If you use QuickBooks for your small business's accounting, you might be missing out on some valuable features. This month's "Financial Fitness," as featured in Small Business Monthly, features QuickBooks best practices from Karen Stern, Partner in Charge of the Brown Smith Wallace Entrepreneurial Services Group.

QuickBooks Online accounting software is one tool small businesses can use to maintain their tax and accounting records, but there are countless aspects of the software that are often underused. Here are some features you should be aware of to get the most out of your software:

Attachments
Attachments can be added to bills, checks, invoices and other transactions within QuickBooks Online. The attachment can be any type of file, and this eliminates the need to retain paper receipts. Attachments can also be added directly to the "Attachments" list without attaching them to any specific transaction, so you can go back and link the attachments to particular transactions later.

QuickBooks Labs
A new feature of QuickBooks Online is the QuickBooks Labs, where you can find experimental plug-ins. Some of the "experiments" may turn into real features of QuickBooks and others may not. QuickBooks is relying on users to give it feedback about these plug-ins; however, there is no support provided.

QuickBooks Apps
This is an area that you should check frequently to see what new apps that sync with QuickBooks and might benefit your account are available. These apps are listed by "Newest," "Top Rated," "Featured" and "All Apps."

Connect Your Accounts
Using QuickBooks Online, you can connect your bank accounts or credit cards to automatically download transactions daily as long as you are using a participating bank. When you connect your account for the first time, you can download up to 90 days of transactions.

QuickBooks and other accounting software can streamline your small-business tax and accounting needs. For help in selecting the software that is right for your small business or if you have questions on how to better use your current software, contact your adviser.

Originally published September 2015

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.