Getting Started in QuickBooks Online
QuickBooks Online is focused on helping small businesses and more than 80 percent of 29 million U.S.-based small businesses use it. If you’re a small business looking to get started with QuickBooks Online, this chat recap is for you! Dozens of tips and tools were mentioned throughout the chat, so keep reading to gain valuable insight from experts.
One tip shared throughout the chat was to find or hire a pro advisor. We’ll leave that up to you, but sometimes it’s nice to know there is someone out there who can help.
Q1: What #QuickBooks Online navigation tips should #SmallBiz owners know when getting started?
Getting started with any new software or system usually brings a steep learning curve. Use these tips from chatters @QBOchat, @ChristineGalli, @expensify, @Kimtuitive, @AAGJsn, and @jazfun when beginning to navigate #QuickBooks Online:
- The 3 top buttons on the screen should be your first stop. Search, Quick Create, and Recent Transactions.
- Company Settings where you can manage Users and activate QBO Labs
- If you’re trying to manage a portion of your account, you can almost always count on it being under the gear icon
- Settings – make sure to turn on/ off preferences so you can get used to the layout & make it just the way you like it
- The gear icon on the top right allows you to manage your company preferences, account, users, and more
- Set up recurring transactions & bank rules for things that you know will come in each month
- The “+” sign at the top of the screen is where you want to go to create any transactions
- On the right of the home screen, get a quick snapshot of your bank and credit card accounts
- The tabs on the left are where you go to see the transactions that have already been created
- The left nav bar is quick access to diff aspects of your biz – Customers, Vendors, Employees, Banking, Reports, etc.
- The top left home button gives you a summary & activities on the latest happenings in your file
- The graph on the home screen will only show transactions from the past 365 days.
- Make sure you get your Sales Tax settings correct #smallbiz
Q2: What first steps should #SmallBiz owners take when setting up #QuickBooks Online? and Why?
The most popular answer for the first step was to hire an accountant. If you aren’t sure where to start with that, each week our #QBOchat features plenty of experienced accountants who may be available for hire. Another popular answer encouraged #smallbiz owners to connect their bank, credit cards, and apps to get a full view of the businesses financials.
@QBOchat: Review your company settings to make sure you have all the features on that your #smallbiz needs.
@jazfun: Make sure you customize your Invoices for beautiful invoicing.
@ChristineGalli: Make sure Chart of Accounts, Products and Services are properly set up so QBO can account for business trxns accurately!
@AAGJsn: If undecided between two versions of #QBO choose the lower. You can always upgrade but not downgrade.
Q3: What are the essential workflows that #SmallBiz owners need to know in #QuickBooks Online?
- How to properly receive payments and make bank deposits
- Invoicing: Create Invoice & Receive Payment to Undeposited Funds & Enter Bank Deposit
- When dealing with inventory – If you don’t have it in stock in #QBO, you can’t sell it in #QBO
- Automated payments, invoicing, and sync with apps
- Bank feeds, matching, rules, excluding transactions
- Not to accept the “Add” button on the bank download for everything. Research it first
- Exploring apps by industry are a great way to find the right tools and workflows for a #smallbiz
- Bills: Create Bill & Pay Bills & Print Checks & Match Transaction to Bank Download
- Essential workflow for onboarding new clients @ignitionapp & #QBO
- Before you start connecting #nonEssential Apps create a work flow based on your needs
- Expenses: Enter Expense & Match to Transaction to Bank Download
- If your deposit in #QBO doesn’t look just like the physical deposit slip, you’re going to have a hard time reconciling
- If they don’t understand how the data gets in they are likely to ruin all your hard work
Q4: What time-savers or best practices should #SmallBiz owners know about #QuickBooks Online?
Who doesn’t want to save time and implement best practices? Maybe those best practices will also help save time, and we’re all about that. Here are some tips broken down by category:
- @AeroWorkflow: Download and use the Mac or Windows App!
- @jazfun: Know how to clear your Cache! #QBO time saver
- @QBOPro: And cookies! RT @jazfun A4: Know how to clear your Cache! #QBO time saver
- @jazfun: You can use #QBO – Anywhere , Anytime. Utilize your IPad or mobile device
- @AAGJsn: Use Chrome. Setup a profile just for #QBO to reduce errors during login
- @vrcqbpro: Using the right apps for your business model is usually a huge time saver for #SmallBiz
- @ignition_max: Using a password manager tool to keep track of all their logins
#QuickBooks Online software feature tips:
- @madelinekreeves: Learn to match and reconcile on the go using the QBO app on your phone
- @Hubdoc: QBO’s auto-matching. It matches bank feed transactions to entries created by Apps. Can help audit-proof the biz!
- @QBOchat: Reports can be customized, saved, and scheduled to be emailed to gain insights into the #SmallBiz.
- @QBOchat: Each QBO account has two free accountant users. Don’t feel bad asking for help, use those spots!
- @QBOchat: The Company Snapshot under reporting gives you a great big picture view of your #SmallBiz.
- @jazfun: When you customize reports put them on a schedule to review. #CleanBooks
Q5: What are the Apps you most often recommend to #SmallBiz owners that integrate with #QuickBooks Online?
That’s a wrap for this week’s recap. Do you have more #QuickBooks Online tips for small business owners? Leave a comment below. Join us next Thursday at 3 p.m. EST/12 p.m. PST for #QBOchat and stay tuned for our next recap about @expensify’s chat take over.