learn what staff members are being underutilized or overextended. Moreover, you can also keep watch on the next forecasted project and assign available staff to the project.

Apart from managing project tasks and employees, you can also use QuickBooks to manage project expenses. In addition, a revenue forecaster calculates the revenue based on the existing and forecasted expenses. This tool allows you greater control over managing cash flow.

Other highlights of the project management module include the following:

  • Assign employees, tasks, and expenses to projects
  • Track status of projects in real time with automatic updates and notifications
  • Organize and classify the projects according to four stages of workflow:
    • Project
    • Phase
    • Segment
    • Sub-segment
  • Select from among different contract costing methods including:
    • Fixed Fee
    • Recurring
    • Hourly
    • Cost + Percentage
    • Cost + Fixed Fee
  • Compare actual costs versus the budgeted costs Billing and Accounts Receivable
    Billing and Accounts Receivable is another important module for the QuickBooks accounting software. The module allows you to view all the information you require to improve the collection process. Using the QuickBooks add-on, you can view key historical data, payment history, and account notes. You can see an aging summary of account receivables for 60, 90, 120 days and more. Moreover, you can view the aging reports in multiple formats and utilize a number of filters to view the receivable data.BillQuick also allows you to create billing invoices using 180 templates. You can perform batch processing, create PDFs, customize the reports using Crystal reports, and much more.Accounting Module
    The Accounting module of BillQuick enhances the powerful functionality of the QuickBooks accounting software. You can perform bank reconciliations, view trial balances, chart of accounts, and make payments to vendors. You can also view both cash-basis and accrual balance sheets and profit and loss reports.You can select from approximately 500 report templates when creating accounting reports. The report center allows you to filter the information, so you can view important aspects of your accounting data. Employee snapshot offers a breakdown of resource utilization and billable work. This information is especially helpful for consulting firms, so they can accurately bill their clients for work performed.Bottom Line!
    On the whole, BillQuick® is one of the most powerful add-ons for QuickBooks Desktop. The software seamlessly integrates with QuickBooks and extends its features and functionalities. Using this QuickBooks add-on, you can lower the administrative costs, save time in performing billing and expense functions, and efficiently manage the projects.

QuickBooks® – What Are Items and How Are They Used?

QuickBooks has not only made it easier for organizations to manage their accounting and bookkeeping tasks but with innovative features integrated into the newer versions, businesses can be sure to witness a boost in productivity. A large number of organizations use QuickBooks and for some, it has even replaced the need for an in-house accountant.

Among the many useful tools integrated into QuickBooks, there is another feature called ‘item types.’ QuickBooks refers to items as anything that a company sells, buys, or resells in the course of business transactions. Products, shipping charges, sales tax and discounts are all examples of items. It is easier when items are thought of as something that shows up on an invoice or any other type of sales form.

Different Types of Items
QuickBooks offers around 11 item types that can be presented on a sales form like services and products you sell or the things you buy. You can use items when you create new invoices, create orders for purchase, or you buy new equipment or supplies.

While items provide a convenient way to enter data, much of their role is on the back-end, where all the complex accounting jobs are handled. When you create an item, you are supposed to link it to an account. When the item is used on any type of sales form, it records the entry in the account, i.e. in the account receivable/payable, checking or fixed asset accounts.

Items are really easy to setup, but before you begin, you should decide whether using items is what you want and how you plan to benefit from them. Decide on the nature and amount of details you want on your invoice and other financial statements and be sure to keep these details in mind when you setup each item. For example, if you are a carpenter and you create furniture, you can either charge a flat rate for the entire sofa or break it down into labor and material.

Here are the types of items QuickBooks allows you to setup:
Service: Charged services, like, labors, consulting, and fee.

Inventory Part: Purchases that are tracked as inventory and resold.

Inventory Assembly: Assembled goods, which you purchase, track as inventory and resell.

Non-Inventory Part: Goods you buy but don’t track such as office supplies.

Fixed Asset: An asset, which you don’t plan to convert to cash for at least a year.

Other Charges: Labor, material, service, or, product charges, fees, surcharges, sales tax, handling fee, etc.

