10 QuickBooks Tips To Make Bookkeeping Easier
Managing your finances can be one of the most daunting challenges when running a small business or freelancing. Bookkeeping is essential but can quickly become overwhelming without the right tools and strategies. Luckily, QuickBooks, one of the most versatile accounting software tools, can simplify and streamline your bookkeeping process.
Whether you’re a new user or looking to better utilize QuickBooks’s features, these ten expert tips will help you manage your finances more effectively and maximize its potential.
What is QuickBooks and Why Use It?
Intuit QuickBooks Desktop and QuickBooks Online are two of the most popular accounting tools for small and medium-sized businesses, trusted by over 5 million active users worldwide. As the leading business accounting software, QuickBooks empowers business owners to manage every aspect of their finances with ease. From tracking key metrics and reconciling accounts to creating invoices, printing checks, processing credit card payments, and offering seamless CPA access, QuickBooks delivers a comprehensive solution.
However, despite its powerful features, QuickBooks can feel intimidating for new small business owners. To help you confidently navigate the platform and minimize frustration, we’ve curated a list of the best QuickBooks tips and tricks to simplify your bookkeeping process and boost efficiency.
QuickBooks for Small Business Owners
Before exploring bookkeeping tips, let’s examine how QuickBooks can benefit small business owners. Packed with powerful features and tools designed to save time and money, QuickBooks is an invaluable asset for managing finances efficiently.
- Real-time financial insights: As a small business owner, you need accurate and up-to-date financial information to make informed decisions. With QuickBooks, you can view your income, expenses, profits, and losses in real-time.
- Simplified invoicing: Invoicing is an essential aspect of managing your finances as a business owner. QuickBooks allows you to create professional-looking invoices customized with your logo and brand colors.
- Expense tracking: Keeping track of expenses is critical for budgeting and tax purposes. QuickBooks makes it easy to categorize and record expenses, saving you time and effort.
- Tax preparation: QuickBooks has built-in tax software that can help you prepare for tax season by automatically tracking deductions and generating reports, making tax filing a breeze.
- Automated payroll: Payroll can be time-consuming and complicated for small business owners. QuickBooks offers an automated payroll system that can handle employee salaries, taxes, and deductions with just a few clicks.
10 Tips To Make Bookkeeping Easier With QuickBooks
Without further ado, here are ten expert tips to help you navigate QuickBooks and make bookkeeping more manageable for your small business:
1. Take Tutorials and Training
One of the most beneficial things you can do when starting with QuickBooks is take advantage of online tutorials and training programs. These resources offer step-by-step guidance on setting up your company file, navigating the interface, creating customer accounts, managing inventory, and more. Even seasoned QuickBooks users can benefit from a refresher course or learning about new features.
Here are some QuickBooks courses to get you started:
2. Customize Your QuickBooks Dashboard
A cluttered QuickBooks dashboard can turn simple navigation into a frustrating task. By customizing your dashboard, you can focus on what truly matters to your business at a glance. Tailor it to your needs by adding or removing fields, tables, charts, or reports. This flexibility ensures quick and efficient access to the most relevant information, streamlining your workflow and enhancing productivity.
3. Utilize Keyboard Shortcuts
Keyboard shortcuts are a lifesaver when navigating through QuickBooks. Learning and utilizing keyboard shortcuts can save you time and effort when performing various tasks within the software. For example, instead of manually clicking “Save” every time you change a transaction, simply hit Ctrl + S (or Command + S for Mac) to save instantly. Here are some more useful QuickBooks keyboard shortcuts to improve your efficiency:
- Ctrl + A (or Command + A for Mac): Select all
- Ctrl + B (or Command + B for Mac): Open a new window
- Ctrl + E (or Command + E for Mac): Edit or modify the selected transaction
- Ctrl + I (or Command + I for Mac): Create an invoice
- Ctrl + P (or Command + P for Mac): Print a form or report
To view all available keyboard shortcuts in QuickBooks Desktop, press ‘Ctrl + Alt + ?’. In QuickBooks Online, click the Help icon and select “Keyboard shortcuts” from the menu.
4. Automate Recurring Transactions
Recurring transactions, such as rent or utility payments, can be tedious to enter manually every month. QuickBooks allows you to set up recurring transactions that will automatically appear in your account register on a specified date. This feature saves time and ensures accuracy in recording important expenses.
To create a recurring transaction in QuickBooks Desktop, go to “Lists,” select “Recurring Transaction List,” and click on “New.” In QuickBooks Online, click the Gear icon and select “Recurring Transactions.”
5. Link and Reconcile Your Accounts Effortlessly
QuickBooks simplifies financial management by seamlessly syncing to all your business bank accounts and credit cards. By linking all your accounts in a single space, you can swiftly reconcile invoices, payments, bank statements, and transfers. This integration saves you valuable time and reduces the risk of errors, ensuring your financial records are accurate and up to date.
