QuickBooks for Small Business: Tips & Tricks

May 23, 2022

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It is important for every business to record all financial transactions. For bigger enterprises, it is easier as they can afford multiple tools for it. As a small business owner, you must be thinking about how to take care of your finances perfectly?

 QuickBooks is the best comprehensive bookkeeping and accounting software as it helps to record small business owners to save their financial records smoothly. QuickBooks small business software is loaded with numerous exciting features from bookkeeping services to bank integration properly.

However, small business owners may initially find out QuickBooks is difficult to handle on their own. In reality, the scenario is completely different. Initially, you may struggle to manage your accounting on your own and thinking how to use QuickBooks for small businesses?

In this article, we will introduce a few tips and tricks that will make your QuickBooks using experience simpler, faster, and better.  

Contents

QuickBooks for Small Business

QuickBooks for Small Business to Save Time

Always Use the Latest Version of QuickBooks

Get the Basics of QuickBooks

Connect all Accounts with QuickBooks

Update Reconciliations Regularly

Which Version of QuickBooks is best for Small Business?

QuickBooks for Small Business Owners

Features of QuickBooks

Top QuickBooks Tips

In Conclusion

QuickBooks for Small Business 

Opening a small business and managing the accounting task for the same is not an easy work at all. In the initial days of business, like many other small business owners you can also think about managing the accounts manually on your own. 

It needs huge effort to manage multiple sides of the business, including accounting, production, and many other departments. Looking at the business development overall should be the area of concern for small business owners.

Using QuickBooks for small businesses can ease the burden of financial management for small business owners. The all-in-one automated accounting software is the go-to choice for small business owners.

We can understand that choosing an automated accounting software can be a very difficult task. QuickBooks small business software is by far the best accounting software made for businesses.  

If you are thinking that this QuickBooks is made for bigger enterprises to streamline their accounting, probably you are thinking in the wrong track. The very basic challenge you may need to encounter while selecting the best version of QuickBooks.

For a small business who has entered the world of business, they will surely get confused while choosing the perfect version of QuickBooks that serves their purpose. We are going to solve your pain by telling you which version of QuickBooks can be the best choice for you.

QuickBooks Online is the best QuickBooks for Small Business. It helps you to access this online platform from anywhere. You can even try QuickBooks small business app to enjoy all features that the website version has. 

There are four plans available for QuickBooks Online. QuickBooks Simple Start, QuickBooks Essentials, QuickBooks Plus and QuickBooks Advanced. The basic onE is the simple plan that helps you to get the basic accounting done. 

The QuickBooks Advanced plan is the best one. It allows 25 users to access all accounting and bookkeeping and employee expense tracking. The cost of having QuickBooks Online for small business starts from 25$ and goes up to 180$ per month. 

QuickBooks for Small Business to Save Time 

Many small business owners choose QuickBooks as their accounting partner. But you may feel like thinking that you need quickbooks for your small business? This is a valid question. But we want to leave it up to you to select QuickBooks as your accounting software.

All we can do is help you by stating how QuickBooks effectively saves time in the life of a small business owner. Here is how you can save your time while doing the accountancy and bookkeeping of your business.

Always Use the Latest Version of QuickBooks

Some of you may be tempted to install an older version of QuickBooks and save money. Upgrading to the latest version of any software will give you an edge in taxation and bookkeeping. It will be great if you can get in touch with an accountant right before buying this software. 

Using the latest version of QuickBooks ensures that you can get advantage of the latest features and functions of this particular accounting software. In short, a business owner can easily file tax if they are going to use the latest version of the software. Make sure to upgrade your software periodically. It allows you to fix all bugs and patches. 

Get the Basics of QuickBooks

It is always a good idea to have a good grip over the particular version of QuickBooks for small retail business. The knowledge base of this software is enriched with tips and tricks. You can reach out to the customer support team if required. 

Learning the basics of QuickBooks can help you to understand how to use it for your small business in a more effective way. So, before investing a hefty amount of money on the desired version of your QuickBooks, is a basic need to save your time while working with this accounting software. 

Connect all Accounts with QuickBooks

Did you know, you can easily sync all your bank accounts and credit cards with QuickBooks easily. It will help you to save more time. If this QuickBooks small business software does not come up with this feature, every time you have to enter all details manually. 

This auto synchronization allows quick reconciliation of payments, transfers, invoices, fund transfer, bank statement generation etc.  A user can easily print checks from the software. You can even upload your digital signature on the check. This entire process smoothens the business process. 

Update Reconciliations Regularly

Reconciliation is the process of testifying that all the transactions are accounted for in your business account. Sometimes you may notice some strange activities or transactions that may not show up, then that’s the time for reconciliation. 

QuickBooks makes this reconciliation process smooth by installing some quick and simple reconciliation tool that is available on the Home Page. This option comes even more helpful if you have multiple accounts. 

Keep an eye on your transactions regularly. If all these transactions are not showing up properly then it may be necessary to reconcile each account individually, so that you can sort out all transactions. But, this process may take some time. Having patience is an absolute must to perform this reconciliation process properly.

Which Version of QuickBooks is best for Small Business?

There are five versions of QuickBooks available in the market. These versions are Self-Employed,Essentials, Simple Start, QuickBooks Plus and QuickBooks Advanced. Based on the number of users you can select a plan. Now coming to the pricing point, it starts from 15$ to 180$ per month. 