Subtotal: Creates a total amount of all the items above it.

Group: Groups offer a great way to associate individual items that appear together on invoices, purchase orders, and other items that can be added to the form at one time.

Discount: Subtracts a percentage or set amount from the total.

Payment: Records the payment received at the time of a sale.

Sales Item Tax: Calculates a single sales tax item at a specific rate that you can pay to a tax agency.

Sales Tax Group: Calculates and keeps records of two or more sales tax items that apply to the same sale.

If you wish to do more with the items option, you may need to look at upgrades for your current version of QuickBooks.

10 Essential Tips & Tricks to Become a QuickBooks Power User

QuickBooks is the most versatile accounting software available. It is ideal for most small and medium businesses. The software can help you monitor business expenses, manage invoices, and organize customers and payroll data. You can set up a chart of accounts for a variety of business organizations with ease. Whether you run a small boutique shop, a financial advisory firm, manufacturing company, or a real estate company, QuickBooks has you covered.

Do you want to know how to accurately record financial data using QuickBooks? Do you want to know how to file tax forms? Do you want to know how to determine your business’s profits or losses? Then, you have to look no further. You will learn this and more so keep reading.

Note: The tips mentioned below relate to QuickBooks 2011 Desktop and above. If you have an older version of QuickBooks, you should upgrade your software since it no longer supported by Intuit. Go to the Products page to purchase your software upgrade.

A. Customize Your QuickBooks Desktop

1. Change the Default View

QB Search

The QuickBooks default screen can be customized according to your preferences. Simply click on Preference and then Desktop View. From this tab, you can opt to change the startup screen, show single or multiple windows on the screen, display home page when opening a company file, or switch to color icons/light background on the top icon bar. You can also customize the display color and fonts displayed on the QuickBooks screen. In addition, if you want to hear specific sounds for actions like minimizing, opening, or closing reports, you can customize this through the sounds tab.

2. Customize the Icon Bar

Customize Icon Bar

The QuickBooks default interface is loaded with icons that you may never need. You may also be missing icons that you may need for easier interface. In order to modify the icon bar, right click on the icon bar and click on Customize Icon Bar from the sub-menu. From this screen you can add and remove icons according to your needs. You can also create new icons by clicking on the Add button. From the Add Icon Bar Item screen, you can select a specific action and write a label and small description of the icon event.

B. Time Saving Tips for QuickBooks

1. Use Keyboard Shortcuts

Similar to other Windows applications, QuickBooks supports a number of different keyboard shortcuts. Using these shortcuts, you can save considerable time in operating the software. Some of the important keyboard shortcuts are listed below:

  • Start QuickBooks without a company file Ctrl (while opening)
  • Create Chart of Accounts Ctrl-A
  • Delete Transaction Ctrl-D
  • Edit transaction selected in register Ctrl-E
  • Find transaction Ctrl-F
  • Go to Other Account Register Ctrl-G
  • Display Transaction History Ctrl-H
  • Create invoice  Ctrl-I
  • Open Customer Center  Ctrl-J
  • Memorize transaction or report Ctrl-M
  • New invoice, bill, check, or list item in context   Ctrl-N
  • Copy Transaction in Register Ctrl-O
  • QuickReport on transaction or list item  Ctrl-Q
  • Open memorized transaction list Ctrl-T
  • Write new check Ctrl-W
  • Display Transaction Journal Ctrl-Y

2. Speed Up QuickBooks Searches

QB Search

You can also customize the QuickBooks searches from the preference screen. The search feature lets you find items in the programs’ help file or in your company file. By default, QuickBooks allows you to choose whether you want to search from the help file or company file every time you make a query in QuickBooks.

If most of your queries pertain to the company file, you can speed up the search by specifying that the software search within that location only.  To do this, click on Preference and then Search. In My Preferences tab, you can specify that the software automatically make a search of the company file without asking you every time you initiate a query.

From the Company tab, you can also specify how often the software updates company file indexes.  Specifying lower duration of indexing will speed up the program. But the searches will not reflect the most recent changes made to the file. In order to update the entries, you can click Update Now button in the window.

