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.