“Start where you are. Use what you have. Do what you can.”
Intimidation, information overload, and uncertainty of the need are several of the reasons we get from clients who are hesitant to get started with an electronic accounting system. At NP Finance & Consulting we strive to help our clients overcome their hesitation and leverage the information and resources that are available with electronic accounting systems. If you are ready to move beyond your hesitation consider QuickBooks Online and read on!
QuickBooks Online Setup Essentials:
- Add Logo and Company Info - Make it your own! Add your business information under the “accounts and settings” option.
- Customize Templates - Personalize preset templates to include greetings and payment details for your invoicing needs. This setting is under “custom form styles”
- Link Accounts - Download transaction activity for real-time updates and tracking. The invitation to link your accounts is in the dashboard “banking" section
- Change Account Names - The “chart of accounts” section is where you can rename accounts to reflect your actual business functions.
- Contact Details - If you have vendors, customers, employees, or contractors add their contact information so that it populates on checks and invoices. [Vendor Add: Dashboard- Expenses] [Customer or Donor Add: Dashboard-Invoicing]
QuickBooks Online Reports & Tracking:
What comes out of your accounting system when you have transactional data and complete the setup process correctly is valuable information about your business. You can answer important questions like the following:
What are my account balances? The Balance Sheet shows your bank, liability, and credit card account balances as of whatever date you select as your report end date.
How much were my income and expenses? The Profit & Loss is a specified period of time report that captures the incoming and utgoing funds for that period.