Nearly 5 million businesses use QuickBooks, which means there’s a high likelihood you do too; this article will go over 5 ways to get the most out of QuickBooks.
You will get the greatest benefit from QuickBooks by maximizing the available features that are relevant to your company. Whether you have used QuickBooks for years or you are brand new to the system, here are 5 ways to get the most out of QuickBooks:
Intuit offers many different versions of QuickBooks to suit a wide-variety of business types. The software can be bought via a monthly fee or paid for outright. The software can also be used on both Mac and Windows.
When deciding which version will work best for your business, it is important for you to look closely at the features of each available option and select the version that includes all the features necessary for your business. It’s also wise to avoid purchasing a version that has a lot of features that aren’t needed for your business because you don’t want to pay extra for what you don’t need. For instance, if you don’t keep inventory, the QuickBooks Plus version would not be ideal.
It is worth mentioning that you can always transfer information to an upgraded version of QuickBooks as your business grows. With that in mind, the current versions of QuickBooks include:
QuickBooks Self-Employed – this version is ideal for freelancers and independent contractors to aid them in keeping track of revenue, expenses and the payment of taxes.
QuickBooks Online – This is the most popular version of QuickBooks and can be found in three different versions: Simple Start (best for start-ups and small businesses), Essentials (3 users) and Plus (5 users).
QuickBooks Online is paid for via a monthly fee. Its basic features include creating invoices, estimates, keeping track of expenses and income, and syncing with outside accounts and other applications. Essential will also allow for the management and payment of bills and the ability to create profit and sales reports. By making the upgrade to Plus you will also be able to print and prepare 1099s and track inventory.
Another great feature of the Online version that should be noted is the ability to do automatic updates, upgrades and backups. These are all essential for security. All Desktop versions of QuickBooks require backups and updates to be done manually.
QuickBooks Pro – The Pro includes a Desktop version plus the option to upgrade to the Pro Plus, which also includes data backups, upgrades and phone support for a yearly fee.
QuickBooks Premier – This version is ideal for bigger businesses where two or more people are charged with managing finances. This version is for Desktop and includes all the features of Pro in addition to even more features that are specific to industry, including: contractor, general business, nonprofit, manufacturing and wholesale, retail and professional services. There’s also an upgraded version called Premier Plus that includes data backups, upgrades and phone support for a yearly charge.
QuickBooks Enterprise – This version offers full business management and has the features that enable the management of accounting, payments, payroll, customers, inventory, reporting and vendors. The Enterprise version is ideal for large companies with multiple departments, a large volume of employees, cost centers or products. Enterprise has six times the capacity of Premier or Pro and can have anywhere from a single to 30 operators.
QuickBooks for Mac – This version of QuickBooks is designed for use on Mac computers. It includes three different QuickBooks Online types (Plus, Simple Start and Essentials) plus a Desktop version.
No matter what QuickBooks version you choose, it will always be necessary to upgrade to the latest software version. This will allow you to have access to all the new features and to have complete confidence that your system is as secure as possible.
Use The Available Shortcuts
You will save a lot of time by using these keyboard shortcuts:
Ctrl+I = Create Invoice
Ctrl+O = Copy transaction
Ctrl+E = Edit transaction in register
Ctrl+D = Remove invoice, transaction, check or item from the list
Ctrl+M = Memorize report or transaction
Ctrl+H = History of A/P or A/R transaction
Ctrl+Q = Create QuickReport on list item or transaction
Ctrl+T = Open memorized transaction list
Ctrl+N = New bill, invoice, list item in context or check
Ctrl+F = Find transaction
Ctrl+W = Write new check
Ctrl+Z = Undo changes
Ctrl+J = Open Customer Center
Alt+N = Save and go to next transaction
Alt+S = Save transaction
The “QuickMath” calculator will allow you to make calculations so that the results come up directly in the appropriate field. Simply select the appropriate area, click on the “=” key and a calculator will appear. The calculations will then populate into the selected field.
You can save a lot of time in QuickBooks by taking advantage of the available right-click menus. You will find these menus inside the activity window for common tasks. For instance, you can click to the right of a specified transaction and you will be able to void or memorize it, or even create a QuickReport.
You can streamline your navigation in QuickBooks by customizing your icon bar so that it only displays the features your business needs. This will also reduce mistakes made by clicking on the wrong function.
You an Add, Modify or Remove Icons by following these steps:
– Click on the Menu for “View”
– Select Customize Icon Bar
– Choose the icon you wish to change and make those changes by clicking Edit, Add or Delete
– If you add a report or feature you will have the ability to choose an icon for that feature
– If you need to add an icon, enter the text into the Label Field that you wish to have appear underneath the icon
-Select “OK” and move on to the next icon until you have made all the modifications
If you would also like to add services to the Icon Bar that don’t already appear in the list, you can also:
– Begin working on the task (e.g. Make a Journal Entry)
– Choose to add it from the menu bar
You can also change the order of icons on the Icon Bar by:
– Going to the View menu
– Choosing “Customize Icon Bar”
– Click on the icon you wish to move, then hold and drag the diamond located to the left-side of the icon until it moves to the correct location
– Select “OK” when the change is made
This completes the 5 ways to get the most out of QuickBooks. QuickBooks is ideal for all small businesses, especially when using the cloud-based Online version. One last note is that no matter which version you use, you should always make sure your data backup function is working properly and that backups are taking place frequently.