How to Use QuickBooks to Manage Your Business’ Finances

From expense management to QuickBooks cash flow forecasting, you can choose a selection of apps that will streamline your processes and make it easier to stay on top of your business finances. QuickBooks, on the other hand, is a software dedicated only to accounting. It has features required https://www.personal-accounting.org/ specifically for accounting like income and expense tracking, payroll management, invoicing and inventory management. While setting up QuickBooks, you can connect your bank as well as credit card accounts to the software. Once done, QuickBooks tracks your bills and expenses automatically.

How long does it take to learn QuickBooks?

1. QuickBooks is one of the most popular accounting software for small businesses in 2024.
2. Don’t be intimidated by the size of the tutorial―take one lesson or tutorial at a time.
3. Want to add more users to your account so you don’t have to do it all yourself?
4. If you outgrow any service, you can choose to remove or upgrade it as needed.
5. If you do get stuck, QuickBooks Online help is easily accessible from within the application, or you can check out the various QuickBooks Online training options offered by Intuit.
6. QuickBooks excels in structuring financial data systematically.

For some charts, you can even compare your numbers to other businesses in your industry. QuickBooks boasts a range of tools that cover various aspects of Financial Management. From generating professional invoices to efficiently processing payrolls and accurately calculating taxes, these tools simplify https://www.kelleysbookkeeping.com/independent-contractor-tax-form-requirements/ complex financial tasks, ensuring compliance, accuracy, and efficiency. This is especially true if you use the online bank connection feature. Doing so can save a lot of time in managing transactions and receiving payments - as long as you use the bank connection (feed) feature properly.

How to set up and use the bank connection feature

Yes, these training tutorials are updated regularly based on the latest feature updates or changes made by Intuit, the company behind QuickBooks. Our free QuickBooks Online tutorials are comprehensive and educational resources designed to help you use QuickBooks Online for your business more effectively. Each course provides detailed step-by-step guides through a combination of comprehensive text instructions, practical examples, and video demonstrations. If you’re not sure where to start, take a moment to learn about the basics.

Managing Business Credit Card Transactions

You can browse the different categories in the app store, or if you know what you’re looking for, simply search for the app’s name. To add employees to your payroll, head to ‘Employees’ from your dashboard. Note that all employees will have the standard pay policies and deductions you’ve already set up, but you can also choose to add them when you add employees instead. You’ll be guided through the process as in this video below to set up their tax information, salary details, and other information like their pay schedule.

So, if you want to organise your finance or optimise your accounting practices, investing in learning QuickBooks can benefit you. QuickBooks Online also offers automated sales tax, because there are literally thousands of sales tax jurisdictions in the United States. Sales tax needs to be defined by jurisdiction such as state, county, and city. Once populated here, you can fiscal year and fiscal period then specify it for specific products and services in the appropriate form. In the sections below, you can learn how to set up and use specific features of QuickBooks as a first-time user. A seasoned small business and technology writer and educator with more than 20 years of experience, Shweta excels in demystifying complex tech tools and concepts for small businesses.

QuickBooks Online Tutorial: A Beginner's Guide

Manual Accounting tasks that were once time-consuming are now automated, from transaction recording to account reconciliation. This streamlining not only saves time but also minimises the potential for errors, resulting in more reliable financial data. Unlock the power of merchant services for your business with our comprehensive guide.

Once you’ve added this information, head to ‘Accounting’ from the setup overview screen, then choose ‘Company and Account’. Head to ‘Bank Accounts’ on your dashboard and click ‘Connect account’, then search for your bank and sign in using the same username and password as you use for your online banking. Most banks will show transactions from the past 90 days, although some banks will let you go back as far as 24 months.

When you first visit the performance center, QuickBooks has built-in charts ready for you. Every business tracks unique metrics to measure its performance. Learn how to build charts to see your business performance in QuickBooks Online Advanced and QuickBooks Online Accountant.

However, as with any accounting software, there is a learning curve to mastering it. Beginners, though, can easily use the platform once they have learned the key features. You will need to add sales tax details if you sell products and services. As with the basic company information, this can be set to appear on all invoices and sales forms. For example, small businesses with international customers may choose to use QuickBooks Essentials, Plus, or Advanced. These subscription levels include the Multicurrency feature, which helps track international transactions.

To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. In this QuickBooks Online tutorial, we’ll cover some of the most common tasks you’ll be performing in QuickBooks Online, showing you just how easy it is to use. However you work, no matter what your business does, QuickBooks has a plan for you.

Excel is a spreadsheet program that you can use for multiple functions like creating databases, project management and, yes, accounting. However, creating a solid accounting database in Excel requires a thorough knowledge of how to set up spreadsheets and all the formulas that may entail. QuickBooks Online is available both as a desktop application and an online SaaS (software as a service) model. However, access to add-on services to the QuickBooks Desktop for Windows 2019 was discontinued after May 31, 2022.

Our free QuickBooks tutorial series starts with setting up QuickBooks Online for your business. By the time you complete this section, you will be ready to start using QuickBooks to manage all of your income and expenses. This covers how to create sales forms and track sales and income in QuickBooks Online.