5 Common QuickBooks Errors and Inefficiencies

Think you have the best QuickBooks bookkeeper of all time?  Make sure they are not making any common QuickBooks errors:

• Not using the download and import features of QuickBooks.  You can download bank activity, credit card transactions, PayPal transactions etc automatically into QuickBooks.  We also use a payroll service that imports all of the payroll data directly into QuickBooks.   
• Only using the software for some parts of the accounting cycle instead of all.  Doing nothing is better than doing half the job.  Cleaning up another bookkeeper's negligence is the most expensive work we do.  Use QuickBooks for every aspect of the accounting cycle.
• Not printing checks or using the online bill pay feature.  Not only is it inefficient to hand write checks, but you then have to enter them into QuickBooks anyway.  Do it right the first time, enter the check into QuickBooks and then print directly from within the software.  Make it even more efficient by linking your bank to QuickBooks and taking advantage of the online bill pay feature.  Now just enter bills, select which bills to pay and your bank does the rest.
• Not reconciling any or all of the accounts.  Reconciling all bank accounts, credit cards and all loans is the single most important thing you can do in QuickBooks.  By reconciling ALL accounts each month you will drive down your tax return bill with your CPA.
• Not taking advantage of memorizing transactions.  Use memorized transactions to reduce data entry.  You can use it to memorize and quickly enter daily sales journal entries, recurring automatic checks, bills, credit card transactions, invoices and much more. 
  By using this feature you will collect money faster, keep a handle on your receivables and manage your cash flow much more effectively.

Make sure you are using QuickBooks as efficiently and effectively as possible.  By automating and following proper bookkeeping procedures you can focus on managing and growing your business.  Feel free to take advantage of our free QuickBooks consultation to make sure your bookkeeping system is being handled properly.