The more features you need, the better or advanced plan you need to opt for. Suppose, if you need only basic bookkeeping and accounting features for your business, Simple Start or QuickBoos Plus will be the best option for you. 

Here are the details of various versions of QuickBooks so that you can pick the best QuickBooks for small business

  • QuickBooks Online for Self Employed 

This version of QuickBooks is great for the micro business owners. QuickBooks online for Self Employed has an option of calculating the personal tax. It helps to pay the personal tax return of such a small business owner who works independently. 

  • QuickBooks Online Simple Start

By far the best and most widely used version of QuickBooks is the QuickBooks Online Simple Start. You can regularly issue invoices and file the tax return on time. 

  • QuickBooks Online Essentials 

QuickBooks Online Essentials is good for assigning billable time and expenses to consumers, tracking bills on time and giving access to up to three users at a time. 

  • QuickBooks Online Plus 

QuickBooks Online Plus is the best option for QuickBooks for small retail businesses. This version of QuickBooks is great for wholesalers, retailers, contractors and other small businesses to track inventory, budgeting etc. Maximum five users can use this QuickBooks Online Plus at a time. 

  • QuickBooks Online Advanced 

Are you a small business owner, who wants a more detailed reporting, customized features for accounting and bookkeeping and a dedicated support manager. Up to 25 users can access this QuickBooks Online Advanced at a time. 

QuickBooks for Small Business Growth

QuickBooks for Small Business Owners 

Most of you must have understood the importance of QuickBooks in shaping the accounting and management process of a small business. If you do a quick search on Google, you will be able to understand the contribution of QuickBooks for small business owners.

This QuickBooks for small businesses is really a game-changer offering business owners the ability to manage their business on the go? You must be thinking about how simple it is. QuickBooks small business app lets you get your job done peacefully at any time.

A small business owner can even access a small business account to check the status of the cash flow report and the expenses that can be organized to meet the requirements of project management through mobile, tablet, laptop, or personal computer. 

Features of QuickBooks 

Bookkeeping:

There are many features in QuickBooks that are good for small businesses. By far the best feature must be the bookkeeping tasks performed by automation.

Manage and bill Payments

Even the basic version of QuickBooks, QuickBooks Simple comes with the feature of automatic bill clearance. That means you can manage and pay your bill on time.

Scan Receipts

QuickBooks for small business owners allows them to use their mobile phone camera as a receipt scanner.

Top QuickBooks Tips

QuickBooks is an effective yet simple all-in-one accounting and bookkeeping tool for small business owners. This QuickBooks small business software makes accounting and bookkeeping simple. Still, some of you may be eager to know how much QuickBooks is for business. 

The best approach will be to be a QuicKbooks expert before trying this accounting software. We have listed down the tips and tricks of QuickBooks software.

  • Take Help of ProAdvisors

Those who are new in the world of QuickBooks can easily take help from the local QuickBooks ProAdvisors. They can guide you to file tax, offsetting expenses, bookkeeping management any more. 

  • Learn Shortcuts

Doing the same work by pressing the same keywords again and again can take a toll on your patience level. Try to get the basic shortcuts of QuickBooks here.  

Ctrl+A – To display the accounts chart window  

Ctrl+C – To copy selected part to the clipboard  

Ctrl+D – To delete anything like an invoice, transaction, check, etc. 

Ctrl+E – To edit a transaction in register  

Ctrl +F – To display find window 

Ctrl+I – To create invoice  

Ctrl+J – To open customer center 

Ctrl+M – To memorize a transaction 

  • Synchronize All Other Digital Tools

As a QuickBooks user, the best idea is to integrate all other Ecommerce and payment gateways with QuickBooks. It will help you to get the understanding of accounts transactions. 

  • Set Strong and Unique Password 

QuickBooks is a highly secured software, but when you connect it with other third party apps and portals, the chances of security violation gets higher. Setting up a strong and unique password can save you from getting your data protected. 

  • Customize QuickBooks Windows

QuickBooks online small business gives you a scope of arranging your QuickBooks window based on the options or features you need the most. So, the best idea is to drag and drop all those features on the UI, so that you can have everything ready.  

  • Enter Details Carefully

Try to enter all details very carefully. The best idea is to cross check all employee details, customer information and company details carefully. It will save you from any kind of security breach. Plus, you do not need to think about security violations.

  • Reconcile Frequently

Whenever a human is putting data into the machine, there are extremely high possibilities that a mistake could happen. Accordingly, to eliminate mistakes from your QuickBooks passages, you need to continually accommodate exchanges, financial balance, and different subtleties.

  • Have a Data Backup

You cannot save all your files in your system. It will crash for sure. In this case, QuickBooks comes as your rescuer. The autosave feature of QuickBooks let you take auto back up of data on the cloud.

  • Check Printing

QuickBooks has a few amazing features, printing checks on time without any additional cost, is one of those features. All you need to do is open the Banking Tab and select the Write Checks option. 

  • Use QuickBooks Bills

Streamline your business bills paying system by paying it automatically through QuickBooks. 

In Conclusion

QuickBooks is one of the most powerful and easy to use automated accounting software.But making out the most of this software totally depends upon how well can you learn the tips and tricks of using QuickBooks properly. 

All you need is a little time and experience to try your hands on these QuickBooks and be a master of it.  We hope you enjoyed reading this article on QuickBooks for small business, tips and tricks.