updated - April 5, 2020 Sunday EDT
There are 30.2 million small business owners in the U.S. They employ 58.9 million employees so there's a lot riding on their success.
Unfortunately, 82% of those businesses will ultimately fail due to money problems. One way to stay ahead of potential money issues is to use accounting software like Quickbooks to help you stay on budget and make accurate predictions about the future.
It's also easy to pay vendors and invoice customers using Quickbooks. But first, you need to learn how to use Quickbooks. We want to help you reach the level of success you deserve.
Keep reading to learn our favorite 11 Quickbooks tips every business owner should know about.
1. Our Quickbooks Tips Includes Using the Tutorials
One way to quickly learn how to use Quickbooks is by using the Getting Started Tutorials.
It teaches you the basic features so you can get comfortable with how their software works.
2. Choose a Strong Password
Protect your financials by adding a strong password. Unfortunately, most people still use "Password" and "123456" as passwords.
Security should be the main priority, especially if your banking information is linked. You don't want someone getting into this information because it could destroy your business.
3. Regularly Reconcile Quickbooks
Reconciling Quickbooks on a regular basis is a great way to ensure that there are no glaring errors.
Reconciling also ensures you have the most accurate view of the financial health of your business.
4. Make Sure it's the Right Software for Your Needs
Quickbooks is good software, but that doesn't make it a perfect fit for every company. Do your research before you settle on accounting software.
Xero is another company that provides accounting software. To do a comparison, click here to learn the difference between Xero vs Quickbooks.
5. Always Back Up Quickbooks
Backing up Quickbooks means you always have access to the latest information. If there's a security breach or the data goes missing, you'll lose a lot of time and money trying to catch back up.
It's easy to set up an automatic schedule and with Quickbooks Online, it gets automatically backed up on the Cloud.
6. Use Online Banking
You can integrate your banking information with Quickbooks so there's no need for manual data entry. It's easy to set up using the tutorial.
Remember to consider security when setting this up. If there are multiple users, set up security passwords so that only those who need to access your banking information can view it.
7. Learn How to Use and Customize Reports
Quickbooks lets you customize reports so that each employee gets a copy of the report they need most from the CEO to accounting.
8. Set Up Online Payments
Paying your bills online is much quicker and cheaper than using the postal system. And no bill ever gets lost in the mail.
9. Send Invoices
The easiest, cheapest, and quickest way to send an invoice (and statements) is electronically.
10. Accept Online Payments
Your customers can also pay their invoices using Quickbooks. And it only costs you $0.50 per transaction with no extra percentages being tacked on.
11. Process Payroll Through Quickbooks
You can also pay your employees using Quickbooks.
Competition today is fierce. Even with these Quickbooks tips, it's a smart idea to keep educating yourself on how to increase productivity in the workplace.
We can help. Keep coming back to check out the latest in business news.
TOP 10 FRANCHISES OF 2020