Following on from our introduction to cloud accounting in our last blog, let's discuss our favourite cloud accounting software, and how it can benefit your business – QuickBooks Online.
What is QuickBooks Online?
QuickBooks Online is an accounting software targeted at small to medium business owners. But whilst their advertising is targetted to business owners, rather than their accountants – we've always suggested engaging an accountant
What we like best
We love the bank feed! The bank feed is one of QuickBooks Online most helpful and time-saving features. The software categorises bank and credit card transactions for you, so you don't have to enter transactions manually. It really does saves time with your bookkeeping.
Time saving tips
Here's our top 5 tips to save time whilst using QuickBooks Online:
• set up QuickBooks Online the way you want it
The system comes with a standard Chart of Accountants, which is good but it won't match your company perfectly. Speak to an accountant to make sure your system is set up right for you. And whilst they're at it, ask them to review the default tax codes too!
• get the most out of the bank feeds
QuickBooks Online allows you to set up bank rules to automatically allocate bank transactions – imagine not having to code up your bank charges every month!
• download the app
Save time by reconciling your bank lines whilst having a coffee, or snap a photo of your latest purchase receipt. You can track your mileage on the app too, ensuring you're not missing out on tax deductible expenses!
• use automation where possible
If you've got a large volume of paperwork to enter, you should use an integrated system like AutoEntry to automate the process. You can simply scan (preferably with a feed scanner) all your paperwork, upload to AutoEntry, and they'll do the hard graft! Review the transactions and upload them to QuickBooks and you're good to go.
• ensure your advance settings are correct
This can take a bit of time, but it's guaranteed to save you a big headache further down the line!
If you would like to learn a bit more about QuickBooks Online, and how the software can help save you and your business time and money, give us a call on (01425) 480814.