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Category Archives: Quickbooks

Quickbooks, Small Business Accounting

How to Organize Your Small Business Accounting Using QuickBooks Services

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Tax Season ended at midnight on Tuesday, April 18, 2023. Tax Day is such a stressful time for citizens, businesses, and accountants. This year was no different though. When the numbers come out, there will probably be an increase in filing extensions by people and businesses.

Now that the smoke has cleared, business owners may want to consider using our QuickBooks services to do their accounting and tax preparation. QuickBooks is an accounting software developed by Intuit. QuickBooks is mainly for small and medium-sized businesses. The cloud-based software can accept business payments, manage and pay bills, and do payroll.

QuickBooks can be used to organize your small business accounting. Here are some steps to get started:

  1. Set up your company: Start by setting up your company in QuickBooks. This includes entering your company information, such as your business name, address, and tax ID number.
  2. Add your bank and credit card accounts: Connect your bank and credit card accounts to QuickBooks. This will allow you to automatically import transactions into QuickBooks, making it easier to keep track of your finances.
  3. Categorize your transactions: Once you have imported your transactions into QuickBooks, you will need to categorize them. This involves assigning each transaction to the appropriate account, such as income or expenses.
  4. Set up your chart of accounts: Your chart of accounts is a list of all the accounts you use in your business. This includes income accounts, expense accounts, and asset accounts. Setting up your chart of accounts is an important step in organizing your accounting.
  5. Create invoices and track payments: QuickBooks allows you to create and send invoices to your customers. You can also use QuickBooks to track payments and send reminders for overdue payments.
  6. Run financial reports: QuickBooks offers a variety of financial reports, such as profit and loss statements and balance sheets. These reports can help you understand the financial health of your business and make informed decisions.
  7. Get professional help: If you’re not familiar with accounting or QuickBooks, consider hiring a professional to help you get started. A certified accountant can help you set up QuickBooks and maintain your accounting records, so you can focus on running your business.

QuickBooks guides and assists you to organize your small business accounting. Using QuickBooks can save you time and help you make informed financial decisions for your business. Millions of business owners use QuickBooks as a daily part of their accounting. 

It takes time to learn and integrate into your business. However, with training and experience, many small and medium-sized business owners have come to depend on it. If you are considering QuickBooks to do your accounting, consult an accountant to get started. 

AK Burton, PC offers QuickBooks services for our clients. We can train you in QuickBooks and help you use it to run your business. Call us at (301) 365-1974 for a consultation. 

We serve Bethesda, Rockville, and Montgomery County. MD area.

*** For more information visit the QuickBooks website.   

 

Quickbooks, Small Business Accounting

Five QuickBooks Small Business Hacks You Need to Know

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Small business accounting and bookkeeping is a necessary part of the business. The software has made small business accounting and bookkeeping easier and more convenient. Affordably-priced software ranging from Wave Accounting to Xeno help business owners easily run billing, payroll, invoicing, and inventory.

There is a wide range of small business accounting software. As a small business owner who doesn’t even have time to spare for accounting and bookkeeping, how do you decide which software is best for your company? One potential software is Quickbooks Online. It’s a cloud-based accounting solution where records are kept online, protected by security, easily accessible, and regularly updated. *** 

If you are considering Quickbooks Online for your business or are using it now, here are some highlights of features that you should know:

  1. Connect your bank account(s) to it: Quickbooks Online allows you to connect your bank account once and it will then download all your bank transactions from the last 90 days. Additionally, it lets you connect multiple checking accounts, savings accounts, and credit cards. It will also auto-suggest categories and functions. The algorithms are quite amazing. 
  2. Don’t have to back up your data: As QuickBooks Online is all web-based, you keep all the data in the cloud. All information you store on QuickBooks Online is stored in the cloud. Data can be accessed at any time from your laptops and devices. 
  3. Invoice clients in CBO: Quickbooks Online can do all client invoicing. Gone are paper billing and sealing envelopes. It lets you design invoices with your business brand on it. Invoices can be automated and it will mark invoices that have been paid. Recurring invoices can be sent out, too, thorough the automated invoicing function. 
  4. User Interface Is Intuitive: QuickBooks was created for the non-savvy, non-accountant business owner or employee. So, it is much easier to use based on the easy interface. It has a brief and easily-understood tutorial. This five-minute guide shows users how to import and categorize transactions. A menu shows how to navigate between the Banking, Reports, Sales and Expenses functions. Reviewers consistently complement the design as it is not all pushed into a small space.
  5. Many users can use it at the same time: Quickbooks Online has several packages which allows multiple users to have full access and use of the data. Additionally, if you want to save money, the username and password can be shared with other employees. However, if there is restricted data, such as payroll, it can be protected and accessed only approved individuals. 