3. Automate Form Entry


Do you have to enter certain transactions regularly? Not in a mood to enter recurring transactions every day? Then, let the amazing memory of QuickBooks works its magic for you. QuickBooks can memorize certain recurring transactions like rent payments, utility bill payments, and depreciation expenses. You can specify that the software make entries for memorized transaction automatically. To access the tool, type Ctrl + M.

4. Record Favorite Reports

Do you work on certain reports regularly that you want to access instantly? QuickBooks lets you do this easily. You can designate certain reports as favorites by clicking on the heart icon underneath the report in the Report Center. You can access your favorite reports from the Favorites Tab in the Report Center.

C. QuickBooks Power Tips

1. Batch Invoicing

Batch Invoicing

QuickBooks 2011 and above has a very useful feature called batch invoicing. Using this feature, you can create multiple invoices for a single transaction. To access this feature, go to Customers Menu, and select Create Batch Invoice.

2. Create Customized Templates


In QuickBooks, invoices, purchase orders and sales orders are referred to as templates. You can customize these templates in QuickBooks. Just go to Lists Menu, Templates, and right click on a template. From the sub-menu, select Edit Template. You will be taken to the Layout Designer button. You can import your company logo, so it shows on your documents. You can also download additional templates and colorful themes that will enhance all your templates.

3. Paperless Accounting Through QuickBooks

Did you know that you can achieve paperless accounting through QuickBooks? The software allows you to attach an electronic version of the documents to the transactions either locally or in cloud-based storage. With QuickBooks 2012 and above, this feature is absolutely free. To use the tool, click the Attach button with the paper clip icon in any document or template.

4. Enable Remote Access

QuickBook Remote Access is a cloud-based service that allows accountants and other users to log in remotely. The remote access feature is available in two versions: Full desktop access for $7.97 per month or QuickBooks data access only is priced at $3.95 per month. You can purchase this additional service by going to File > Remote Access in QuickBooks.

The above are just a few of the tips that you can use to make QuickBooks more efficient for your business. QuickBooks allows you to save a lot of time, money, and resources when managing your business income and expense data.  The survival of businesses often depends on timely and relevant accounting data, and this goal can be obtained easily using QuickBooks financial software.

How to Avoid Common Mistakes New QuickBooks Users Make

If you are a small business owner, now is the time to start QuickBooks off on the right foot. You may be putting in too many extra hours using QuickBooks. You can streamline the processes behind managing and recording your income and expenses by following a few simple steps and avoiding a few mistakes that many people make when using QuickBooks.

Here are some common mistakes you should be sure to avoid when using QuickBooks so that you and your business can benefit and get the most out of it.

Avoid Using Your Bank Account in the ‘Expense Account’ Field When Writing a Check
When using ‘Write Checks’, most users fails to realize that the checks are already affecting their bank account, therefore, they set the checking account as the expense account. This can result in the money going out and instantly back into your checking account. To keep this from happening, specify one of the expense accounts that was setup, such as office supplies or utilities.

Avoid Assigning Items to the Wrong Accounts
QuickBooks defines items as anything your company sels or buys, like products, or services, or discounts. To have a better understanding of items, think of them as the lines on an invoice. To ensure that your records are accurate, you need to associate every item with a logical account type.

Don’t Forget To Apply Check Payments to Bills
Using QuickBooks, you can pay your bills easily, depending on how you wish to track your bills and payments. Once you have chosen a certain method, stick with it. If you fail to do so, you could end up paying your bills twice.

  • To track your bills, ALWAYS use ‘Enter Bills’ in QB Desktop or ‘Bill’ in QB Online to enter bills under the Vendor tab.
  • Use ‘Pay Bills’ to make payments for the bills you are tracking.
  • If you prefer not to track your bills, you can go to ‘Write Checks’ or ‘Enter Credit Card Charges’ window.
  • Avoid using ‘Pay Bills’ if you have already used the ‘Enter Credit Card Charges’ or ‘Write Checks’.

