Use QuickBooks for your business to save time!

If you are a business owner, setting time aside for your friends and family can be challenging. In addition to running your business you also spend time on the paperwork that goes with operating a business. Every year Intuit works relentlessly to develop new features for its accounting software QuickBooks Online (QBO) to save time. Below my favorite automation features:

Increased efficiency: one centralized access

With its “anywhere, anytime access”, you can work on your QBO data at home or on the road. Your data is accessible from multiple devices such as computer, smartphone , tablet -  that use different operating systems such as Windows or Mac. There is no longer any need to transfer your data between your different devices, with QBO all your data is synched up between your devices and accessible by just logging in to your online account. In addition, with QBO, your employees & partners can work on the data simultaneously. Multiple users of the same company can be in different locations and easily work in the same company file at the same time. You can also connect your accountant to access your file so he/she can review the data, make corrections as needed and close the books at tax time.

To invite your accountant to QBO: https://community.intuit.com/articles/1468932-add-or-invite-an-accountant-to-your-company

Automatic data back up

The most beneficial automatic task for your business is the automatic data backup. Your QuickBooks data is backed up on Intuit’s server on a real-time basis.  The data is stored on firewall protected servers so it is protected from hardware and software failures, hackers and viruses.

Automatic bank downloads

The bank feeds in QBO is one of the most dynamic features of the program. It interfaces your business banking transactions directly into QuickBooks. This process simplifies and minimizes manual data entry.

To activate online banking  - https://community.intuit.com/articles/1288999-connect-your-bank-accounts-to-download-transactions-in-quickbooks-online

Automatic updates

With QBO, the program is updated automatically by Intuit and you always log into latest version.  

Automatic invoicing: “recurring” option

Another effective use of QBO is the ability to schedule automatic sales receipt for a customer. For clients you invoice every month, you can set up in QBO a “recurring transaction” that will invoice automatically your client at a specific date on a specific frequency. QBO will create the invoice and email the invoice to your clients without you having to lift a finger!

To create a recurring transaction - https://community.intuit.com/articles/1614503-create-a-recurring-invoice-to-accept-payments-online

Get paid faster with Intuit Merchant Services

QuickBooks merchant will e-mail an invoice to your customer and he/she can easily pay you with a credit card or bank account transfer with one click! The system accepts both US and foreign methods of payment. No more waiting for the check in the mail. In addition, once the invoice is paid, QBO will automatically enter the accounting entries in your books relating to the payment of the invoice.

To sign up to Intuit merchant plans: https://payments.intuit.com/

Selecting the right QuickBooks

Contact Karine Bauer at Kbauer Financials LLC to start your QuickBooks subscription. Karine Bauer, EA is a QuickBooks Pro-Advisor and an Enrolled Agent licensed by the Treasury Department with unlimited rights to represent taxpayers before the Internal Revenue Service. She is an experienced tax professional with more than 20 years of international experience.

As always, the views contained in this article are not tax or legal advice and are not a substitute for consulting with a professional. Contact Karine Bauer EA at Kbauer Financials LLC for advice on your specific tax situation.

Updated  - August 11th , 2019