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Accounting is an inevitable part of the business cycle and, naturally, if you are a business owner, you are probably looking for different ways to execute accounting functions more efficiently.
By having access to technology that can expedite the accounting process without making any errors, you can commit a significantly larger portion of your time to whatever it is that you do best.
One of the most popular accounting software that is currently available is QuickBooks Online. Produced by the company Intuit, QuickBooks makes it easy for managers to record transactions, control various accounts, and even perform a wide variety of different payroll functions.
Unsurprisingly, QuickBooks has been effectively implemented into the accounting systems of businesses of all varieties across the world.
Though many components of the QuickBooks software are, in fact, quite intuitive, there are still some things that are frequently overlooked. In this article, we will discuss some of the ways that you can immediately begin to make the QuickBooks experience more user-friendly and improve your business’ overall accounting functions.
By keeping these simple, yet important, tips and tricks in mind, your business can effectively begin to establish a competitive advantage.
1. Download the QuickBooks Online App
Once you have decided to use QuickBooks Online as one of your primary accounting mechanisms, the first thing you should do is download the QuickBooks App. Not only is the desktop app absolutely free for you to use, but—according to the QuickBooks blog—it can potentially help you run QuickBooks Online up to 46% faster.
In addition to speed, the app also offers a superior user interface and multiple other benefits. If you are going to use a web browser—which is still likely sufficient for users with small workloads—Google Chrome has been proven to have measurably better performance, higher speeds, and greater stability than other web browsers. However, using the app is still something that is highly recommended to all users.
2. Create a Cash Receipt Journal
The purpose of creating a cash receipt journal—which can be directly accessed from the sales centre—is to help you operate more efficiently and make financial decisions with a greater sense of precision. This journal makes it possible for users to immediately review various sets of cash flows that have taken place over a specific period of time.
Creating a cash receipts journal will be especially beneficial when it comes to issuing quarterly reports of preparing for tax season. In order to access this journal, you simply need to select the filter drop-down list, choose “money received”, and choose whichever date you would like the journal to begin with.
3. Save Time by Using QuickBooks Online’s Many Shortcuts
Creating a workbook can often be a rather tedious task. In order to help their users save time, the QuickBooks Online team developed an incredibly wide array of shortcuts that—when memorized—can lessen the burden of creating financial entries.
Some of the most commonly used shortcuts include “Tab + T” for entries being made today, “Tab + M” for entries being made at the beginning of the month, “Tab + H” for entries made at the end of the month, and numerous others that use a very similar format. Though saving the time it takes to write three or four words may not seem like very much at first, when you are tasked with making thousands of different bookkeeping entries, the time you save can really add up.
4. Streamline Communications by Adding an Accountant User
Many business owners who use QuickBooks Online use the software for their in-house bookkeeping work, but outsource a significant amount of their work to an e-commerce accountant with greater expertise. While you could, in fact, relay your financial information to your accountant on your own, it is likely much easier if they can access your books when necessary.
QuickBooks Online’s “add an accountant user” feature makes it possible for your accountant to access any necessary files without needing to create any backups. Having a second set of eyes view your statements will undeniably be beneficial during critical accounting seasons.
5. Set up Pre-set Bank Rules to Operate More Efficiently
For your regular expenses such as rent, utilities, reoccurring vendor orders, and others, you can save yourself the hassle of having to review these payments every month. As is the case with all other elements of QuickBooks Online, the more things you can choose to be done automatically, the more time you will be able to save. QuickBooks Online makes it easy to auto-add certain expenses that you don’t feel the need to personally review.
QuickBooks Online is a revolutionary piece of software that has helped businesses of all shapes and sizes develop quality bookkeeping practices. Though the best way to master QuickBooks is with experience and practice, keeping these helpful tips in mind will enable you to become an expert with ease.
In 2014, Fully Accountable was established as a full back office accounting and finance done for you service company for businesses that are e-commerce and digitally based. We do all things back office to help business build a roadmap for success by having the right numbers and business strategies in place. We handle everything from day-to-day accounting to operational and fractional CFO services.