5 Basics To Ensure You’re Using QBO Correctly
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QuickBooks Online (QBO) is a powerful tool for managing your business finances, but if you’re not using it correctly, it can be a source of frustration. Here are five basics to ensure you’re getting the most out of QBO:
Customize your Chart of Accounts
The chart of accounts is the backbone of your financial information in QBO. Make sure it’s set up to fit your business by adding or deleting accounts and sub-accounts as needed. This will make it easier to track your income and expenses accurately.
Use bank feeds
One of the biggest time-savers in QBO is using bank feeds to automatically import your transactions. This ensures your accounts are always up-to-date, and eliminates the need for manual data entry. Make sure you’re using bank feeds for all your accounts.
Reconcile your Accounts Regularly
Reconciling your accounts is an important step in ensuring the accuracy of your financial information. Make sure you’re reconciling your bank and credit card accounts at least once a month. This will help you catch errors and identify any fraudulent activity.
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Customize your Invoices and Sales Forms
Your invoices and sales forms are one of the primary ways you communicate with your customers. Make sure they’re professional and reflect your brand by customizing them in QBO. You can add your logo, change the colors, and even add custom fields.
Use Reports to Make Informed Decisions
QBO has a wide range of reports that can help you make informed decisions about your business. Use them to analyze your income and expenses, track your cash flow, and monitor your profitability. Make sure you’re running reports regularly to stay on top of your financials.
By following these five basics, you’ll be using QBO to its full potential and getting the most out of this powerful tool.
