QuickBooks Online (QBO to those who know and love it) is one of the most popular bookkeeping tools around for small business owners. There’s a good reason for that. It helps you keep track of your sales, expenses, and cash flow and you don’t need a degree in financial wizardry to use it. Everyone on AIS Solutions’ Toronto bookkeeper team is a QuickBooks ProAdvisor, and we think you’ll grow to love QBO as much as we do!
- How to set up QuickBooks Online
- How to use QuickBooks Online
- Daily tasks
- Using QuickBooks Online with your Toronto bookkeeper
1) How to set up QuickBooks Online
Setting up QBO correctly from the start keeps your books accurate. It’ll also make managing your finances much smoother in the long run.
Start by creating your QuickBooks Online account and choosing the plan that suits your business best. Next, link your bank accounts and credit cards so transactions are automatically imported, and say goodbye to time-consuming manual entries.
These two steps will grant you basic functionality. To leverage the full power of QBO, though, we suggest inputting your products and services and setting up your invoicing and payment options.
2) How to use QuickBooks Online
Once you’ve configured QBO to your liking, we recommend devoting a bit of time each day, week, and month to your bookkeeping tasks. Trust us, this investment will lead to increased efficiency and accuracy.
a) Daily tasks
Perform daily maintenance to keep your books in order:
- Enter new transactions, like sales and expenses.
- Categorize transactions properly for correct reporting.
- Check bank feeds and match imported transactions to entries.
- Capture and categorize receipts on the go with the mobile app.
b) Weekly tasks
Check weekly to ensure accuracy:
- Review cash flow and unpaid invoices.
- Send invoices and follow up on overdue payments.
- Reconcile accounts against bank statements.
c) Monthly tasks
The end of the month is a great time to get a full picture of your finances. This is when you should run key reports such as profit and loss, cash flow, and balance sheets.
Some of these QuickBooks tasks can seem complex when you’re a newbie. It’s worth scheduling some time with your Toronto bookkeeper to talk through the process.
3) Using QuickBooks Online with your Toronto bookkeeper
While QBO makes bookkeeping easier for business owners, partnering with a skilled bookkeeper takes it to the next level. The professional bookkeepers at AIS Solutions can:
- set up your workflow efficiently by customizing charts of accounts, invoice templates, and automation rules to match your business needs
- ensure accuracy and compliance by correctly categorizing transactions and preparing reports that follow financial regulations
- provide insights by analyzing reports; highlighting trends; and offering practical advice on your cash flow, budgeting, and growth
- save you time and stress by handling the technical side while you focus on running your business
Interested in learning more? We were hoping you’d say that! Contact the AIS Solutions team to find out how you can resolve your financial headaches with help from QuickBooks Online and an expert bookkeeper.
Welcome to AIS Solutions. We’re a Canadian bookkeeping and cloud accounting firm with expertise in virtual bookkeeping, bookkeeping for ecommerce, SaaS companies, landscapers, and contractors.
We help business owners make good financial decisions by providing accurate real-time numbers.
We also specialize in QuickBooks training and helping Toronto businesses convert their accounting to QuickBooks Online..
- If you enjoyed this article, you might also like ‘How to find a bookkeeper’.
- If you’re a business owner interested in learning more about our bookkeeping services, we’d love to chat with you. Head over here to arrange a time for us to meet.
- If you’re interested in QuickBooks training, head over here.
- If you need help converting your current accounting system to QuickBooks Online learn more here.
