Learn how to use QuickBooks more efficiently for your business with these tips
QuickBooks is one of the most common methods used by businesses and independent contractors to track records and cash flow. It’s an upgrade from using a spreadsheet, opening up many opportunities to improve workflows.
The tool makes it easier to complete your accounting strategy with automation techniques and advanced technology from categorizing expenses to help with taxes to scheduling bill reminders.
Using QuickBooks also means you can generate financial reports instantly so you can create a more accurate picture of where your business stands at any given time. Some people opt for this technology to manage their cash flow, so they don’t have to hire a staff bookkeeper or accountant. This is especially effective for small businesses but can be used to complement the strategy of larger organizations as well.
But to get the most out of QuickBooks, make sure you’re taking the following five steps:
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Take advantage of imports
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Secure your account
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Learn keyboard shortcuts
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Memorize transactions
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Don’t forget free tutorials
Here’s a deeper dive into each of these ways to improve your QuickBooks approach.
1. Take advantage of imports
A major benefit of QuickBooks for accounting is the ability to import data all at once instead of having to enter it all manually. This saves you tons of time.
To upload data into QuickBooks, make sure your file is an Excel doc or in CSV format. You can review all of your data to check for mistakes after it’s imported.
2. Secure your account
Your business’s financial information always needs to be protected. When you have a QuickBooks account, one of the first things you should do is secure your data by limiting who has access. Your first wall of security is your password – make sure it’s strong and impossible for others to figure out. Using a randomly generated password is best.
QuickBooks allows you to assign access to individual users, so only grant access to people who really need to see the information.
3. Learn keyboard shortcuts
Did you know that QuickBooks has many keyboard shortcuts you can use to speed things up? Once you have these mastered, you can perform accounting and bookkeeping tasks even faster. Here are a few of the most helpful QuickBooks keyboard shortcuts to memorize:
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Ctrl+F: Search for a transaction
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Ctrl+M: Memorize a transaction
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Ctrl+I: Generate an invoice
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Ctrl+W: Write a check
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Ctrl+E: Edit a selected transaction
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Ctrl+T: Open your list of memorized transactions
Play around with these and other keyboard shortcuts, so they start to become second nature. Everything will start moving a lot faster.
4. Memorize transactions
Another significant benefit of QuickBooks is its ability to assign the same information to repeated transactions. Have the tool memorize transactions that you know will show up every month, like office rent or secured monthly income.
You can be selective in the transactions you want the platform to memorize. This helps you save time trying to go through each transaction to assign it to a category. Avoid performing repeat tasks each month that can be done automatically, like sending out an invoice. The tool also allows you to set reminders, so you never miss a deadline.
5. Don’t forget the free tutorials
To fully understand everything you can do with QuickBooks, watch the free tutorials from the software company. These videos walk you through all the features within QuickBooks, in great detail, so that you know exactly how everything works. There may be a lot of tools that are not even on your radar that will help you streamline processes or ensure accounting accuracy.
It’s worth taking the time to get to know the entire platform so you can use it to its fullest capability and customize it to your needs.
Services Franco Blueprint can offer your business
When you need assistance creating a new strategy, updating your accounting approach, or improving tax management, work with financial professionals. You have enough on your plate trying to grow and improve your business, so leave the accounting to the experts.
Franco Blueprint provides assistance with business planning and formation, tax management, payroll improvements, and accounting automation. We can help you reduce financial risk and set you up on the path for continued growth and cash-flow improvement.
Contact Franco Blueprint to get started with a free consultation. We also offer a two-day QuickBooks online immersive workshop to learn how to use all available tools to improve your accounting strategy.