Avoid Using the Sample Companies as Your Actual Company File
QuickBooks is filled with sample company files that you can as examples when using QuickBooks to manage your own data. However, be sure to not to use these files as your original data records, they are only samples and not templates. They include some of the most commonly used items, services, and products used by most businesses. Avoid using these files as templates for handling real data; they are not made for that purpose.

Avoid Entering Invoices and Making Deposits Without Going Through Receive Payments
If you need to record sales, be sure to use the ‘Receive Payments’ screen or link, to apply the payments against the invoices. More than often not, people make the mistake of skipping that step.

Make sure you avoid these common mistakes when using QuickBooks to manage accounting and bookkeeping tasks. This will help you utilize QuickBooks to the max, resulting in streamlined procedures, time saved, and increased productivity.

How To Manage Expenses Using QuickBooks

Keeping costs down is not only crucial to insuring profitability for a small-business, it is vital to its survival. Now more than ever, small business owners must be attentive to managing costs. Overspending can quickly put a small business on a path to ruin.

How do you manage your expenses?

1.  Use QuickBooks® throughout the year

  • QuickBooks will help you manage your expenses and make better decisions every day.

2.  Establish an operating plan.

  • A useful tool at your disposal is the QuickBooks budgeting tool.
  • Go to Company, Planning and Budgeting, Setup Budgets.
  • If you used QuickBooks last year, you can pull in data from the previous year as a baseline.
    • Select: Create budget from previous year.
  • You also have the choice to create a budget from scratch.

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  • Tracking your expenses against a budget helps you to stay mindful of the operating targets (goals) you set for the business at the beginning of the budget year. It shows how well you are meeting those targets.

3.  Be disciplined about reviewing your progress against your plan.

  • Set a review schedule (e.g. monthly or quarterly, whichever maybe appropriate for the size of your business).
  • Use the information to make timely and thoughtful operating decisions as the year progresses.

4.  Another useful tool at your disposal is the QuickBooks Forecasting tool.

  • Go to Company, Planning and Budgeting, Setup Forecasts.
  • As with Budgeting, you can pull in data from the previous year as a baseline or you can choose to create a forecast from scratch.
  • A forecast allows you to make month-to-month adjustments to reflect the dynamic events of your business and their effect on your revenue and expense outlook for the year without altering your budget.QB Image 2
  • A forecast helps you track how well you are adjusting to the trends shaping your budget year.

5.  Analyze your expenses.

  • Group them by type: Fixed, Variable, Short or Long-Term
  • Understand how each type drives your cash flow requirements and operating income.
  • Sort them largest to smallest so you understand where you are spending the most.
  • Set goals for reducing expenses, where appropriate.
  • Having an insightful understanding your expenses is foundational to successfully managing your business.

6.  Utilize Tax Planning

  • To help minimize negative tax implications and maximize tax benefits.

7.  Don’t be shy about getting professional help, when needed, to assist you with these important tasks.

  • For additional help call us at: (800) 717-0452

What’s Needed to Start a Small Business?

It’s the dream of many to have a business of their own. Running their own business frees them from being bound to a day job and gives them the authority to be their own boss. Like the sound of that? Then you have come to the right place.

Launching a business is no easy task; it requires the utmost determination, hard work and motivation to leap over the umpteen numbers of hurdles that you may run into along the way. Here’s a general framework that you can follow whenever you are starting up your own company.

Identify the Opportunity
First of all, you will have to review the kind of opportunities you have. What kind of business do you want to start? Each type of business requires a different set of skill, abilities, and knowledge! The choice can be hard, but make sure you grab an opportunity that lies parallel to your passion. If you have passion for something, you may be naturally good at it. For instance, if you’re into cars, then you may want to consider starting up a business related to cars. Get the idea? Let’s move on.

Build Your Business Plan
Just like engineers prepare a plan before they actually start constructing a building, entrepreneurs must also have a business plan that includes each and every detail of how they plan to run their business. From company policies to finances and to marketing – everything is included in a business plan.

