The import feature in QuickBooks is something too many users do not take advantage of. So much of the financial data of any business can be automatically imported into QuickBooks and that can save valuable time. You may not even need that full time bookkeeper that you have (sorry to all you Monday - Friday 9 to 5ers but its true).
Let me start with some reasons of why your business should import as much data as you can into QuickBooks. First, the amount of time you will save on data entry you can put towards more meaningful tasks such as studying your financial reports to figure out how to make more money or where to cut costs. Second, you will reduce the amount of mistakes that can occur with any data entry; I think it's called human error right? In the end it is just more efficient and accurate.
Many major financial institutions offer import options through your online account access. It really couldn't be any simpler. Select the account you want to import. Find the QuickBooks download option in your online access. Select the account that you want and download. QuickBooks will recognize the import and you just have to tell it which account on your company chart of accounts you want to link to. Once the link is established QuickBooks will remember where to pull that information from for that account. Once you have the data imported into QuickBooks you can access it through the Online Banking center, which is located on the main Icon bar.
There are lots of other types of transactions you can import into QuickBooks. The payroll company we use builds us a QuickBooks import file that imports all employee checks, tax liabilities and payroll fees automatically. The input of a payroll for any size company is literally the click of a button. (Now your full time bookkeeper is really getting worried. Don't worry they can always go on coffee runs for the office).
If you have an excel file you can import it into QuickBooks. It just has to be in a file format ending in .IIF, which stand for Intuit Importable File. How can this be useful? What if you have a point of sale system that can automatically create your daily sales summary for your business in excel. Now all you have to do is make a daily sales journal entry into QuickBooks to record the sale. If your P.O.S system can export the sales summary into excel you can automatically import it into QuickBooks.
Do you know any businesses that have a full time bookkeeper? Ask them if they import their banking, credit card and payroll transactions into QuickBooks. If they don't and want to learn how have them email us.