An Easy Guide on How to Set Up QuickBooks for your Company

Each and every economic decision taken within a business organization is based on reports from carefully accumulated financial data. These reports can be implemented in a variety of different ways that reflect the company's progress in growth, the state of its assets, estimating future expenses, as well as meeting standard business compliances. Several business owners, accountants, financial executives and solopreneurs use Quickbooks to organize their financials. Even though this software is extremely simple to handle, people often hire Quickbooks bookkeepers in Willetton to automate their progress even further. However, before we move on to hiring a bookkeeper, it would do any business owner a huge favour to know what it is and how it works! So let's get into it.

What is QuickBooks?

Quickbooks is an immensely popular accounting software for small businesses. It is designed to optimize financial data related to managing expenses, tracking income and assessing the financial health of a company. Quickbooks is equipped with a variety of options for generating bills, creating reports and paying taxes. This software can be conveniently integrated with any type of company's financial data no matter if the business has years of transactions to process or just a month's worth. Quick Book is a fantastic alternative to hiring traditional bookkeepers.

Advantages of Setting Up QuickBooks:-

Efficient Management :


Leveraging the capabilities of modern cloud software, QuickBooks is designed to help small business owners manage their financial information with ease. Users can enter information like payment info and due dates for all rotating bills. Checks for these bills can be directly printed using QuickBooks and all the company's financial records can be viewed in a single window. This completely removes the need for paper bank statements.

 

Sales Invoicing :


Preparing an invoice for each client can be tiresome. Thankfully, QuickBooks allows users to automate sales tracking and invoice creation which can be sent online to the client. Bills can be sent to customers both individually or in batches which makes the entire process a lot more time efficient.

 

Seamless Reporting :


Users can conveniently create a vast range of financial reports automatically via touch. Financial data that has accumulated over the years in the form of expenses, income and trends are simplistically represented for the user's benefit. These reports can be exported to a spreadsheet making it easy to send emails to clients.

 

User Friendly :


The User Interface designed for the QuickBooks website is extremely friendly. It doesn't take much time to familiarize oneself with this virtual reporting process. The features included in this program can be accessed at the click of a button.

 

Straightforward Steps for Setting Up a Company on QuickBooks

Step 1: Open an Account :

The first step to using any online software is creating an account at the official website.

Open the official website  ca.qbo.intuit.com.

Add Email or User ID and Password.

Click on 'Sign In'.

Step 2: Answer Questions :

Name of the Business

Duration of Business being Active

Step 3: Choose Services :

Select the Areas for which QuickBooks will be used for.

Click on 'All Set' to continue to Company Setup Menu.

Step 4: Set Up Dashboard :

Customize features on the QuickBooks Dashboard and add settings that resonate with your Business.

Company Settings

Configure the type of work to be done by selecting the settings visible on the left navigation bar.

Click on the Gear to open settings.

Click on Account and Settings.

Click on the 'Company' category and update the following;

·         Company Name: This name will be used in all correspondences and reports. The name of the company is displayed on the top left of the Dashboard as well as on top of the Company Menu to the right.

·         Company Type: Choose from a list of different company structures.

·         Contact Info and Address: Add official company email, phone number, website and address.

Click on Save.

Step 5: Update Banking Rules on QuickBooks :

Use Auto-Add Rules

The latest feature in Quick Books is the 'Auto-Add' feature which allows a company to create new rules that accept bank feed transactions automatically. This can be set from the 'Transactions' menu found to the left of the Navigation Bar.

Open 'Banking'.

Click on 'Update Field' on the top right corner of the dropdown box.

Click on 'Manage Rules.

Click on 'New Rule'.

Choose 'Automatically Add to my books.

Add Icon

The 'Auto-Add' icon will show up beside the Rules and Transactions that have the Auto-Add active.

Add New Chart of Accounts

Click on Gear Icon to open settings.

Select 'Chart of Accounts

Select 'Account Type' from the Drop down menu.

Specify the Type of Account.

Enter the Name of the Account.

Fill in the Description Field.

Click on Save to Finish.

Closing Thoughts :

QuickBooks offers several exclusive features which are unique to this software. It can be used to process a variety of Business Bookkeeping requirements in Applecross for any type of small or self-owned business. It helps save time efficiently so that accounting becomes the least of your concerns.

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