Take the time needed to create one. Go to the Small Business Administration site to create one using their free tool. Here’s the link, http://www.sba.gov/tools/business-plan/1. Going through the process of creating a business plan, using this tool or another one, will make things much easier as you move along your journey.

Get Financing
Without sufficient amounts of money, you may find it difficult to start a business. While you may have enough savings to get you started, many people invite investors to invest in their business. This is where your business plan will come in handy. Investors will want to look at how you plan to use their money, and your business plan will enlighten them on this matter.
Similarly, you may want to approach banks, friends and family or any other sources of finance.

Get Your License and Permits
To start a small business, you will be required to complete some simple paperwork. This paperwork is not too complex; however, it is absolutely necessary. You need to make sure you get all the required licenses and permits to operate in your state, city, and possibly your county. Do a search on the web to find out what is required.

Select Your Business Location
The next thing you would have to do is find a suitable location for your business. Working from your home initially may be a viable option especially if you need to keep costs down. If you plan to conduct your business online, then you may be better off working from your home, at least until your business gets stable.

However, if your work necessitates meeting clients and customers, then you may be better off selecting an office in a business district. Just make sure the location gives off a good first impression of your business. There are a number of virtual offices that provide office space by the hour, conference room space, and mailing addresses. Do your research. The options are numerous. Take your time and determine what will work best for your particular business situation and needs.

Set Up An Accounting System
Proper tracking and management of all your cash inflows and outflows and all your finances are vital for the success of your business. There are numerous accounting solutions for small businesses on the market that can help make the job easier. QuickBooks, for example, is quite popular with small business owners due to its ease of use and abundance of features. QuickBooks also has a number of third party add-ons that provide additional customization that suits your needs. Again, do your research or talk to a QuickBooks ProAdvisor. You’ll be glad you did. 😉

Tips for Starting and Growing Your Small Business

Small to medium businesses are growing in the US day by day, largely because of so many opportunities still out there resting in the market and also due to the entrepreneurship ‘trend’ that has recently begun to take over. Small businesses are also a great way to target the many niches looking for a better solution to their needs.

As small businesses are, well, ‘small’, they have the opportunity to progressively establish themselves as leaders in their categories, depending upon the nature of the business. However, not all small businesses are successful, and there could be a lot of reasons, like lack of knowledge of the market, lack of research or simply, lack of funds or even motivation.

So, what can you do, to stay in the market and keep your business growing? There are some essentials to starting and growing a small business, like:
Understanding Your Brand and Your Target Market
Starting any sort of business means first, you will have to conduct profound market research. What is currently lacking in the market? Who needs the products or services you are willing to step into? What are specifications like age, income, lifestyle, and other demographic, geographic, psychographic features of the niche you are targeting?

To start off right, you need a good understanding of your product, market and the customers and a profound understanding of your brand. Your brand is not just the color, logo, or visuals; they are the experiences your customers share with your brand.

Be Unique
The success of small to medium businesses purely depends on being unique and standing out. If you are successful in portraying your brand as unique, you should be successful in establishing factors that make your offerings unique. Don’t forget to put these unique qualities into the company’s advertising and marketing messages.

Make Sure The Customers Know The Face Behind The Business
One of the most common reasons behind small businesses failing is the absence of the owner. Not only do employees lose motivation due to the absence of the manager, but also this can lead to a rapidly generating fleet of unsatisfied and unhappy customers. Always be present, and find ways to interact with your customers so that they know the face behind the business.

Build a Community And Following
Most small to medium businesses also fail because they are unable to build a community around them- why is it so important?

Building a community, using both online and offline methods gives your business solid opportunities to grow and progress. People start to trust your brand, and you can also keep conducting seminars and events to enhance the image of your brand.

These tips are just a starting point for you to begin thinking about as you work through and develop your business further. Also check out

What is Class Tracking and Why Do I Need It?

As someone who owns or manages a small business, you understand the complexities and problems behind maintaining a proper bookkeeping and accounting record. However, with the introduction of accounting software like QuickBooks, accounting and bookkeeping task have not only become easier to maintain but the innovative tools have helped organizations to develop and grow. Class tracking is yet another important tool QuickBooks has to offer.

