QuickBooks is an accounting software generally used by SMEs to make bookkeeping easy and manageable. This is an amazing software loaded with features. However, companies do face issues in using it mainly due to time and resource constraints.
In such scenarios, it is advisable to take help of a bookkeeping service provider. Outsourced bookkeeping service is a big advantage if you want to free up your employee’s time and engage him in a more productive process that he is good at. Moreover, it is not always possible for employees to know the right techniques for using QuickBooks software. It is always useful to know the basic features, tip and tricks to use the software even if you decide to outsource it.
Let us have a look at some of these tips and tricks of using a QuickBooks.
- Cost cuts can be achieved through QuickBooks: Yes, simple software can really do more than you think. Cost cutting can be a big issue if you are in debt or even otherwise just to keep your company lean and financially healthy. You can integrate all your order tracking with QuickBooks so that the process is automated. This results in lower administrative costs and enhances the efficiency of the system.
- Create reports that matter to you: General reporting formats do not work for all organisations. That is why QuickBooks offers custom reporting. You can select your format of a report and save it for later use. These reports can be saved under save customization” tab and can even be shared with others inside or outside the company.
- Attach key documents to the software: Next time you are asking your accountant to look into expenses, you do not have to send him your credit card bills and debit card statements. You can just attach them to the software by uploading these documents in a folder. This way your processes become seamless and are not dependent on a person’s availability.
- Set up bank rules to save time: There are many expenses in a business that do not really need to be reviewed every month. For instance an electricity bill, water bill, rent for the place etc. These expenses can be handled by the bank rules feature of the software where you can auto-add the common expenses for the month.
- Cover your risks with Audit Trail: This is an amazing feature of QuickBooks where you the software highlights a particular transaction that has been manipulated and changed. Such transactions are either made bold or highlighted in italics. This can help an organisation to reveal frauds easily.
While the above tips can always come in handy when you are staring with using QuickBooks but you need to remember that implementing these rules is the key here. A lot of times businesses do not have the time to use the software to the fullest by making all the entries every day and keeping it updated. That is really the catch here. Though the software can be used by any person and he does not have to possess a degree in accounting and finance, still, the trick is using the software correctly and to its full potential.
If you are looking for a partner who can help you in managing QuickBooks then you can reach out to WebSocl. We have the best-in-class infrastructure, software and a very able team who can easily manage your bookkeeping activities. You can know more about our accounting services by visiting our website. Or call us and speak to our executive to understand how our services can add immense value to your business. We are waiting to hear from you.