If your company is not yet using accounting software, you’re missing out. Even if you have an excellent accountant, you can save money and time by signing up to a service like QuickBooks, which allows you to track your income and expenses, compile everything in one place, organize your estimates and invoices, and more. With QuickBooks training classes, you can easily learn how to incorporate this software in your business.
But how long will it take for you to learn how to use QuickBooks? Is the process complex? In most cases, the answer is “no”. You’ll be able to learn the basics in one afternoon, and you can find out about the more advanced features within one to two weeks. The easiest way to get started is to contact a good CPA, who will show you how to effectively work with the software.
How Quickly Can I Learn QuickBooks?
One of the reasons why QuickBooks is used by so many companies around the world is that the software is remarkably simple to use. You’ll be able to start implementing the tool after just one afternoon of training, although you will want to spend some more time with an expert if you want to use all the advanced features.
When selecting a QuickBooks coach, you should choose someone who also has an accounting qualification. They will be able to tell you how to best set up and use the software in a way that makes filing your tax return easier.
What Is QuickBooks?
QuickBooks is the most popular accounting software for small business, but it can handle more than just your tax return. The program can help you with all aspects of your business, from tracking your income and expenses to creating estimates and turning them into invoices for your clients. You can also pay your bills on the platform, and you can generate a report for your accountant.
There are several QuickBooks versions, and the layout and functions of the program depend on the package you buy. The more advanced options include additional services, for example, inventory tracking, managing employees’ expenses, and project profitability tracking. A specialist can help you understand what each version does and determine which one is the most suitable for your company during your QuickBooks training classes.
Tracking Your Income and Expenses
Small company owners often find it hard to track their income and expenses, but this is an integral part of business. No matter how good you are at creating your product or delivering your service, your firm is unlikely to succeed unless you know what you’re spending and what you’re making. Easy income and expense tracking can help you to keep on top of your finances throughout the year, so there are no nasty surprises at tax time.
With QuickBooks, you can import your transactions and organize them automatically. When you’re buying something for your business at a physical shop, you can snap a picture of the receipt and add it to your QuickBooks account. Since you’re able to do this on the go, you’re much less likely to forget, and your accounts will be more accurate.
Estimates and Invoices
Many types of businesses have to create estimates for their customers. This can be time-consuming, especially if you have to create each one manually. With QuickBooks, you can automatically create estimates, and you can track the status of each one. This makes it easier for you to know which projects are pending and which ones are likely to go ahead.
QuickBooks also allows you to accept online signatures, so you don’t have to visit your customer or ask them to send you the contract by mail. Once your customer has hired you, you can easily turn your estimate into an invoice. The QuickBooks system allows you to work faster, and it also prevents the unnecessary use of paper since the whole transaction can be conducted online.
Easy Sharing of Your Books
Organizing a business’s finances can be a complex job, and it often takes accountants several days to complete small companies’ tax returns. If you want to speed up the process and reduce the cost of your accountant, you should consider using software like QuickBooks. At the end of the year, you can share all your data with your accountant, and you won’t have to go looking for your receipts, invoices, and payments.
During the year, you can not only record what you’re spending and what you’re making, but you can also separate your transactions into categories. This could be useful if not all your income is taxed the same. The more organized you are, the less likely there will be any costly mistakes.
Accepting Online Payments
After the Coronavirus pandemic, many people haven’t gone back to using cash. Instead, debit card and credit card transactions and bank transfers have remained incredibly popular. As a small business, you lose out on a lot of customers if you’re not able to offer online payments. Fortunately, it’s not hard to incorporate them into your business when you use QuickBooks.
There is a simple add-on, called QuickBooks Payments, which allows your customers to pay their invoices directly from the email you send them. This makes it easier for both parties and increases the likelihood of prompt payment. What’s more, the sale and the credit card fee are recorded automatically, so you don’t have to manually enter them into your spreadsheet.
For many small companies that are just starting out, the QuickBooks Simple Start or Essentials plans are sufficient. But as you grow your business, you might want to opt for one of the higher tiers, called Plus and Advanced. They offer additional benefits, which can be useful for businesses with more complex finances and larger numbers of employees.
One of the most important advanced services is the “Employee Expenses” feature. This allows your workers to upload their expenses directly to QuickBooks, which reduces errors and saves time. You can also automatically sync all your spreadsheets and evaluate your project profitability by looking at your outstanding and completed projects on one page.
Do I Need QuickBooks?
If you’re a brand-new business, you might not believe that you need to use QuickBooks yet, since you can easily track your income and expenses on your own. But getting started early is always better than waiting until you can no longer cope with your finances and paperwork. For this reason, it’s a good idea to sign up for the lowest QuickBooks tier, even if you don’t yet have any employees, and your turnover is low.
The software is useful for almost any business, no matter if you offer a service or you manufacture a product. If your company grows and you start hiring many employees, you can upgrade to one of the higher QuickBooks tiers, which allows for a more personalized and comprehensive experience.
Should I Hire a CPA Instead?
Using QuickBooks and hiring a CPA to handle your finances aren’t mutually exclusive. In fact, most experts recommend that you do both. When you use the accounting software diligently throughout the year, your accountant will have a much easier time compiling your finances during tax time, so they won’t cost you as much.
How to Best Learn the Software
If you just want to use QuickBooks for your business, you won’t have to spend a lot of time learning about the software. Even if you’re not used to working online, you’ll get the hang of the system quickly. In fact, one training class is usually enough for business owners to understand how to work with the software. If you’d like to become an advisor yourself, you’ll have to take 12 hours of classes and do a two-hour exam.
Taking QuickBooks Training Classes
Training classes are almost always the best way to learn about a software like QuickBooks. When you work with an instructor, you can learn much more quickly, and you won’t struggle to figure out the more advanced features on your own. What’s more, your advisor can show you how various features apply to your company’s unique situation. That way, you’ll start out the right way, and there’s no chance of frustration.
Learning By Doing
Once you’ve taken a basic course or had a private session with a QuickBooks specialist, the best way to proceed is to install and begin using QuickBooks right away. It won’t take long for you to get into a rhythm, and soon, you won’t remember how you used to handle your finances without it. If you have any further questions, you can always refer back to your expert, who will be happy to help you.
QuickBooks is an important tool for small businesses because it allows them to track their expenses and income, manage their estimates and invoices, and evaluate the profitability of their projects. Fortunately, the software is easy to set up and use, and if you attend QuickBooks training classes, you’ll be able to get started within a day. Call Oinka M. Coakley at Coakley CPA
to book a private consultation or to find out more about her accounting services.