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10 Tips for Getting the Most Out of QuickBooks®

Written by prositesfinancialJun 19 • 4 minute read


QuickBooks is one of the most popular and powerful accounting software applications around. Tens of thousands of small business owners use it daily. It is known for its ease of use, relatively simple interface, strong security, and abundant accounting features. If you deal with business finance at all, you will probably use it at some point.

QuickBooks can be overwhelming at first because it has so much functionality. In fact, even professionals can probably still learn something new. Here are some useful tips that can help you get the most out of QuickBooks while saving hours of time. And, as everyone in business knows, time is money!

1. Get the Basics Down First

If you jump straight in and get to work, you may end up wasting a lot of time doing things inefficiently, looking for features, or using them the wrong way. One of the first things you should do when working with any new software application is to invest time in learning the basics.

Take advantage of the tutorials to get comfortable with the way the software works. Study things like the inputting of costs, the management of bills, and other critical core features. These tutorials are practical and well made, and if you set aside a couple of hours to complete them, you’ll reap significant benefits.

2. Set a Secure Password

QuickBooks itself is a very secure system, but any system is only as strong as its weakest link. Where computers and software are concerned, the human behind the keyboard is typically that weakest link. Because the software integrates with other financial services such as your bank, if someone gets into your QuickBooks system, they could gain access to a lot of additional sensitive information.

To set your password, go to the Your Account tab and click Change Password. Try to avoid using passwords you’ve already used elsewhere and make sure they are of sufficient length and complexity based on current security standards. It can also be helpful to use special characters.

3. Create Regular Automated Backups

Once you’ve secured your QuickBooks data, the next important step is to create regular automated backups. They need to be consistent, so the data is up to date, and automated because if you have to make them yourself, you’ll forget, and they’ll become obsolete.

If you use QuickBooks on a single computer, it will need to be backed up, but if you use QuickBooks Online, your data is automatically backed up in the cloud. If you don’t use the online version, integrate QuickBooks with whatever secure backup solution you currently use to ensure your data is protected from hardware or software failure.

4. Pay Bills Using QuickBooks

Paying bills is something all businesses have to do on a regular basis. Rather than paying bills manually and having to enter all of those transactions in QuickBooks yourself, you can set it up to pay those bills for you. You can also automate the transfer of funds from your bank and set it up to record the transactions in your accounting system. This can save you a tremendous amount of time and effort on a regular basis.

5. Print Your Checks Using QuickBooks

Like paying bills, printing checks is another thing most businesses have to do frequently, which can be expensive and time-consuming. Entering transactions for each check can be a painstaking process if it not handled automatically.

You can make your life a lot easier by printing your checks directly through QuickBooks. Go to the Banking tab, where the first item should be Write Checks. You can fill them in and then print directly from there.

6. Take Advantage of Online Banking in QuickBooks

QuickBooks can make your life a lot easier with its online banking features. Click the QuickBooks Online Banking icon in your toolbar to see a tutorial that will show you how to use these features. Keep in mind that if you set up online banking in QuickBooks, anyone else who has access to your QuickBooks system will have access to that bank account.

7. Generate Your 1099s for Vendors Using QuickBooks

Many businesses work with contractors on a regular basis. To make this easier, QuickBooks provides features specific to 1099 vendors. You can add your vendors in the software and keep track of your payments and tax information. At the end of the year, you can generate, print, and send an accurate 1099 to each vendor for tax purposes. 

8. Receive Payments Online Through QuickBooks

You can receive payments straight from customers using QuickBooks online. If you have your bank details entered into the system, customers can pay you directly using QuickBooks. With a fee of only fifty cents per transaction, this service is far easier on your bottom line than many competing services.

9. Chat with Team Members Within QuickBooks

If you have several team members who use QuickBooks with separate accounts, they can directly chat with each other within the program. This feature helps them stay on the same page and sort through any potential issues promptly. To access this chat, simply click on Company, and then Chat with a Coworker to open a new conversation.

10. Batch Print Your Invoices From QuickBooks

Invoices are something most businesses generate daily. If you are creating several invoices together, you can click the arrow next to Print, then click Print Batch. This feature will allow you to choose invoice numbers for printing. It can save you a lot of time versus printing them out individually.

QuickBooks can make your business run more smoothly and simplify your life while improving your bottom line. Learning all the different aspects of this software can take a bit of time, but it is well worth it in the long run. If you have any additional tips or tricks of your own, please share them in the comments below to help your fellow business owners!

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