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We all know that having an organized accounting system is key for any business. However, not everyone knows the ins and outs of how to make it happen. With the power of online accounting from QuickBooks, your business can be as streamlined as possible so that you can get back to doing what you do best: running your business! The best way to take your company to the next level is by using a robust accounting system. With that in mind, here are some advanced features you might not have known about but that will help you run your business like a pro!
Set Up Custom Fields
Set up custom fields to automatically track all your inventory, customer, vendor and employee information in QuickBooks Online. With the right set up, you can easily track sales, inventory, customers, vendors and employees in the same account. By default, QuickBooks only allows you to track 4 custom fields in a single account. With this in mind, you can see how it would be difficult to track a large range of information in one place.
Set Up Split Checks
Split checks are a great way to automate certain parts of your accounting process. By setting up split checks, you can have your bank deposit one amount and then, later, have them automatically deduct the same amount from your account. With this in mind, you can save time and ensure your books are accurate.
To set up a split check, start by creating a new check. Next, add the person you are paying, the date the payment is due, and how much you are paying them. Make sure you also select “Split this check with another person/account”. These simple steps will have your small business cutting down on the amount of time spent on accounting.
Set Up Multiple Accounts
If you’re like most businesses, you get a lot of requests to keep up with various accounts. This can be time consuming, and it’s easy to miss things. This can also lead to errors in your accounting. To prevent this, set up the ability to handle multiple accounts in QuickBooks. This way, you can easily add, edit, and delete accounts as needed.
With a robust accounting system, it’s easy to keep all your different accounts in order. This can prevent errors by minimizing the chance of forgetting one account. It’s also easy to see how many accounts you have and keep track of what goes where.
Track Spending On The Dashboard
The real power of the QuickBooks Advanced dashboard comes from the spending and expenses you track on it. This can be a huge time-saver if you’re someone who regularly tracks their expenses. That said, the dashboard is ideal for anyone who tracks expenses for the business. You can easily see all your expenses at a glance.
For example, you can easily see what is coming in, what is going out, and what is scheduled for payment. This makes it easy to keep track of expenses and stay on top of your financials. Another great feature is the ability to track recurring expenses. For example, if you track your subscription to QuickBooks, you can see exactly how much is coming out of your company account each month.
Add An Asset Inventory Listing
If you regularly track the assets in your company, you can transform your accounting system with the ability to add an asset inventory listing. With this in mind, you can view your assets and their current value. This is especially helpful for small businesses that don’t regularly track their assets.
With that in mind, you can easily see which assets you have and what their current value is. This can save a lot of time. It’s also important to note that you can easily track the depreciation for each asset. This can be a helpful way to keep track of your business’s finances.
Don’t MASH buttons, train your QBO employees
The best approach to mashing buttons is to train your employees on their responsibilities. This will help you avoid having to do the work yourself. For example, if your employees are responsible for entering data, they will be less likely to mash the buttons.
A simple way to train your employees is to assign them to specific responsibilities. This can help indicate which buttons they should be responsible for. For example, if you assign your bookkeepers to be responsible for data entry, this can keep them from mashing the wrong buttons. You can also see how your finances more clearly and keep track of expenses.
Stay updated with your financials and alerts
Staying up to date with your financials and getting notified immediately once something goes wrong are two of the most powerful advantages that QuickBooks has to offer. Keeping all of this in mind will make it simple for you to check your balance, make payments, and record your expenditures. This will be of particular assistance to you if you are the one who is responsible for tracking spending on a regular basis for the organization.
These features are not only powerful, but they are also quite simple to configure. Because of this, they are an excellent option for anybody who is interested in taking the accounting system they are using to the next level. You will be able to maintain control of your financial situation and be notified immediately if anything goes awry if you make use of an advanced accounting system. This makes it simple to keep up with the present state of your funds and to check that nothing has been overlooked.
Conclusion
With the right set up, you can easily use the power of QuickBooks to its fullest potential. This includes adding custom fields to track inventory, vendors, customers, and employees. Split checks can automate certain parts of the process, and the spending and expenses you track on the dashboard can make your life easier. With the right set up, you can easily use the power of QuickBooks to its fullest potential. This includes setting up an asset inventory listing to keep track of your assets and their value.