What Is Class Tracking?
Class tracking allows you to create separate classes for managing transactions. This feature lets you manage account balances by department, office locations, the properties you own, or another relevant source.

If you have different segments in your business and you offer a number of products and services, you will find the class-tracking feature useful. You can define these segments and keep a close eye on them, while managing the account balances on receipts, bills, or invoices, separately. Moreover, different departments and segments of your business can use the class feature to report the account balances, respectively.

For example, if you own a clothing line and your shop is located at two different locations, you can manage both the accounts separately. A restaurant owner with restaurants in 5 different locations might use class tracking to keep track income and expenses by each restaurant location. Similarly, at the end of the accounting period, segment/department specific reports can be generated.

Class Tracking Reports
Apart from creating separate identities for different segments of your business, you can also get useful reports at the end of the year, which makes your job even easier. You can also create consolidated reports.

Profit And Loss By Class Report
This report includes subtotals for each type of expense, or income, from each classified segment, making it easier to see where the money is coming from and where is it going. When you use class reporting for the first time, the default set date range represents a fiscal year, but you can always change the date, which suits your business needs.

Profit And Loss Unclassified Report
Just as you may have created classes for the segments you need recorded, there might be other aspects of your business, left unclassified. The profit and loss unclassified report takes care of such unclassified items. It helps you conveniently identify the transactions, which have been left unclassified, making your job more easier, and keeping a strict accountability of everything coming in and going out.

Tips For Using QuickBooks Classes
Here are some general tips you can use:

  • If you feel that, a certain department or segment cannot fit into the classes you have setup, set it to ‘other’, so that you can deliberately use it to classify transactions.
  • Avoid using classes to track two different purposes of your business; for example, don’t create classes for tracking restaurant locations in addition to tracking partners.
  • Be Persistent! Enter the class information into all the forms and registers, so you know the this information is valid and useful.


Class tracking can help you streamline the recording of business transactions and make your job easier, so you can concentrate and focus on the growth and development of your business.

How to Track and Manage Small Business Expenses

With cutting edge competition in all industries, it has become vital for businesses to track and manage their expenses in order to pinpoint any unnecessary expenditure and to cut costs. Proper management also helps a lot when the time comes to pay taxes. As an entrepreneur, you can maintain a number of practices to keep your business’s finances sound.

The following guidelines will help you to track and manage all the expenses of your business. You should try to aim for implementing as many of these tips as you can.

Get Automated
There are several powerful accounting software tools out there that can help you automate the process of financial bookkeeping. QuickBooks, for example, is renowned for simplifying the process of tracking and managing small business expenses. It is best to use the same version as your accountant because this will make it easy to import information to your tax return when the need arises.

Get Ready for Tax Time
Make sure your records are as accurate as possible, and don’t forget to record any expenses that you are planning to deduct on your taxes. These may include expenses involving travel, entertainment, use of business vehicles, office equipment as well as charitable contributions.

Don’t Mix Personal and Business Funds
Try not to use your personal cash, credit cards or checking accounts for any business expenses. Even though you can later reimburse yourself for any such expenses, these generally add unnecessary complexity to your financial records and may even expose your business to scrutiny by IRS.

Keep an Eye on Petty Cash
Petty cash expenditures, if not tracked properly, can create lots of problems for you. Use your accounting software to create a cash account so that you can adequately manage your expenses and cash flow in and out of the account. It is best to minimize the use of petty cash until absolutely necessary.

Save All Receipts
In order to document tax-deductible expenses, you will need all your receipts if you are audited. It’s a good idea to jot down why you carried out the transaction on the receipt for future reference. Consider scanning all your receipts to file them digitally; doing this will not only save on a lot of physical storage, it will also cut down on the hassle of managing all the extra paperwork.

Your accounting software may allow you to upload your receipts with the expense. QuickBooks Online, FreshBooks, Xero and Wave are software programs that allow receipt management.

Be Timely
If you don’t put your expenses into your accounting software on a timely basis, you will end up with a large pile of receipts that will only continue to grow. By recording the expenses in a timely manner, you will be keeping your financial records up-to-date.

