QuickBooks is a powerful accounting software that can help small businesses manage their finances more effectively. To get the most out of QuickBooks, small businesses should consider the following strategies:
Customize QuickBooks
To fully leverage QuickBooks, small businesses should customize the software to their specific needs. Customization can include setting up customized invoices and reports to reflect the brand of the business. There are many options, and initial set up is one area where many businesses can struggle. Working with an experienced accounting firm can help to smooth out this process and give you a tool that truly fits your needs.
Features, Features, Features
QuickBooks offers a range of features that can help small businesses manage their finances more effectively. By exploring all available features, small businesses can take advantage of the software’s full capabilities. Some features include:
Invoicing:
QuickBooks allows businesses to create professional-looking invoices and send them to customers electronically.
Expense Tracking:
QuickBooks lets businesses track their expenses easily by linking to their bank accounts and credit cards.
Financial Reporting:
QuickBooks provides a variety of financial reports, including profit and loss statements, cash flow statements, and balance sheets, that help businesses track their financial performance.
Payroll Management:
QuickBooks provides tools for businesses to manage their payroll, including calculating and processing employee paychecks and filing payroll taxes.
Inventory Management:
QuickBooks allows businesses to track their inventory levels, set reorder points, and generate purchase orders.
Time Tracking:
QuickBooks offers time tracking tools that enable businesses to track employee time and bill clients for hours worked.
Mobile App:
QuickBooks has a mobile app that allows businesses to access their financial data on the go, including creating and sending invoices and recording expenses.
Integrations:
QuickBooks integrates with a wide range of other business software, including CRMs, payment processors, and ecommerce platforms.
Utilize QuickBooks Training Resources
Not an accountant? No problem. QuickBooks offers a variety of training resources, including webinars, videos, and tutorials. By using these resources, small businesses can learn how to use QuickBooks more effectively and get the most value out of the software. If you work with a professional accounting firm, their team can also provide valuable insight on using QuickBooks for your specific business.
Automate Processes
QuickBooks offers automation features that can save small businesses time and reduce the risk of human error. By automating tasks like invoicing, bill payment, and bank feeds, small businesses can focus on other areas of their business. While automation can be very helpful, it is vital to make sure that these processes are set up correctly, and to review them regularly to make sure they are operating the way that you expect. Partnering with an accounting firm can be very beneficial to ensuring accuracy.
Stay Up-to-Date
QuickBooks frequently releases updates and new features. Small businesses should stay up-to-date with these changes to ensure they are using the latest version of the software and taking advantage of all the available features. If you work with an accounting firm, they can help you to stay on top of these changes and sort through which ones matter the most for your business. QuickBooks requires their Certified ProAdvisors to pass an annual recertification exam covering those changes.
Working with Haworth & Company
At Haworth & Company, our expert teams knows all the tricks to put QuickBooks to work for you, and not putting you to work for QuickBooks. The best way to get the most from your QuickBooks is to work with a professional accounting firm that can explain what the information in QuickBooks means for you, and how you can translate that data into action to improve your business. Without a professional accounting firm, it often ends up being garbage in, garbage out. Contact us today to schedule your consultation and find out how we can help.
Disclaimer: This blog content is for general informational purposes only, should not be considered professional advice, and does not establish a client relationship. Haworth and Company is not liable for the accuracy of this information or the content of external links. Please use this information at your own risk, ensuring it suits your specific needs, and consult with a certified tax professional for your own personalized guidance.
