Are you a new business owner that just got started and needs to set up Quickbooks? Congratulations! This is an exciting season in business.
Our team at Alpha Omega Bookkeepers loves to sit down with new business owners and help answer all the bookkeeping questions. We wanted to take a moment to share the tips we share with our new business clients.
3 things to do with Quickbooks once you set it up are:
- Connect Bank Accounts and Credit Cards to Quickbooks: It is important to set up a connection in Quickbooks to all of the bank accounts for the business as well as make sure all credit cards are connected. This will allow all transactions to export into the Quickbook account correctly. Be sure to use these accounts for business transactions only to make reconciling easier.
- Set Up a Chart of Accounts: It is important to set up a chart of accounts which categorizes expenses and income to go into certain areas. Quickbooks default is to automate into certain categories; it is important to make sure these are correct and not misqualifying expenses or revenue. There are a few standard categories everyone should have such as advertising expense, legal fees, and software fees.
- Plan to Reconcile: Reconciliation can take some time. This time requirement will increase as the business grows. Be sure to make time every two weeks or once per month to go into Quickbooks to reconcile all expenses and revenue that came in. The longer you wait, the harder it is to remember how the money was used.
This can sound incredibly overwhelming if you aren’t comfortable with accounting and bookkeeping. If you feel like this is outside of your comfort zone, we would love to be your bookkeepers. Contact us for more information on how we can help your business.