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5 Expert Tips to Get the Most Out of QuickBooks Online

By Yajaira Chavez, MBA

September 10, 2021

QuickBooks Online is one of the most comprehensive accounting software packages on the market, and it’s a great tool to keep your business running as efficiently as possible. The program helps ensure your business records are accurate and secure, ultimately saving you time, money, and frustration. Plus, it’s easy to use. Many of our clients, especially those in construction and real estate, enjoy the customization and money management features it offers.

Whether you are brand new to QuickBooks Online or a seasoned expert, the following tips and tricks we’ve gathered will help you get the most value from your subscription.

Tip #1: Take the Time to Automate Transactions 

QuickBooks Online is designed to save time and create efficiencies through automation. So, rather than manually entering individual transactions daily, automate as much as you can by linking your company’s bank and credit card accounts for recurring transactions like bills, rent, purchase orders from suppliers, and monthly customer fees. Once you’ve connected as many accounts as you like, QuickBooks Online will download your business transactions automatically so you can review and categorize them all in one place. You can even create customized reports to make things even easier.  If you ever need support along the way, click the QuickBooks Online “HELP” menu for more detailed instructions.

Tip #2: Avoid Deleting Transactions 

It’s essential to keep all your records to have audit trails tracking accounting transactions, trade details, or other financial data back to their source. If you must undo a transaction, be sure to use the “VOID” feature, so your record stays intact. If you need to correct something from a prior year, don’t bother going back; just make the adjustment in the current year. Otherwise, your accountant will need to make additional corrections to match your books with your tax return, which can become costly and time-consuming.

Additional tip:

  • Set a closing date on your books; this will prompt a warning and prevent you from making changes for prior years.

Tip #3: Manage Multiple Projects Easily

The “PROJECTS” feature on QuickBooks Online is excellent—especially for construction jobs. It allows you to assign tasks to revenue and costs, create estimates, and generate WIP and job profitability reports. This feature is only available with the QuickBooks Plus level subscription and above. It’s a good idea to consult with your accountant to determine if “PROJECTS” would be of benefit to your company.

Tip #4: Simplify Your Chart of Accounts

Managing and viewing reports for a large set of accounts can get complicated. Grimbleby Coleman can structure your accounts by type to give you the best functionality. For example, direct spending like steel or lumber varies by project, but expenses such as insurance or the lease on office space are consistent each month. A well-organized chart of accounts will provide more accurate profit margin information and a birds-eye view of areas that might need to be modified, such as price increases or payroll adjustments. QuickBooks Online also allows you to filter your reports by topic or activity to make reviewing even easier.

Tip #5: Select the Optimal Plan for Your Business

It’s a good idea to talk with your accountant to make certain you are using the subscription level of QuickBooks Online that’s right for your accounting needs and your business goals. They can help assess whether you should upgrade to match your objectives or even downgrade your subscription to avoid paying unecessarily. All-in-all, an expert consultation is the best way to be sure you’re taking full advantage of all the features of your subscription.

Reach Out to GC to Get More Help

Whether you’re just getting started and want to know if QuickBooks Online is right for you, or you’ve already invested in the program but want to be sure you’re getting the most out of it, we can help. Grimbleby Coleman CPAs offers custom training and demo sessions to get you started and ensure you’re on track to keep your business running smoothly and efficiently.

Email contactus@gccpas.net or contact your accountant directly to see how we can help you get the most from your QuickBooks experience.