5 Simple Ways to Clean Up QuickBooks
QuickBooks Online is a wonderful tool that I recommend to my clients who own a business or are starting a new business. It is a way for business owners to take control of their own accounting so that they can manage their business efficiently and effectively. The software offers many additional benefits including:
Up-to-date financial statements to manage daily operations,
The ability to be directly linked with their accountant, and
Direct access to their financial information on any device at any time.
As a QuickBooks Certified ProAdvisor, I offer training for my clients so that they can use QuickBooks in the ways that are most helpful and productive for them and their business. They manage as much as they want, and as their accountant, I am happy to take over the rest!
I often see clients prioritizing other business tasks over managing their QuickBooks account. As an entrepreneur and small business owner myself, I know that it is easy to get behind in keeping track of finances! If you find yourself in this scenario, I suggest utilizing these 5 Simple Ways to Clean Up QuickBooks:
1. Connect your bank account and credit card accounts to your QuickBooks account so the transactions can be uploaded contemporaneously. This simple task of linking accounts will eliminate a significant amount of time and effort!
2. Put the primary focus on the balance sheet. All accounts that can be, should be reconciled monthly. The balances should match actual balances that can be supported at the end of every month.
3. If you’re having trouble cleaning up entries, set up an equity-type account called “Placeholder.” The Placeholder account can be used when adjustments are needed and you don’t know which account should be used to clean up the balance for the account in which you are working.
4. Run financial reports on a regular basis. You can see basic financial reports by going to the “Reports” menu and selecting the report that you would like to run. It’s that easy!
If you have multiple accounts in QuickBooks and would like to run a report for a certain account, go to “Settings” and then click on “Chart of Accounts.” Once you select the specific account, you can click “Action” and then “Run the Report.”
All reports can be printed, emailed, and/or exported!
5. Take the time to upload your transactions as frequently as possible, and while they are fresh in your mind. I suggest adding QuickBooks as a standing event on your calendar at the beginning or end of each week. It may seem unnecessary, but this will save you time and reduce stress in the long run!
My clients have had great success in managing their own financials through the use of QuickBooks Online. I truly enjoy training clients to utilize it and take advantage of its many helpful features.