QuickBooks: An Entrepreneur’s Best Friend

Entrepreneurs use QuickBooks as their primary accounting program more than any other program. They use it in all phases of growth, from starting a new business to streamlining an existing one. There are many advantages to utilizing QuickBooks, some of which are:

• Relatively inexpensive
• Capable of handling most accounting needs
• Widely known among bookkeepers
• Easy to use, and
• Easily accessible data transfer capabilities.

The key to getting the most out of QuickBooks is setting up your company properly from the start, and keeping your books current throughout. If used correctly, it will provide easy access to pertinent business information on a real-time basis. You can provide a variety of standard reports, such as budget to actual reports, cash flow reports, and the like. These reports can export to excel with the push of a button for owners or outside investors that don’t have the program. Up to date accounting enhances tax planning at the end of the year and you can make better strategic decisions about asset acquisitions, bonuses, deferring expenses, etc.

The program enhancements for QuickBooks 2012 are designed to make day to day accounting easier for the user, and provide better information about your business. Here is a list of the key user enhancements that apply to most versions of QuickBooks:

• Refresh Excel Data – provides user better integration with Microsoft Excel
• Lead Center – allows user to manage sales prospects within QuickBooks and convert them easily to customers
• Calendar View – allows user to view a calendar layout of a company’s important transactions (invoices, billing, reminders)
• Global To Do’s – allows user more access to and flexibility with their To-Do lists
• Document Center – users can scan and store attached documents
• Batch Timesheets – allows user to enter the same timesheet information for multiple employees
• Batch Invoicing for Time and Expenses – allows users to invoice several customers for time and expenses at one time
• One Click Transactions – allows users to create a payment or credit memo from the contents of an invoice in one step; also can now pay a bill in one step
• Improved Shipping Manager – allows user to integrate with USPS
• Easy Setup – provides users with an express start up for new QuickBooks files

If you’re an entrepreneur and don’t have a program like QuickBooks you should strongly consider it. Not only will your business operate more efficiently, but you’ll also save time and money during tax time because your data will be far more organized and accessible.

Lisa Grossman, CPA, is an Associate Principal at Kaufman Rossin, and a leader in the Firm’s QuickBooks consulting practice. Lisa is a Certified Public Accountant in the state of Florida and a QuickBooks ProAdvisor. Kaufman Rossin is one of the largest accounting firms in Florida. She can be reached at lgrossman@kaufmanrossin.com.

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