Managing QuickBooks For Your Small Business

Jun 15, 2022 | Bookkeeping

Accurate, up-to-date bookkeeping is integral to the success of any small business.

QuickBooks is regarded as the top accounting software for small businesses for a reason. It’s affordable and can be customized to all types of business transactions – no matter the industry. From income and expense tracking to financial reporting and cash flow management, QuickBooks can do it all. In short, QuickBooks will not fail you.

That said, there is a steep learning curve, as with almost any business tool. As a result, you may need a few training classes to make the most of the software entirely. Here’s a rundown of everything you need to know about managing QuickBooks for your small business.

How to Manage Small Business Accounting in QuickBooks

With QuickBooks, you can easily manage your money in one place. Here’s how. 

Connect your business bank account

Sync your business bank accounts, credit cards, PayPal, and more with QuickBooks. Doing so automatically allows you to import transactions into your account for quick referencing. Not only does this process save time while reconciling your accounts, but it also prevents data entry errors that are pretty common with manual entry. 

Create and track invoices

When you create an invoice, QuickBooks will automatically update and track how much each customer owes. As such, you’ll have a more accurate overview of your Accounts Receivable. And when you get paid, QuickBooks will input the transactions into the correct accounts.

There is even an invoice generator that allows you to send reminder emails to your clients.

Keep track of bills and expenses

QuickBooks will ensure all your expenses are downloaded and categorized when you sync your business bank accounts. What’s more, you can make sure all your bills get paid on time by creating an upcoming payments account that will outline the details of your current and past due bills.

QuickBooks Online automates some of your bookkeeping tasks, making updating your books less stressful and time-consuming. It also spares you the laborious tasks of creating financial reports from scratch.

Generate financial statements

QuickBooks makes it easy to manage your cash inflow and outflow activities, allowing you to produce the three primary financial statements quickly.

  • Profit and loss report
  • Statement of cash flows
  • Balance sheet report

These statements enable you to understand the overall health of your small business in any given accounting period.

Reconcile and close your books

For many small business owners, the monthly tasks of reconciling their bank accounts can feel like a chore. Because QuickBooks automates so much of your bookkeeping, it’s relatively easy to update and close your accounts.

Bank reconciliation is an extremely important process. It makes it easy to identify errors, ensures all your bank and credit card transactions are accounted for and helps to identify potentially fraudulent activities.

Other Use Cases of QuickBooks for Small Business

  1. QuickBooks integrates with several third-party applications, including payment processing, time tracking, and customer relationship management services. You can automatically import, export, and sync data across devices to save time.
  2. Track employee and billable hours for effortless payroll and invoicing. QuickBooks allows you to easily approve timesheets, pay your team on time, and file payroll taxes. 
  3. You can set up QuickBooks to automatically run and email reports to you, such as trial balance and general ledger reports. 
  4. Run payroll in minutes.

QuickBooks is incredibly powerful accounting software that improves how small business owners can keep track of their revenue, expenses, and business operations. Learning the basics of QuickBooks can help you leverage its tools to improve the functioning of your small business.

Better yet, hire a professional bookkeeper to manage your QuickBooks for you. 

Contact Goode Bookkeeping & Consulting 

Give us a call to learn more about our QuickBooks services. You can reach us at (860) 659 6543 or complete our Contact Form to schedule your free consultation.

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