Accounting is an extremely crucial part of your business. In fact it would not be wrong to say
that the survival of your business depends on how you maintain your accounts. Nowadays people prefer using accounting software like QuickBooks to make the accounting process easier and also enable them to concentrate their energies in making their business a grand success.
Killer QuickBooks tips which will give your business that extra edge are:
• All transactions irrespective of whether they involve sales or purchase have to be entered in the correct sequence. Also any payments received and made should always be adjusted against the said invoice against which it has been given or received. Incase this adjustment is not done, it will show up as an income for the company whenever you generate a P&L statement for your company.
• Reconciliation of bank statements with that of the funds deposited should match and any funds not deposited should be accounted for properly.
• One of the unique QuickBooks tips is class tracking. You can assign classes to different sections of your business and then track individual profits and losses with the help of these classes. This gives you a greater visibility and also makes every class accountable for itself thereby enhancing its performance and improving the health of your business.
• Most people using QuickBooks face problems with their inventory as well as cost of goods. This
is because they do not follow certain basic QuickBook tips of sale and purchase entries. Inventory can only be added to QuickBooks after it has been properly purchased either on a bill or a check from a vendor. Once the buying cost and the stock is added to the inventory, the selling price is created when the product is sold and the asset amount is reduced, thereby letting you know the profit made in the transaction.
• QuickBooks has a unique feature of allowing you to work on the payroll using the time sheet entry. The ‘assistant payroll’ option available in the QuickBooks lets you file your returns electronically and also allows you to pay your taxes online.
It is not enough to just buy efficient accounting software like QuickBooks. Unless and until you are able to master all QuickBook tips and tricks, you will never be able to get the required output from this software.