QuickBooks online has served our clients and us well! But like anything new, it can be overwhelming to get started.

Below you will find some accounting tips and tricks on how to make the most out of this software and which services you should take advantage of as a business owner. Plus, some must-know information for anyone running a business.

QuickBooks Online or QBO offers 4 main packages for your business.

1. Simple Start

  • Track income & expenses
  • Capture & organize receipts
  • Invoice & accept payments
  • Run basic reports
  • Track sales & sales taxes
  • Manage 1099 contractors

2. Essentials 

  • Offers everything from Simple Start plus;
  • Manages bills
  • Time tracks
  • And allows up to 3 users.

3. Plus

  • Has everything from essentials in addition too;
  • Allows up to 5 users
  • Inventory management
  • Track project profitability

4. Advanced

  • Every that plus offers with; 
  • Smart reporting
  • Accelerated invoicing
  • Custom user permission
  • Custom fields
  • Premium care & training

After selecting the best package for you and your business, you will want to sync any apps you may be using like Square, Gusto, Expensify, Shopify, WooCommerce, etc. When adding this useful element, ensure the setup is done entirely so that all of the transactions will be set to the proper accounts.

You will also want to link any business bank accounts along with credit cards, make sure these are only being used for business, and you should also set up rules for any recurring charges or deposits.

To save time in the future, set up any recurring invoices. For example, you have a customer who receives an invoice on the 5th of every month for $500. After creating the original invoice, you can add in their customer’s details (name, email, etc.) and set a reminder. QBO will auto-generate an invoice and email your client for you on the selected date!

Another time-saving element QBO offers is the ability to set up auto-pay for recurring expenses like utilities, phone, etc.

While some expenses are easy to estimate, others may vary from month to month. So, make sure you are tracking mileage, you might find using an app like Stride, Mileage IQ, Everlance, or Mile Logger helpful to keep an accurate count. In addition to miles driven, make sure you are keeping receipts, apps like Expensify, Receipt Hog, Genius Scan, Smart Receipts can make your life a lot easier!

Remember, the IRS mandates you to keep a receipt for anything over $75.

In addition to using helpful tools like apps and QBO, it’s important to schedule a monthly meeting with yourself to review your business’s financial statement. Spend some time and reconcile your bank and credit card statement to ensure nothing was missed. Double-check that you have paid all your invoices and that you have received payments for all the invoices you have sent. Finally, review your balance sheet and income statement.

Want more accounting tips and tricks or help in understanding your financials? Download our financial goal setting worksheet.