QuickBooks® 101

How to Use QuickBooks

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Keeping your business finances in order is key to running a successful business. Intimately knowing the ins-and-outs of your accounting software is important to keeping your bookkeeping in order and your business running smoothly. With a lot of accounting software options available today, QuickBooks® stands at the top for small businesses and self-employed professionals. It is used by over 4.3 million customers today.

The QuickBooks software can be used for almost all financial business processes. You can use it for entering receipts, tracking expenses, invoicing, payment tracking, tax tracking, purchase orders, and even to prepare reports and statements regarding your finances. QuickBooks is a great solution when it comes to bookkeeping and accounting.

Although QuickBooks automates many aspects of managing your business, at AB Financial we know that QuickBooks can come with its challenges, which is why we help a lot of clients set up and get acquainted with QuickBooks, and for some clients manage their QuickBooks. In this article we address how to use QuickBooks, and the additional features that are offered with this software.

Top 7 Features of QuickBooks for Businesses

QuickBooks has a lot of great features to keep your business finances healthy. Here are the top seven features:

  1. Most importantly, you can track what your business is owed. Businesses can manage all sales and income in QuickBooks by creating invoices to track sales by client. You can stay on top of what customers owe you (also known as your accounts receivable) by reviewing your the Accounts Receivable Aging Report within QuickBooks. This feature includes the details of both current and past due invoices.
  2. You need to keep track of your business expenses. QuickBooks automatically keeps track of your expenses by connecting your bank and credit card accounts. If you need to track a check or cash transaction, you can record it directly within QuickBooks. The software will also help you pay your bills when they are due.
  3. Analyze your financial health. By managing all of your cash inflow and outflow activities in QuickBooks, you are able to access automatically generated reports that provide valuable insights. All reports are updated in real-time as you enter and save transactions. The top three reports to analyze are: profit and loss report, balance sheet report, and statement of cash flows.
  4. Do you have employees? You can run payroll through Quickbooks. Payroll is an area that you want to avoid doing manually. Mistakes made in calculating paychecks can result in steep penalties and unhappy employees. Running your payroll through QuickBooks will allow you to:
    – Pay employees with a check or direct deposit
    – Automatically calculate federal and state payroll taxes
    – Have QuickBooks generate payroll tax forms
  5. Are you a product based business? You can track your inventory through QuickBooks. If you need to keep track of the inventory you sell QuickBooks will automatically track and update your transactions. While keeping track of inventory is doable in a spreadsheet, it can be time-consuming and prone to errors.
  6. Simplify the tax process. Keeping business taxes in order can be stressful. QuickBooks can manage all of our business accounting and taxes. It is common for companies to give their accountant access to their QuickBooks data and pull the information they need to file tax returns. If everything is tracked through QuickBooks, businesses do not need to spend a lot of time organizing receipts and bank statements.
  7. Receive online payments. One of the best ways to improve cash flow is to offer digital payments. With QuickBooks, you can allow customers to pay their invoice using a major credit card or by entering their bank account information to authorize an automated clearing house (ACH) payment directly from their bank account.

What Additional Features are Offered with QuickBooks?

We know that time is money, and being efficient with your time is key. In addition to the financial features that QuickBooks has, there are additional add-ons that QuickBooks offers clients. With QuickBooks, you can add on HR apps and streamline bookkeeping, payroll, and HR directly through QuickBooks. To learn more about the QuickBooks Apps, please visit: QuickBooks Apps.

There are a lot of great features that QuickBooks offers to allow your business to have a strong pulse on financials. For businesses who need assistance with setting up their Quickbooks, or need an accountant to manage their QuickBooks, AB Financial is here to help. We offer QuickBook set up for clients along with complete management of bookkeeping and payroll. We work with our clients to ensure that the process is seamless and done right. AB Financial services customers in Vail, Aspen, Grand Junction, Summit County, and Denver, CO. Contact us today to learn more: 970-444-5586.

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