If you’re running a small business and new to accounting, then QuickBooks Online is an excellent tool to keep track of your finances. It is a cloud-based accounting software program that allows you to manage your business finances and have a record of each transaction. You can use it to view all of your financial information in one place, pay bills, send invoices, track expenses, and much more. Whether you are a new business owner or just new to using QuickBooks, there are a few things that will help you hit the ground running with QuickBooks Online.
Here are 5 quick tips that will help you get started:
1. Create Your User ID and Password
The first step to getting started with QuickBooks Online as a business owner is to set up your User ID and password. With this, you can access the software from anywhere on any device. To create an account, you need to enter your name, email address, password, and security question. After that, you can log into your account. You can change your password anytime and you can also set up reminders to help you remember your login details. This way, you won’t have to worry about forgetting them when you want to check your accounts or make changes.
2. Set Up Your Company File
The first time you log in to QuickBooks Online, a setup wizard will prompt you through the process. You’ll enter your basic company information (business name, address, contact information.) Then you’ll be prompted to enter more details for your business. These include your industry, the product or service you sell, and your company type. You can add information for your accountant or bookkeeper now to give them access, but you can also skip this and fill out this information later on. You’ll also have the option to import data from QuickBooks, Windows, or MYOB. You can also choose your payment method and select your preferences (cash, check, PayPal, direct deposit, etc.)
Once you click next, the setup wizard will create a list of customized features for you to use. Because this is a customized list, know that there are more feature options and you always have the ability to turn any feature on and off. The suggested customization is based on the information you enter, so it can be helpful to use when you are first starting out and getting to know the QuickBooks Online tool.
You can further tailor your settings by choosing the Company Settings option under the Cogs Company Preferences menu on the upper right hand side of the screen. The Company Settings window will show you four tabs that can be edited for your business requirements. From the Company tab, you can upload your logo, edit your business name and contact details, add your ABN, select your language preference (which is defaulted to English), and more.
From the Sales tab, you can customize your forms, set up default sales invoice terms, and shipping and inventory information, and create default messages for emailing invoices and other business forms. You can also create custom fields and custom transaction numbers from the Sales tab.
The Expenses tab is pretty self-explanatory, but this is where you can track expenses and items by customers, turn on purchase orders, make items and expenses billable, and enter default bill payment terms.
The Advanced tab allows you to manage more complex actions. You can enable account numbers, discounts, automations, and time tracking. You can choose the first month of your financial and tax year. You can close your Books to lock the period down if needed. You can select your currency. You can also enable warnings so that you are notified if duplicate check or bill numbers are used.
The gear icon is also where you’ll find a number of additional tabs that will help you in completing the setup process. The Chart of Accounts tab lets you set up accounts for your industry. The Products and Services tab, which allows you to add services, inventory, and income amounts. From the Manage Users tab you can go in and add your accountant or bookkeeper and other members of your staff. You can use the Transactions>Banking tab to add bank accounts, credit cards, and set up your bank rules. The Employees tab lets you turn on and off payroll. The Customers and Suppliers tabs allow you to add accounts for people in those categories. The Customer Card Information screen allows you to manually add in and save customer pay information and preferences. From the gear icon, you can also customize your Style, Appearance, Header, Activity Table, and Footer.
Finally, the gear icon allows you to Import Data, which is an important step if you are transferring business information into QuickBooks Online. You can import both customer and supplier information, your chart of accounts, and your products and services from another software. You can access these options from gear icon>Tools>Import Data.
If you don’t already have some sort of contact list setup within QuickBooks, you may find it helpful to import a CSV spreadsheet containing customer names and addresses. For payroll purposes, you might consider importing employee transaction records from a separate system like Gusto.
3. Learn How To Use The Software
When you first open QuickBooks Online, the welcome screen will offer links to tutorials, support resources, and other useful tools. After that, these items can be found via the link labeled “Help & Training” at the bottom left corner of the homepage. This will lead you directly to a series of instructional videos designed to walk you step-by-step through all aspects of running your business using QuickBooks Online.
As intuitive and user-friendly as QuickBooks Online is, making use of these training videos and quick-start guides gives you a head start and makes sure you understand all the tools that this software has to offer. You can review the videos anytime you wish, although we recommend scheduling time to watch one per day and familiarize yourself with each new tool before moving on to the next. Building this learning time into your daily routine will help you quickly familiarize yourself with the software.
And there’s no better way to learn how to use QuickBooks than by actually doing it! After you watch videos about basic features like entering transactions, creating reports, or setting up payroll, do your “homework.” Make use of that knowledge while it is fresh and set up those aspects of your business in QuickBooks Online as soon as you complete each video or training.
4. Access Your Reports
Once you’re logged in and have your company file set up, you can access your reports from the left side of the screen. Available features include charts, graphs, and the ability to generate PDFs for your reports. You can choose between a variety of standard reports such as Balance Sheet, Profit/Loss Statement, Income Statement, Cash Flow Analysis, Accounts Receivable Aging Report, Sales By Customer, Expenses By Vendor, Purchases By Employee, Inventory Valuation, and Budgeted vs Actual Spending.
Whatever service or product your small business provides, there are likely several standard reports that will get you the information you need to run your business. QuickBooks Online also provides the ability to create custom reports tailored specifically to your needs, and you can set up any report to run automatically at certain times, saving you time and allowing you to work efficiently as a business owner.
5. Get Help With Specialized Needs
QuickBooks Online offers specialized services geared towards helping a variety of small businesses manage their finances efficiently.
For example, if you sell products over the internet, you may find value in QuickBooks Point Of Sale. POS allows you to track inventory levels, calculate taxes, accept payment, and much more. If you operate an eCommerce store, then you might benefit from QuickBooks Merchant Services which includes similar functionality plus credit card processing capabilities. And if you provide accounting services, then Intuit Business Solutions can assist you with bookkeeping tasks including invoicing clients, tracking expenses, generating financial statements, and preparing quarterly income tax returns.
If you feel like you can’t find specialized options that work well for your particular situation, don’t worry – just contact customer service and ask them what else could possibly fit your needs. QuickBooks Online offers 24/7 support services so you have on-call support anytime you get stuck or have questions about the features.
Sound Accounts is an expert in supporting small business accounting needs. We can help you get the most out of QuickBooks Online to support your growing business needs. Contact us today for a free estimate of services.
