5 Quickbooks Tips for Small Businesses

Here’s five tips from our Certified QuickBooks Pro Advisors at Executive Accounting Services Inc. on how to use QuickBooks for your small business.

1. Leverage QuickBooks Reports

In addition to using QuickBooks as your bookkeeping tool, it contains a lot of beneficial financial reports. The Trial Balance report gives you a quick overview of all account balances with easy to understand Debit and Credit terminology. The Collections Report shows your overdue invoices as well as the customer’s phone number to make your collections calling a little easier. There’s a Voided/Deleted Transactions Report that’s key if you have someone assisting with your bookkeeping and need to double check their entries, or if you cannot find a transaction you recall entering in.

2. Use Keyboard Shortcuts

Save time when you’re in QuickBooks by using their keyboard shortcuts for tasks that you perform on a regular basis. Popular shortcuts include:

  • Ctrl-E – Edit a transaction
  • Ctrl-F – Find a transaction
  • Ctrl-I – Create a new invoice
  • Ctrl-O – Copy a transaction in your register

3. Backup Your Files Remotely

It is essential that you back up your QuickBooks files on a regular basis. In addition to creating a back- up on your computer, you will need an offsite backup in case of fire, flood, or theft. Executive Accounting Services can host your QuickBooks in the Cloud so your transactions are always secure and backed up. Your Cloud data is secure with a password-protected login, firewall protected servers, and the world’s top banking encryption technology – 128 bit SSL.

4. Use the Latest Version of QuickBooks

Keep your QuickBooks updated to take advantage of all of the latest features. Newer versions allow you to download your credit card and bank transactions automatically. QuickBooks 2011 introduced batch invoicing, which is a great time saver for recurring invoices and fees. QuickBooks 2014 added upgrades for sending emails with multiple attachments, viewing prior conversations and customizable email templates. Upgrading is simple and only takes a few minutes.

5. Hire a Qualified Person

In a small business, people often wear many hats and may do tasks they have not been formally trained in. If you have someone internally handling your accounting, be sure they are qualified. Some people may have experience in doing data entry in QuickBooks, but would not be able to handle reconciliations. Our Raleigh Business Accounting team can help you with all levels of your small business accounting, from invoicing to payroll to collections and reconciliations.


About the Author:

Terri Benforado

Terri is the founder and president of Executive Accounting Services and has more than 15 years of experience in accounting services, accounting management, accounting consulting, accounting training and tax preparation. She is a Certified QuickBooks® Pro Advisor in all versions, which ensures you are working with a trained and qualified professional of the QuickBooks® software. Her experience in the accounting field includes accounting management of a $15 million dollar company to accounting management of companies under $1 million dollars.


Author: TEW

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