Quickbooks is used by millions of businesses across the world. It’s a dynamic tool small businesses can use to manage their finances and keep their accounting in order.
If you’re new to using this software, you may be looking for a guide to Quickbooks to help you get started. Luckily, we’ve listed everything you need to know about this business software below.
In this article, we’ll discuss some important steps on how you can use Quickbooks and improve the financial success of your company, so read on.
Take Part of the Free Tutorials
Quickbooks offers a range of free tutorials on their website. You don’t need to be a customer of theirs to access these helpful guides. These tutorials can help you learn the basics of using this software and guide you through some more complicated tasks.
You’ll find everything from how to create invoices to managing your finances and understanding your reports. The best part is that they’re all tailored specifically for small businesses.
If you want to get started with Quickbooks but feel overwhelmed, start by taking one of these free tutorials. It will give you a good foundation on which to build your knowledge.
Set Up Your Company Profile
When you first open Quickbooks, you’ll be asked to set up your company profile. This is a very important step, as it will determine how the software works for you.
You’ll need to enter information such as your business name, address, and contact details. You’ll also need to choose a chart of accounts. This is a list of all the accounts in your business such as income, expenses, and assets.
If you’re not sure which chart of accounts to choose, Quickbooks has a number of templates that you can use. Or, if you have an accountant or bookkeeper, they may be able to advise you on this step.
Import Your Financial Data
The next step is to import your financial data into Quickbooks. This can be done in a number of ways, depending on where your data is stored.
You may have paper copies of your invoices and receipts that you need to scan and upload into the software. Alternatively, you could download your bank statements or credit card reports and import them directly into Quickbooks.
This process can take some time, but it’s important to get all your financial data into one place so you can start tracking it effectively.
Create Invoices
Once your company profile is set up and your financial data is imported, you’re ready to start creating invoices. This is an essential task for any business, as it allows you to track payments and income.
Quickbooks makes it easy to create invoices. You can choose from a range of templates, or design your own. You can also add your company logo and other branding elements.
The software will automatically calculate the total amount due based on the products or services you’ve sold. This makes it quick and easy for your customers to pay their invoices.
Track Your Payments
Once you have created an invoice, it’s important to track when and how it’s paid. Quickbooks allows you to do this easily by creating payment reminders and tracking payments received.
This information is stored in the software so you can see at a glance how much money your business has made overall. This information can be helpful when you’re preparing your business reports.
Understand Your Reports
Quickbooks provides a number of reports that you can use to track the performance of your business. These reports can be helpful in making decisions about where to allocate your resources.
The most important report is the Profit and Loss Statement, which shows how much money your business has made or lost over a given period. You can also use this report to compare your current results with past periods.
Other useful reports include the Balance Sheet, which shows your company’s financial position at a particular point in time, and the Accounts Receivable Aging Report, which tracks how long invoices have been outstanding.
If you’re not sure how to read any of these reports, Quickbooks has a guide on their website that explains everything in detail.
Learn the Keyboard Shortcuts
Quickbooks has a number of keyboard shortcuts that can help you to work faster and more efficiently. These shortcuts are especially useful if you’re using the software on a laptop.
You can find a list of all the keyboard shortcuts on Quickbooks’ website. Alternatively, there’s a guide in the software itself that explains how to use them.
Use ProAdvisor Services
If you need more help with Quickbooks, or if you want to outsource your bookkeeping, then you can use ProAdvisor services. These are professional services offered by Quickbooks that include support and training from qualified accountants.
This is a great option for businesses that want to get the most out of their software and ensure compliance with tax laws.
Use a Highly Secure Password
When you’re setting up your Quickbooks account, it’s important to use a highly secure password. This will help to protect your data from unauthorized access.
Quickbooks recommends using a long password that includes numbers, letters, and special characters. You can also use a password manager to make sure your passwords are strong and unique.
Back-Up Your Quickbooks Data
It’s important to back up your Quickbooks data on a regular basis. This will help to protect your information in case of a computer crash or other emergency.
Quickbooks provides a tool for backing up your data and recommends doing it at least once a week.
You can also back up your data manually by copying it to a USB drive or external hard drive.
Use Quickbooks to Generate 1099 Forms
If you’re hiring contractors or subcontractors, then you may need to generate Form W-99. This is a tax form that lists the payments made to these individuals during the year.
Quickbooks can help you to generate this form easily. You just need to enter the information about your contractors into the software and it will take care of the Quickbooks integration.Â
Read This Guide to Quickbooks
As you can see, learning how to use Quickbooks isn’t difficult. By the end of this guide to Quickbooks, you should learn how to manage your finances without any trouble.
Do you want to learn more about topics like this one? If so, check out more of our helpful articles.
