What is the Best Way to Use Quickbooks?

QuickBooks Tips Every Small Business Needs to Know

Businesses, small and large, all need some form of bookkeeping to ensure a successful operation. An excellent solution to adopt is Intuit’s QuickBooks. When it launched, the software QuickBooks simplified accounting for every business owner so they could focus more of their time on what really mattered — running their companies.

While the software has been widely adopted, it does have a learning curve to it. This is why searches for “QuickBooks tips and tricks 2016” are so prevalent. 

Today, we’re going to give you some facts about QuickBooks and how you can get the most out of these QuickBooks tips.

What is QuickBooks and Why Should You Use It? 

QuickBooks is highly versatile and customizable accounting software that makes life easier for small to mid-sized business owners. After you learn how to use QuickBooks, you can take full advantage of its automating functions to save you time on paperwork, cutting checks, and bookkeeping. There are plenty of tips, tricks, and QuickBooks advice available that streamline balance sheets, PnL statements, and cash flow reports. 

One of the best features of QuickBooks is that it’s affordable, and you have peace of mind that it’s reliable since it’s currently being used by hundreds of thousands of SMEs around the world. 

There are also a host of add-on solutions that can be tailored for any business, regardless of industry. The best way to use QuickBooks is to set it up to accept credit cards, pay bills, issue checks, and send invoices or statements through email. 

Learning how to do QuickBooks payroll or bank reconciliation can save you a staggering amount of time, freeing you up to do what you do best, which is running your company. 

10 QuickBooks Tips You Should Know

  1. Go through the QuickBooks tutorials

One of the simplest and fastest ways to master QuickBooks tips is to go through the tutorials. They’ll give you an overview of the different functions that the software has to offer, including shortcuts like:

  • CTRL I: Creates an invoice
  • Ctrl J: Opens the Customer Center
  • Ctrl W: Writes a New Check

Regardless of which version you’re running or the platform, the tutorials will provide you with a wealth of knowledge.  

  1. Don’t forget about ProAdvisor

Looking for the best QuickBooks Online tips and tricks 2016 and onward? Then you need to use the ProAdvisor feature. New business owners may not realize the full potential of QuickBooks. One feature that is often overlooked is ProAdvisor. A component of the QuickBooks Intuit Package, the ProvAdvisor connects you directly with an accountant familiar with issues such as tax requirements in your area. 

  1. Use the Business Performance Dashboard

One of the more recent additions to the QuickBooks software suite is the Business Performance Dashboard.  This handy tool, found in the Overview tab in QuickBooks Online, displays the key metrics and trends needed to monitor your business’s health. 

  1.  Connect your email to QuickBooks Desktop

Businesses that want to get the most out of QuickBooks need to ensure they’ve connected their emails, either through Webmail or Outlook. This process will allow companies to send out invoices, reports, and statements easily.  

For instance, if you want to set up email in QuickBooks 2015:

Step 1 — Gather the following information from your email service provider:

  • Username
  • Password
  • Incoming email server address
  • Incoming email server type
  • Outgoing email server address

Step 2 — Connect it to Outlook:

  • Scroll through the QuickBooks Edit menu
  • Choose the Preferences and Send Forms option
  • Select Outlook and OK
  1. Reconciling on QuickBooks

One of the critical QuickBooks tips that can simplify your life is regular reconciliation. Through vigilant reconciliation, you can ensure you have a clear picture of your company’s operations. Credit cards, loans, and bank account statements consistently updated with QuickBooks make every accounting procedure smoother.  

  1. Print checks directly from QuickBooks

An easy way to save time and money is by printing checks directly from QuickBooks. In the Banking Tab found in QuickBooks, you’ll see the option to Write Checks. From here, you have the opportunity to bypass bank fees by printing in the software.  

  1. Lock closed books

After performing your monthly and yearly reconciliations, you want to finalize the books by setting a closing date and password. This is a valuable tip for those who’ve gotten into the habit of typing out a specific month or year, leading to mistakes when switching to a new cycle.

With this handy tip, if you accidentally try to submit a transaction to a closed period, you’ll be notified to enter a password. 

  1. Use the To-Do List

A frequently forgotten feature in QuickBooks is the To Do List. Using the To-Do List, you can quickly post a pin that will serve as a small reminder that you have a task waiting to be finished. 

  1. Customize QuickBooks under the Preferences Tab

Several little tidbits can be automated for you under the Preference Tab. Here, you can set up preferences such as warning you when deleting transactions, turn off or on pop-up hints, or autofill client information.  

  1. Set up Online Banking

With the newer versions of QuickBooks, you can seamlessly integrate your online banking to make life that much easier. To access this function, click on the QuickBooks Online Banking icon on your Icon Bar, and follow the short tutorial. Keep in mind that if multiple users have access to your computer, you may want to install additional safeguards surrounding your banking details. 

L3 Funding Can Help You with Your Finances

Getting your books in order is critical to a business’s success. Hopefully, these QuickBooks tips can get you started down the right path. For more information on running a successful business venture or if you’d like to learn how you can find the best merchant funding opportunities, contact L3 Funding today.