4 Quickbooks Tips for Beginners
For business owners who want to keep track of their incomings and outgoings, there are several different software packages that can help. One of the most popular and easiest to use tools is Quickbooks which is used by businesses small and large to organize their finances. If you are new to Quickbooks then there are some versatile features that you can take advantage of to make your bookkeeping easier and more manageable, not to mention save you quite a bit of time.
1. Learn the basics
Most accounting software comes with a learning curve but the team at Quickbooks does their best to provide comprehensive support and guidance with tutorials and a helpful FAQ section. It is worth spending a bit of time going through tutorials for things like cost input and finance management. Many of the tutorials will cover software functions step by step and make it simple to use and understand. For most businesses the learning curve isn’t too steep and Quickbooks is handy for sharing information with company accountants.
2. Check your details
One of the biggest issues that new Quickbooks users run into is having incorrect information. Entering details like business address and tax ID numbers will cause problems if the information is entered incorrectly. Quickbooks provides users with helpful insights and financial recommendations. To get the most accurate suggestions, all details will need to be entered properly. The same applies to client and supplier data. Customer details, payment methods and business addresses should be checked and verified for accuracy to help avoid billing mistakes or invoicing issues. For companies who have employees, it is worth taking the time to double check their information to sidestep errors in payroll or deductions. Quickbooks can provide a number of business reports, so having the right data is essential to receive information that is accurate.
3. Assign accounts to users
If you are an organization with several employees, you made need to give access to your Quickbooks account to multiple users. Avoid the temptation to use one master account for everybody and set up individual logins and passwords for any additional users. This is a great feature for restricting the features and information that users have access too. For example, if you have a payroll clerk who organises staff wages, then they do not need to see all of the company financial information. Using a separate account allows you to select the data and features that users can access.
4. Connect bank accounts
One of the best features of Quickbooks is that you can connect your bank accounts to their dashboard to provide real time tracking of payments coming in and going out of your business. Quickbooks makes account connect simple and provides video support for the process on their website. From the Quickbooks main dashboard, select the Bank Accounts tab and click connect. To keep things simple, Quickbooks provides a drop down list of many popular banking institutions, find yours and click on it. Confirm the account you would like to connect then enter your information, password and security key. Accept the terms and conditions and confirm your information. Quickbooks will then set up a connection with your bank to receive and synchronise information between your bank account and your Quickbooks account.
Quickbooks is an easy to use and versatile tool for financial management. Its features and connections to banks and HMRC services make things like reconciliation or filing taxes quick and easy. With the new MTD – making tax digital rules, Quickbooks excels as an approved software that business may use to simplify their tax filing and self assessment functions.