May 19th, 2014 by Elma Jane
Keeping your business’s finances in order doesn’t have to take all day. Bookkeeping is a necessary for small business owners, but it’s a time-consuming chore.
If you use QuickBooks for payroll, inventory or keeping track of sales, there are several timesaving shortcuts you can utilize to make bookkeeping easier.
Time-saving tips for getting the most out of QuickBooks in the least amount of time. Help you spend more time building your business and less time using QuickBooks.
Download data whenever possible. Even after factoring in initial setup time, downloading banking and credit card activity directly into QuickBooks is a huge time saver. Doing this will minimize the chance of human error and enable you to record activity faster than if you did it manually.
Make the Find feature your friend. Using the Find feature is the most efficient way to locate a particular invoice in QuickBooks. Those who usually open the form and click Previous until the form appears on the screen know how tedious this process can be. The Find tool will search for almost any transaction-level data, depending on your filters.
Memorize transactions. QuickBooks has the capability to memorize recurring transactions (invoices, bills, checks, etc.) and set them for automatic posts daily, weekly, monthly, quarterly and annually, eliminating the need to enter the same transaction into the software every month.
Use accounts payable aging. Use this feature for a snapshot on who you owe money to and manage your cash flow more efficiently.
Use accounts-receivable aging. Use this feature for a snapshot of information on who owes you money, how much you are owed and how long the individual has owed you.
Use classes. Classes can be very helpful to track income and expenses by department, location, separate properties or other meaningful breakdowns of your business.
Use QuickBooks on the go with remote access. Remote-access methods include QuickBooks Online, desktop sharing and QuickBooks hosting on the cloud, which allows you to take the program on the go and make changes no matter where you are.
Posted in Best Practices for Merchants Tagged with: accounts, accounts payable, banking, banking and credit card, bills, Bookkeeping, card, cash flow, checks, cloud, credit, data, desktop, desktop sharing, finances, hosting, income and expenses, invoices, online, program, QuickBooks, Remote-access, software, transaction
Intuit announced today that it had reached an agreement with Thoma Bravo to acquire its Financial Services arm of the company. The acquisition includes an internet banking platform, a digital payment solution, mobile banking and add-on solutions. The transaction was valued at approximately $1.025 Billion and is expected to be finalized over the coming months. Intuit is the maker of software titles such as QuickBooks, Quicken and TurboTax.
Thoma Bravo, a private equity group gains a powerful payment processing platform as well as many digital payment processing methods and a digital banking platform recognized as best of breed. Their buy-and-build strategy may have landed them a powerful product portfolio in Intuit’s Financial Services. Going forward Intuit plans to buy back a significant chunk of their stocks while focusing on their software brands. Thoma Bravo will extend the digital payment processing solutions into a new independent business and begin competing in a heavily crowded electronic payment processing and financial services industry. Read more of this article »
Posted in Electronic Payments Tagged with: Big Deal, Intuit Sells Financial Services, OFX Connectivity, QuickBooks, Quicken and TurboTax
