Eric Sheldon CPA, PC

3 QuickBooks Tips Small Business Owners Will Love

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To get started with QuickBooks, you’ll want to first separate your various areas of the business. For example, you might separate revenue by type – Office Expenses and Etsy – graphic design, etc. You can also create different accounts for each of these areas. Then, separate costs and revenue based on the area of your business. Creating separate accounts for each of those areas will help you organize your financial statements.

Why QuickBooks?

QuickBooks is the industry standard for accounting software for small businesses, and there are many reasons for this dominance. It is user-friendly, scalable, and incredibly powerful. Still, if your small business is not ready for QuickBooks, you might want to consider other options. Make sure you know your needs before purchasing a small business accounting software program. That way, your data won’t be trapped in the software and you can always move it to another location when the need arises.

The interface of QuickBooks is intuitive, and it doesn’t contain any jargon. It gives you powerful accounting capabilities with an easy-to-use dashboard. You can connect as many bank accounts as you want. It also has multiple billing options, so you can track time and expenses by category or job phase. It also allows you to share important business data with colleagues and partners. You can customize your reports, print invoices, and even send email updates to clients.
Key features

The QuickBooks software simplifies bookkeeping by automating daily downloads of credit card and banking transactions. It can also automatically sign checks using your saved signature. The small business owner has much more important things to do than keep up with their accounting, and using the software will save you time and effort. Besides, the software also generates financial reports in just seconds. Besides, it saves time and effort because it eliminates redundant data entry.

The basic QuickBooks small business plan allows three users. It provides user-level access, collaboration, and invoice generation. Moreover, QuickBooks Small Business also tracks billable hours and automatically creates invoices. The Pro plan adds more features, such as advanced inventory, budgeting, and integration with third-party apps. However, these features are not available with the free version of QuickBooks. It is recommended to pay for the online backup to get the most out of the software.
Costs

In addition to helping small business owners manage their expenses, accounting software also helps businesses track revenue and cashflow. One of the most popular types of accounting software is QuickBooks, which comes with desktop, online and cloud-based options. With both options, users can access data locally or remotely. Here are the costs that you should consider before buying QuickBooks for your small business. Read on to learn more. Listed below are some of the main features.

Getting Started – 3 Tips

To get the most from QuickBooks, you must learn how to manage your expenses, sales, and income. Thankfully, the program makes it easy to do so. It offers a host of tools for tracking day-to-day business transactions, including invoicing customers, paying bills, and generating reports for planning purposes.

First, you need to set up a chart of accounts for your business. Here’s a three-minute, how-to video to assist with the process.

Second, QuickBooks integrates with online banking, so if your system is hacked, your financial vault could be opened. To fix this problem, change your password on the Your Account tab.

Third, after doing this, make sure you enter the correct data in the Company tab. If you have multiple users or companies, you can use the “Multi-user” feature to create separate accounts for each area of your business.

Give us a call if you need assistance with QuickBooks.

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About the Author

Eric Sheldon

Eric Sheldon

Eric Sheldon is a certified public accountant with more than 25 years of experience in a wide variety of industries. He's the owner/operator of Eric Sheldon CPA, PC, an accounting firm that specializes in providing tax strategy and preparation, accounting, and bookkeeping services to individuals and small business owners.

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