We see so many small business owners stockpiling receipts, using Excel spreadsheets or even pen and paper to track their sales and expenses. They’re comfortable with their system because there are few transactions, they get the information they need and they think they don’t have the time to do more. Sadly, we often see these systems spin out of control quickly when a business grows or when it’s no longer possible to keep up.
When you start to see 30-50+ transactions a month, obtain a loan or purchase assets this system becomes more of a headache and takes way too much time. We recommend automating. Not only should you reconcile your bank statements regularly, but our small business clients experience more ease and sometimes even more profit by using QuickBooks to track profit and loss, or prepare financial information for their accountant.
Start to simplify your business with QuickBooks:
Establish Your Company's Profile in the QuickBooks Program
- Be thorough, but simple
- Add your logo, website, email and contact information to align your marketing tactics
- Design professional looking invoices with helpful information as well as email templates to use when sending the invoices
Set Up a Quality, but High-level Chart of Accounts
- No need to get too granular here, keep your basic revenue and expense names the same as you have been using or to match your expected tax reporting
Add Customers and Vendors/Suppliers
- This is a one-time investment to centralize contract information, addresses and phone numbers
- If you format the information in Excel your QuickBooks can be updated in seconds
- You can also automate check payments and simplify the invoicing process
Link Your Business's Checking, Savings and Credit Card Accounts From the Bank
- A one-time investment that automatically syncs your bank and credit card transactions regularly
- The result? Less errors than entering by hand and huge time savings getting your transaction into QuickBooks
Now you are ready to go! Start to create your customer’s invoices and tie your spending to the correct expense accounts. Voila! No need to dread and put off these crucial tasks, only to be overwhelmed at the end of the year. If you need help setting up QuickBooks or cleaning up old bank statements, we are here to help! I am Kathy Dise with BudgetEase.