News & Insights
Utilizing QuickBooks to its Fullest Potential
July 10th, 2023
Accounting & Outsourced Solutions |
Business Accounting Software
By: Madison Reavis
After evaluating different accounting software options, you have chosen Intuit’s QuickBooks Online as the most suitable choice for your small business or nonprofit. The decision was likely influenced by factors such as its features, automated processes, cost, or the desire to transition from Intuit’s desktop software to a cloud-based solution.
Regardless of the reason, you may be asking yourself if you’re getting the most out of your accounting software. QuickBooks Online continuously launches new features that attract new customers and keep existing ones.
Below are a few special features that make QuickBooks a quality bet for many small businesses and nonprofits.
The Power of Automation
Automation in accounting software is a highly impactful tool for enhancing effectiveness and efficiency. It reduces the amount of time you spend processing transactions, helps minimize human error, and promotes overall efficiency.
Three important areas of automation in QuickBooks Online include:
- Bank Feeds
- Integrated Applications
- Recurring Transactions
Let’s examine and assess each one in greater detail.
Enabling Bank Feeds in QuickBooks Online connects your bank account in real-time, automating the data entry process. Transactions are automatically downloaded from your bank and can be assigned to specific accounts in your Chart of Accounts within the accounting software.
Over time, Bank Feeds will learn about your transactions and suggest an appropriate account. Customers who utilize Bank Feeds save an average of 10 hours per week. Furthermore, it is worth noting that connecting to your financial institution is both cost-free and can be accomplished within minutes.
Intuit provides a vast selection of apps for QuickBooks Online, catering to various needs and filling functionality gaps. These apps allow seamless communication between programs, eliminating the need to duplicate tasks across systems. Intuit ensures the compatibility and safety of these apps through rigorous testing.
Popular apps we recommend using include:
- RUN Powered by ADP for payroll needs.
- Qvinci for increased reporting functionality.
- Transaction Pro for importing and exporting higher volumes of transactions.
- com for accounts payable needs.
It’s common to feel like you are entering the same transactions repeatedly. There are usually a handful of transactions consistent from month to month and the ability to enter recurring invoices and recurring bills can save a ton of time.
With accounts receivable, you can establish recurring invoices for customers to receive automatically on a set schedule. Additionally, you have the option to set up recurring credit card charges or automatic payment reminders for overdue invoices.
QuickBooks Online offers a variety of pre-built reports that provide valuable insights into your business’s financial performance. Generate reports such as profit and loss, balance sheet, cash flow statement, and sales reports. Analyze these reports to make informed business decisions and identify areas for improvement.
Some interesting insights offered by the system include:
Financial Insights Reports that provide valuable financial insights into your business. By examining profit and loss statements, balance sheets, cash flow statements, and other reports, you can develop a comprehensive understanding of your company’s financial well-being, detect patterns, and make well-informed choices.
Sales and Customer Analysis reports that provide insights into your sales performance and customer behavior. Generate sales reports to analyze your revenue streams, track sales by product or service, and identify your most profitable offerings.
Customer Reports help you understand customer purchasing patterns, identify your top customers, and tailor your marketing efforts accordingly. This analysis enables you to make data-driven decisions to optimize your sales strategies and improve customer satisfaction.
Tax Compliance Reports, such as sales tax reports and income tax summary reports, help you streamline your tax compliance process by providing accurate and up-to-date financial information. These reports can help ensure you have the necessary data for tax filings and save time during tax season.
Decision Making: Respond vs. React
The reasons why QuickBooks customers maintain books vary; some do it for tax purposes, while others are required to do so by a reporting body.
Having an up-to-date set of books is essential for guiding your business decisions.
Utilizing QuickBooks Online budgeting, reporting, and dashboard features can allow you to respond to opportunities and threats and not react. Budgeting enables you to create a plan and help identify if the organization is staying on course with expectations.
Reporting assists in seeing the bigger picture of what your organization is spending its resources on and what they are accomplishing. As for dashboards in QuickBooks Online, they show snapshots of what is happening in different areas of business. Examples include outstanding bills, receivables, net income, and even balances in your bank accounts.
We Can Help You Tailor QuickBooks to Your Organization’s Needs
All the bells and whistles sound good, but where do you begin to get your accounting software tailored to you?
Maner Costerisan is an Elite QuickBooks Online ProAdvisor program member with many QuickBooks Online Certified staff to help you. We provide discounts and perks for QuickBooks Online subscriptions through our ProAdvisor discount program.
We can assist you with any software training, conversions, and process reviews you may need.