Use Technology
Technology has made things extremely easy. For instance, you can use the QuickBooks mobile app to keep track of your expenses on the go. You can easily integrate and synchronize data between QuickBooks on your PC and on your mobile.

Monitor Results Frequently
Using QuickBooks, you can easily create weekly or monthly reports to review how your expenses are coming along and to see how well you have been managing your business cash flow. Make sure you keep an eye on your budget by reviewing financial reports on a regular basis.

These simple tips will help you get started with good bookkeeping habits, which in turn, results in maximizing your expense deductions and minimizing confusion tax time.

Note: Also check out our article on Keep a Leash on Business Expenses.

Reduce Your Taxes as an S Corporation

When it comes to being self-employed, in most cases, you will have to pay more Social Security and Medicare taxes as compared to a person who is employed by a company. There is an effective way to reduce such taxes; you can do so by organizing your company as an S Corporation.

An S corporation is a type of company that fulfills the Internal Revenue Service (IRS) requirements to be taxed under Subchapter S of the Internal Revenue Code. Such an organization offers the advantage to a company that has 100 shareholders or less and is taxed as a partnership. This way, the company is not taxed at a corporate level, but at the individual level of shareholders.

Self-Employment Taxes
Regardless of whether you are employed by some other company, or are self-employed, you will have to pay Social Security and Medicare taxes no matter what. However, when you are working for someone else, you are only partly responsible for paying the taxes – the employer also contributes by paying 50% of the taxes.

Being self-employed, however, means that you will have to pay both the portions of the tax on your own. As of 2012, the combined portions of this tax (both employee and employer) amounts to 15.3 percent.

S Corporation Distributions
If you wish to organize your business as an S Corporation, you should specify some of the income as salary, while some must be classified as a distribution. Still, you will be expected to pay self-employment taxes on the portion of your income that you have classified as your salary. On the other hand, for the distribution portion of the income, you will only be liable for ordinary taxes.

Based on how you go about dividing your income as salary and distribution, you can save quite a bit on taxes by converting your company into an S corporation.

Risks of S Corps
Even though S corporations have a lot of benefits for shareholders, especially where the payment of taxes is concerned, you need to be aware that the IRS keeps a close eye on S corporations because of the possibility of abuse.

For instance, a person may be earning an income of $500,000 a year, but they might allocate $20,000 as the salary; this kind of disclosure can trigger an IRS inquiry.

The best way to be safe and legal is to designate a reasonable amount as your salary and distribution. Being reasonable usually falls into a ‘gray’ area; you should generally try not to push the envelope too far as it could invite an IRS audit.

Additional Costs for S Corps
In some instances, an S corporation may cost you more than it saves you. Ongoing legal and accounting costs can add up. However, you can properly manage your records by properly tracking and managing your expenses using a professional accounting software such as QuickBooks, which can reduce your accounting costs.

If you keep a track on all your income and expenses, you will have a better chance of gaining maximum profit.

Streamline Your QuickBooks Work Processes

QuickBooks is designed to streamline the management and tracking of expenses for small businesses. The software has helped thousands of businesses to effectively and efficiently manage their finances and grow. As an entrepreneur, you would know how vital it is to keep an eye on not only the income coming into your company, but also the expenses or money going out of your company so that you know where your hard-earned money is being spent. Also, by properly documenting all your finances, you will be ready when the time comes to pay your taxes.

QuickBooks contains a huge number of features, and it takes people a little time to get to know them all. To help you with the process, here are some tips that will help you improve your skills while using this wonderful accounting suite.

1. Search for Related Transactions
Quite often, you may need to search for related transactions, such as a check that was used to pay for an invoice or a bill. A History button has been incorporated into QuickBooks that has made the job much easier. All you have to do is open up any transaction, and click on the History button that can be found at the top of the transaction window.

You will be shown a list of all the bills that were paid by a particular check. In order to view the details, you can double-click on the bill. This technique can be used for all kinds of transactions within QuickBooks.

