Surprising Ways to Use QuickBooks For Your Small Business

QuickBooks is the go-to accounting solution when you have a small business. You need to keep track of your financial transactions in order to minimize headaches at tax time and prepare financial statements if you want to apply for a mortgage or a business loan.

But did you know that QuickBooks is also capable of doing so much more than simply keeping track of your income and expenses? Here’s some surprising ways that you can really get the most utility out of QuickBooks.
Class Tracking

QuickBooks lets you classify your financial data so you can figure out where your money is coming from, and going to, in a number of meaningful ways whether it’s by department or location. This helps you make more informed business decisions.

Vendor Management

You can keep track of all vendors and bills directly in QuickBooks by entering and paying bills there. You can also easily follow all terms and due dates to make sure that your bills are being paid on time, and you’re always able to find vendor contact information instead of digging through an address book.

Automatic Emailing of Invoices and Statements

All invoices and statements created within QuickBooks can be directly emailed from the program so you don’t have to manually create and email these documents. This shortens the payment process significantly.

Online Invoice Payments with Minimal Costs

Does your business have a website where you accept payments? Intuit makes it very seamless to connect it with QuickBooks with their payment network. Customers can pay invoices online with only $0.50/transaction regardless of the invoice size and you’ll get the money directly in your checking account. This not only offers significant savings on e-commerce fees but saves time with manually moving money to your bank account.

Memorized Transactions

QuickBooks has a memorized transactions feature that lets you work smart, not hard, by automatically inputting transactions that occur on a regular and predictable basis (such as rent and Internet bills). Whether they are invoices, bills, journal entries, or payments you can automate these transactions efficiently in QuickBooks so you never have to manually enter them ever again whether they are perpetual or for a fixed term like a lease.

Ask My Accountant

If you have questions for your accountant for transactions you aren’t sure how to handle, you can use the Ask My Accountant code on your chart of accounts. It will still let you reconcile and close out your financials but you’ll be able to find the transaction in your QuickBooks records with no problem.
Whether you are a new or seasoned QuickBooks user, it’s prudent to have a good accountant at your side in case you aren’t sure if you’re using the program correctly or you come across a transaction you are unsure about. Rue & Associates is here to help you manage your financials and use your QuickBooks data to help grow your business. Please give us a call today to speak to one of our friendly and professional accountants.