With QuickBooks, you can effortlessly stay on top of your financial transactions, enabling you to focus on analyzing your finances and growing your business without being overwhelmed by administrative tasks.
6. Use Batch Invoicing
If you frequently bill multiple customers for the same product or service, batch invoicing can be a significant time-saver. Instead of creating individual invoices for each customer, QuickBooks allows you to select multiple customers and generate invoices for all of them at once. This not only streamlines your workflow but also reduces the risk of errors that can occur when manually inputting information for each invoice.
Moreover, this feature is particularly valuable for businesses with recurring clients or those who invoice multiple customers on a regular, fixed schedule, such as monthly subscriptions or service fees. By using batch invoicing, you can focus more on growing your business and less on repetitive administrative tasks.
7. Set Up Online Payment Options
In today’s digital age, offering online payment options is no longer just a convenience—it’s quickly becoming a necessity for small businesses to stay competitive. Customers expect fast, secure, and flexible payment methods, and businesses that provide these options often see improved customer satisfaction and loyalty.
Thankfully, QuickBooks simplifies the process by allowing small business owners to set up online payments seamlessly through trusted services like PayPal or Intuit Payments. This feature enables customers to pay invoices directly from their bank accounts or credit cards, making transactions quick and hassle-free.
By reducing the wait time for payments and streamlining the billing process, you can enhance your cash flow and save valuable time that can be better spent growing your business.
8. Print Checks Directly from QuickBooks
Rather than writing out checks by hand, save time and energy by printing them directly from QuickBooks. This feature is perfect for businesses that frequently write checks for expenses and payments, saving time and reducing errors.
Simply go to the “Banking” menu, select “Write Checks,” and enter details like the payee’s name, amount, and memo. QuickBooks will automatically fill the check with the correct information, and it will be ready to be printed on blank or pre-printed check stock.
For a professional touch, you can further enhance your checks with customizable templates. Add your company logo or tailor fields to include specific details, ensuring your checks are as polished as they are precise.
9. Boost Functionality with Third-Party Apps
QuickBooks offers a wide range of features to support your business needs. However, specific functions or tasks may require additional support beyond what QuickBooks provides. Thankfully, there are numerous third-party apps available that can integrate with QuickBooks, expanding its functionality and enhancing your experience.
Here are some popular third-party apps that can help boost your QuickBooks productivity:
- TSheets for time tracking and employee scheduling
- Expensify for expense management
- Method: CRM for customer relationship management
10. Leverage the QuickBooks ProAdvisor Program
If you’re new to QuickBooks accounting services, make the most of your experience by leveraging the ProAdvisor feature. Included as part of the QuickBooks Intuit package, ProAdvisor connects you with a local accountant who can guide you through using the software effectively.
Depending on your location, you can find professionals to assist with tax preparation, outsourcing QuickBooks tasks, managing expenses, and much more. By partnering with a QuickBooks ProAdvisor, you gain expert support and tailored guidance to navigate your QuickBooks journey with confidence and ease.
FAQs
How can I manage my QuickBooks accounts?
QuickBooks provides a user-friendly interface that allows you to manage your accounts easily. You can track income and expenses, reconcile bank statements, and generate reports to gain insights into your financial health.
Can I link my credit card accounts to QuickBooks?
Yes, QuickBooks lets you sync your credit card accounts, making it convenient to track and categorize your expenses. This helps streamline your bookkeeping process and provides a comprehensive view of your financial transactions.
How does QuickBooks handle payroll taxes?
QuickBooks offers robust payroll features that automate payroll calculations, including deductions and taxes. It helps ensure accurate payroll tax calculations and simplifies the process of submitting payroll taxes to the appropriate authorities.
Can I track employee expenses in QuickBooks?
Absolutely! QuickBooks allows you to track and manage employee expenses by setting up expense accounts and categories. You can easily record and reconcile employee expenses, ensuring accurate reimbursement and streamlined expense management.
Can I import my Excel data into QuickBooks?
Absolutely! QuickBooks provides a seamless option to import your existing Excel data into the platform. This feature enables you to effortlessly migrate your financial data, saving you valuable time and ensuring a smooth transition to QuickBooks. Simply follow the step-by-step instructions provided in the QuickBooks Import Guide to bring your Excel data into the system.
Is QuickBooks suitable for global businesses?
A: Yes, QuickBooks offers multi-currency support and allows you to convert foreign currency transactions easily. This feature is especially beneficial for businesses with international clients or suppliers.
Work Smarter, Not Harder
Managing a small business is no small task, but modern tools like QuickBooks can make it easier. By customizing your dashboard, automating tasks, and leveraging efficient bookkeeping features, you can save time and focus on what you do best: growing your business.
Whether you’re new to QuickBooks or looking to sharpen your skills, these tips will guide you toward smarter, more efficient bookkeeping. Ready to elevate your expertise even further? Discover ONLC’s QuickBooks certification courses and master the tools you need to succeed.