These are just a few of the features available with Quickbooks Online. As with any small business accounting software you choose, the software might be designed to be simple and easy to navigate but somehow a wrench gets thrown into the books!

If this happens, the staff at A.K. Burton, PC is here to help. We specialize in small business tax preparation and provide a wide range of services to our clients including getting that wrench out of your books. If you need help straightening out your QuickBooks online, please call us at (301) 365-1974 for a consultation. Our office is open! We serve Bethesda, Rockville, and Montgomery County. MD area.

*** For more information about Quickbooks Online, visit their website.

Quickbooks, Small Business Accounting

How to Use QuickBooks Services for Your Small Business Accounting

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In these days of COVID, (I’ll be so glad when I won’t have to use that term anymore!) it’s good practice for small business owners to do much of their accounting online using software designed specifically for them. It saves money, time, and protects them from exposure to others. 

QuickBooks *** is a popular and economical program for business owners and accountants. Its features, functionality, and ease of use are all strong reasons to use this program. 

If you are considering QuickBooks as a tool to manage your books, here are some ways you can use it:

  1. Invoice customers: QuickBooks lets you invoice your customers to decrease accounts receivable and increase cash flow.
  2. Manage bills and accounts payable: Keep updated on your bills to your vendors and suppliers by using the enter bills and pay bills function. Keeping your vendors and suppliers happy is important as well.  You don’t want to fall behind on your outstanding bills with vendors. You just enter the payment and due date. No longer do you have to write and print checks. QuickBooks online pay function is easy and efficient. Plus, it saves you money from having to buy checks.    
  3. Employee time management: Enter the employee time data on the home screen. It can be a one-time event or a weekly payroll period. QuickBooks measures employee productivity and job costing, if applicable.
  4. Payroll management: QuickBooks lets you process payroll directly or you can integrate a third party for it. You will record your outsourced payroll in QuickBooks. You can also import your payroll data from QuickBooks to the accounting firm. 
  5. Memorized transactions: You should use QuickBooks memorized transactions to automatically enter transactions that occur on a regular and predictable basis.  This can include invoices, bills, journal entries, and payments.  The idea is to boost efficiency and have certain items be entered automatically into QuickBooks.  One example of good use of a memorized transaction is a bill that you have set up to be automatically deducted from your checking account like the monthly internet payment.  By memorizing a check you can have the payment automatically post to your checking account a certain number of days in advance. 
  6. Online banking: Major banks are now integrated into the QuickBooks software. So, you can set up your business to do all its online banking through it. 
  7. Printed checks: If you do need to print checks, you can keep cash flow analysis updated. Then you can print from it. It is extremely efficient!
  8. Journal entries: You may need to correct bookkeeping issues and create year-end entries per with your CPA so it matches your tax return. These detailed entries may be necessary when you file your tax return. 
  9. Online payments: The QuickBooks Intuit Payment Network gives your customer a convenient way to pay your invoices online. 
  10. Financial reporting: QuickBooks allows you to run reports to help get a snapshot of where your small business is at the moment. Your bookkeeping will be enhanced by its financial reporting.

If you are not using QuickBooks services, you may want to consider it. For the reasons listed above it may benefit your business to look into purchasing and using a software such as QuickBooks.

At A.K. Burton, PC, we help our small business clients with their taxes. We are familiar with QuickBooks as it is one of the many software that we use to serve our clients. Call us at (301) 365-1974 for a consultation. Our office is open! We serve the Bethesda, Rockville, and Montgomery County. MD area.

*** For more about QuickBooks Small Business Services, click here.