Mastering Your Finances: Tips for Getting the Most Out of QuickBooks

As a small business owner, one of the most irritating aspects of business is managing your finances. Especially if you’re on the creative side of business, accounting can be daunting. Too many numbers, so much room for errors.

Thankfully, we live in an age with cloud-based accounting services like QuickBooks! QuickBooks has long been a staple for business owners everywhere. It makes money management easy for small businesses and solopreneurs.

Want to make the most out your Quickbooks Subscription? Here are some pointers to get started.

1. Account Setup

Connect your business bank account as soon as possible. Take a moment to properly categorize your regular expenses and income with the expense tracker feature. Sync bank accounts, credit cards, Square, PayPal, and other financial apps and accounts. Choose between cash or accrual accounting. You’re on your way to effortlessly managing business finances!

2. Cloud-Based Features

Looking for a holistic system for your business? QuickBooks is a cloud-based accounting software, so you can access your finances anytime, anywhere. If you like working from anywhere, you can happily access anything QuickBooks provides from your device.

3. Connect Third-Party Apps

It’s only a real party if it’s a third party. By that, we mean that QuickBooks is compatible with several third-party apps. Many e-commerce and payroll apps can be integrated into QuickBooks, so see if your favorites are compatible with it.

4. Automate Routine Tasks

Have you ever been working diligently, only to realize you forgot to send out an invoice? Having your routine tasks automated means fewer interruptions in your workflow.

Need to send out invoices on the regular? Great news! You don’t need to fret about remembering to send an invoice every week. Simply schedule when your invoices need to be spent, and get your time back. With its invoice generator, you can even keep your company’s branding consistent on every invoice you send.

5. Update Your Software (if you aren’t using qb online)

We’ve all been hounded by computer and software updates at the most inconvenient time. “I’ll do it later” is one of the biggest lies we tell ourselves when it comes to updates. Especially when you don’t want to ruin your workflow, clicking “Update Later” is tempting. But updating software is essential to getting the best out of QuickBooks, meaning it’s the best way to get the most out of your subscription.

6. Journal Entries

The more you categorize your stuff, the more likely you’ll stay organized (and QuickBooks will know more about your business!). Use the double-entry accounting method to ensure debits and credits equal out. Upload your account information and watch as QuickBooks combs your journal entries for data entry errors. It also calculates your expenses and income.

7. Access Reporting Tools

QuickBooks has several reporting tools to generate data about your business. Keep track of monthly expenses and your income with Spreadsheet Sync. It comes with several useful templates, such as trial balance, balance sheet, and standard Profit & Loss.

Want a quick visual representation of KPIs and financial trends? Use Fathom to create everything from KPI tables to cash flow statements. Explore other templates provided for your business needs.

8. Turn on Notifications

There’s no need to have an eagle eye on all of your accounts at once. Whether you have low inventory, a payment reminder, or want to keep track of unusual activity, turning on notifications helps keep you updated every second of the day. Need a break? Snooze notifications to only appear during your work hours.

9. Invest in Training

Sometimes learning something new is better when you have a mentor or friend by your side to help. If navigating hundreds of different tutorial videos and FAQ blogs isn’t for you, hiring someone to be your guide can be a big help. Using QuickBooks can transform your relationship with your finances. We love it. You’ll love it. Snag quickbooks for 30% off here.

WRITTEN BY: GRETCHEN GALES