QuickBooks® is an essential tool for any small business, as it takes the stress out of bookkeeping and automates many crucial financial processes. Unfortunately, many entrepreneurs aren’t sure how to effectively harness this powerful software, or they may make mistakes that can leave them exposed to identity fraud and theft. Below are a few tips for getting the most out of this tool.

Tips for Using QuickBooks

1. Check Your Employee Details

QuickBooks automatically performs some of the most difficult payroll calculations for you, but the output still depends on the details you enter. When adding workers to your team or updating employment records, always double-check to ensure your input is accurate.

2. Choose a Secure Password

Over half of all hacking attempts target small businesses, which are often easy targets. The financial information in your QuickBooks records can be just as valuable to data thieves as your customer data, so choose a secure password using a combination of letters, numbers, spaces, and punctuation marks. Avoid using important dates or any variant of “password” or “123456.” 

3. Backup Your Data

A computer glitch, power surge, or malware can render your machine inoperable, potentially causing a total loss of your valuable financial data. As with any important information, backup your QuickBooks tables on a regular basis, and keep that data in a secure location.

4. Hire a QuickBooks Consultant

QuickBooks is extremely powerful software, so many entrepreneurs can only master the basics on their own. A QuickBooks consultant will help set up an efficient bookkeeping workflow, show you how to use the software’s most powerful features, and help you avoid potentially damaging mistakes, such as no recording each transaction or not regularly reviewing the P&L report.
 

For over 20 years, Roy E. Carter, CPA, PC has offered experienced bookkeeping services and QuickBooks consulting to businesses throughout Staunton, VA, and Augusta County. No matter how small your business might be or what industry you’re in, their team has the skills and experience to help manage the financial health of your company. Visit their website for more on their background and bookkeeping services, or call (540) 886-6251 to arrange an appointment today.