07 Jun Quickbooks Training: What Can Quickbooks Do for Your Business?
A growing business is a good thing. You want to manage your growth to the best of your abilities. What you want to avoid is chaos, especially for keeping your financial information and tasks organized.
What you need is QuickBooks training. If you are hesitant to learn a new system, don’t be, because the right QuickBooks training will help you understand the application (like our Certified QuickBooks ProAdvisors®) and make navigating it simple.
Even full-time accountants agree that technology helps them perform their jobs efficiently. According to Sage, 91% of accountants agree that accounting technology raises their productivity level. Likewise, 83% of accountants say that investing in the current technology and digitalizing their efforts is necessary for keeping up with today’s market.
Now you may ask, what can QuickBooks do for your business? Let’s dig into some details.
What Is QuickBooks?
Developed and marketed by Intuit, QuickBooks is a software package specifically designed for accounting business purposes. It was first introduced in 1983.
Mostly geared to serve small and medium-sized businesses, QuickBooks offers both on-premises accounting applications and cloud-based versions. The application manages and pays bills, accepts payments for the business, and performs payroll functions.
QuickBooks for Business
Small businesses rank QuickBooks as the best overall accounting software. Most accounting professionals for small businesses use the online version. QuickBooks training offers the support needed to use the application to its fullest potential.
QuickBooks for business is efficient and fluid because it is convenient to access all the features on a single dashboard.
Guide to QuickBooks
When you first use QuickBooks, this is a big step toward making your company more efficient. Congratulations on getting started! Here are items that you will want to tackle first.
- Enter your company information
- Review your account and settings
- Enter your fiscal year start date
- Choose “cash or accrual” for your accounting method
- Select your accounting currency
- Select your company logo
- Set default for “Net Payment” invoice terms
- Set up sales tax
- Understand how to receive payments
- Understand the “Undeposited Funds” account
- Decide if you need to track inventory
Once you have completed this, now it is time for a test drive! Try creating an invoice. Also, it’s a great time to schedule some QuickBooks training for navigating and organizing your application.
How to Use QuickBooks
To get the most out of QuickBooks, you will need to understand everything that it can do for your business. For the most efficient and the biggest benefit, you need to know the full potential of QuickBooks.
Let’s go over a few ways how QuickBooks can help you and your business maximize efficiency.
Control Cash Flow
Without a software application helping you, managing your cash flow on your own is an enormous challenge. To achieve this, you must keep QuickBooks updated to date regularly.
You must enter your financial transactions often. Also, you want to perform daily reconciliations in QuickBooks. This will assist you in getting a good handle on cash flow.
We recommend you create and send invoices directly to QuickBooks. If a customer will pay you right away, the last thing you should do is wait to send the invoice.
Properly invoicing your customers will decrease accounts receivable. In turn, this will increase your cash flow.
Managing Bills and Accounts Payable
You do not want to fall behind on paying vendors and suppliers. They are vital to running your business, so you want to make them happy. Do not let outstanding bills pile up.
In QuickBooks, it is easy to “enter bills” and “pay bills.” You will want to enter the bills with the correct due dates and terms. This helps you stay on top of paying bills on time and keeping vendors happy.
Plus, you can pay bills directly through QuickBooks. You can pay an online bill or print a check. This makes you more productive and lessens the need for unnecessary data entry.
Manage Employee Time
When you need to keep track of employee hours, QuickBooks can help. Either enter a one-time event or a weekly timesheet.
This can help you measure employee productivity by tracking time in QuickBooks. It can be tremendously helpful for job costing purposes.
We also recommend that you leverage QuickBooks memorized transactions. This will automatically enter transactions for ones that happen on a predictable, regular basis. Automating tasks boosts efficiency, including tasks like bills, invoices, payments, and journal entries.
You will need journal entries from time to time. This fixes an issue, or it can create year-end entries for a CPA to match the tax return. While this is an accounting function, regardless of if you are in an accounting role, understand what a journal entry is.
The ability to print checks from QuickBooks is a great way to be up to date on your cash flow. It also increases efficiency.
It is important to note that a QuickBooks generated check will not clear your bank right away, the payee must deposit it. You want to ensure that you are keeping track of it as a part of your cash flow analysis.
When you set up your QuickBooks, we recommend that you set up your account for the online banking download. Many major financial institutions allow data downloads into QuickBooks. This lessens unnecessary additional work with data entry.
Email Statements and Invoices
Another recommendation is to set up a statement and invoices to be emailed directly from QuickBooks. This is a much faster approach that can get you paid quicker, too. This can increase your cash flow, too.
Accept Online Payments
By turning on Intuit payment network services, you can allow customers to pay the invoices you send them online. This is good news.
The great news is that it will only cost $0.50 per transaction. They will charge no percentage of the invoice as a fee, either. That deal is tough to beat!
QuickBooks Training from a QuickBooks Pro
Ready to partner with a trusting accounting firm that offers practical and smart QuickBooks training for a professional like you? You can count on DVF to help you maximize financial resources with our Certified QuickBooks ProAdvisors®.
Reach out to DVF today to learn more.