2. Assess Payroll Information to See Calculated Amount Modifications
It is an excellent internal audit procedure to periodically check whether payroll checks have been modified. There are two methods that you can use check this.

You can proceed by accessing the original paycheck from the Employee Center and opening the paycheck details. In the section on the right, you will be shown the Amount and YTD Columns – if you see the word ‘adjusted’ right after Employee Summary, then this indicates of one or more modifications.

There is also a column called User Edit, which has a value of either Y or N. Alternatively, you can also search for amounts with a Y to see which checks have been altered.

3. Add Filters Before a Report is Generated
Default information is used whenever you generate a report in QuickBooks. The generated report is displayed on the screen. You can have QuickBooks display the Modify Report screen prior to generating the report, thus allowing you to set numerous parameters concerning the report.

Simply click on Edit, and go to Preferences. In the Preferences tab, select the checkbox next to ‘Prompt me to modify report options before opening the report’.

4. Move Columns on a Report
A lot of people don’t know that they can move and change the columns found on a customer report. By changing the order of the columns, you can make your report more organized and appealing to your reader.

This can be done by opening up a new transaction report, and by moving your mouse over the Name Column. You will note that the cursor changes to a hand; hold down the left mouse key and move the column to the left. Release the mouse button wherever you want to place the column.

It is my hope that you will find these tips helpful as you learn to navigate QuickBooks. It is a very robust piece of software that can flex with your needs. Don’t give up on using it. Successful management of your finances is just around the corner when you use this tool effectively.

9 Ways You Should be Using QuickBooks

QuickBooks is the most popular accounting program on the market, and it is the accounting software of choice for a significant number of entrepreneurs with minimal time to dedicate to trying to maintain their bookkeeping. QuickBooks offers a seamless solution for all the accounting needs of a small business with superb scalability and ease of use; unlike other financial software that have a steep learning curve.

Here are a few ways you should be using QuickBooks for managing your business:

1. Get the Most Out of Existing Reports:

  •   Use the accounts receivable aging to find information on who owes you money, and how much they owe you and since when.
  •   Similarly, use the accounts payable aging to find out whom you owe money to, while you monitor cash flow.
  •   Prepare reports with comparative balances to analyze the trends in your revenue and expense.
  •   Utilize the variety of pre-formatted and custom reports to analyze your business in ways that are of most value to you.

2. Use Budgets:

  •  Budgets present a target or a benchmark. You can compare your plans to your actual results to determine how things are going month to month and year over year. Are your expenses increases? What are the reasons behind these increases? Budgets are an important business tool.

3. Export Information to Microsoft Excel:

  • Using QuickBooks, you can easily export all your data into Excel format. Doing this, will allow you to sort the data and prepare certain graphs and charts that may not be available to you in QuickBooks.

4. Use Classes:

  • By using classes, you will be able to keep track of the income and expenses in a variety of categories, such as by a particular department, location, or any other breakdown that may be useful for your business.

5. Set It Up Correctly:

  •   You should take your time to learn and configure QuickBooks correctly or hire someone to do it for you. By configuring the software properly, you will create a solid foundation to work from.

6. Enter All Data Consistently:

  • Consistency is important if you want accurate reports. For instance, if you enter ‘Albert Co’ at one place and ‘Albert Company on another for the same customer, you will end up with two different customers.

7. Close and Secure Periods with Passwords:

  • When you close periods at the end of the month and secure them with a password, you prevent changes from being made to those specific periods that have been finalized after review.

8. Reconcile Cash at the End of the Month:

  • You should always reconcile your bank accounts at the end of the month to ensure that the cash is accurate. If your reconciliations are accurate, chances are your other business activities will also be the same.

9. Use Adjusting Journal Entries:

  • The journal entries are really useful for entering any transactions or for correcting prior periods. In QuickBooks, journal entries are used to record transactions that do not already have a designated form.

QuickBooks accounting software is very powerful that provides entrepreneurs a perfect platform for bookkeeping. With the proper know-how and practice, you will be able to flawlessly manage all of your incomes and expenses, or at the very least, you will be able to hire the right person to handle it for you.