The Ultimate Cheat Sheet On QuickBooks for Small Business

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Today’s small business can effectively implement QuickBooks into their day-to-day accounting and bookkeeping practices easily.

With the right QuickBooks training, it becomes possible to streamline many operations within the company – from payroll to accounts receivable.

For companies in Richmond looking to jumpstart their QuickBooks efforts, consider these tips.

Get the Commands Down

A good place to start is with having a handy checklist of each of the most commonly used commands within QuickBooks. The best way to make the most out of this software is to be able to tell it what you need to do quickly.

Here are some of the most commonly used commands and how to access them.

  • Invoice a customer by going to “Customers” and then “Create Invoices.”
  • To manage banking, go under the “Banking” tab. There, you can transfer funds, write checks, make deposits, or reconcile your account.
  • Set up your Chart of Accounts and Product/Service Items by going under “Lists”.
  • Perhaps one of the most important management tools for owners is the Profit and Loss Statement – available any time. Go to “Reports.” Then, navigate to “Company & Financial,” “Profit & Loss Standard.”

It’s very easy to navigate the system. Once you get basic QuickBooks training, this becomes even easier to accomplish.

How Can You Use QuickBooks to Benefit Your Company?

There are many ways to achieve these goals. Here are a few quick tips to help you.

  • Use the software to get accounts receivable invoices out to customers sooner. You can do this by going to “Customers” and then “Create Invoices.” By setting this up, it can automatically send invoices to your customers, encouraging faster payment for services or sales.
  • Utilize the profit and loss statement routinely. This is no longer a monthly product. You can gather profit information at any time by using this statement. It’s also possible to pull a “Net Worth” for the company under the “Reports” for more information.
  • Manage all of your vendor information in one place. Under the “Vendors” tab, locate the tabs to record when items are received, manage accounts payable, and to prepare a purchase order. This, again, makes it easy to manage the entire process.

Automate as much of your accounting as possible. QuickBooks makes this easy to do. You can automate:

  • Importing transactions directly from the bank
  • Memorize recurring transactions so they post automatically at designated times
  • Invoicing
  • Recording checks

QuickBooks is very user friendly; allowing access to functions through multiple menus.  The Help feature is very useful, so utilize it when you get “stuck”.

Keep in mind that having our Richmond QuickBooks certified professionals train you and/or your staff on QuickBooks will make them more efficient with the software and you’ll be confident that you’re getting the maximum value out of QuickBooks.