Setting up QuickBooks Online for Your Small Business

Keeping track of all your small business's finances can be a handful. So why not take advantage of all that technology has to offer. Using QuickBooks is going to be one of your biggest time savers. If you have your own successful small business, congratulations, you are living your dream. So why not reward yourself by using some cloud storage and setting yourself up with one of the most remarkable advances in technology for your business QuickBooks. You may be passionate about your small business, but you will have no idea of your profits and losses without proper bookkeeping. Don’t forget; you need to keep track of payroll, inventory, bills, and utilities. Setting yourself up with QuickBooks can be the answer to all your problems.

Getting Started Setting up QuickBooks for Your Small Business

Do not let the process of getting started in QuickBooks intimidate you. It may require a lot of information to be inputted, but once you are done, then it is in there for you anytime you need it. You can always make changes, but why not start strong and gather all this information to get yourself started.

• Your business's name.
• Your business's Email address.
• Your business's physical address.
• Your businesses website
• A digital copy of your company's logo
• Your federal employee number or EIN
• Whether or not you are the sole proprietor or if this is a partnership.
• Lastly, what accounting method you are currently using.

Once you have all this information, you are ready to begin. First, go to QuickBooks.com and choose the app that is right for you. Once you are signed up and signed in, it is time to put in your information. You will be using four main tools. The first will be your dashboard; this is your main page. It will show you your cash flow first and foremost. There will also be reports that you can check out to help improve your business. In the top right corner is your Gear Icon. Click this to change information like your business name, location, and anything else you have inputted on your business. There will also be a settings menu here so you can adjust things to your liking. The New button will be on the other side top of the page. This is your primary tool for entering all information related to invoices, bills, and payments. Everything is recorded and saved, so you jump in anytime to look up any records you need. The Left menu is going to be a pop-out menu you can use to view all transactions and other dealings you have done recently. This is great for when you need a quick reference point.

Which Version of QuickBooks Should I Get?

When deciding which version to buy, you first need to know what you are. Are you a freelancer, a small business, or an enterprise business? These are your three options for types of QuickBooks available. Your most likely a small business at this point, so that is probably your best option. Your second choice is going to be whether you want to go pro or go online. Pro is the desktop version of QuickBooks and is not recommended. For the average businessman or woman, you will most likely be on the go when you need to input or look up information about your company, so desktop storage is not recommended. The online version of QuickBooks will be a better choice for you in the long run since the QuickBooks company is considering eventually not offering the pro version of the software. This is due to the success and popularity of QuickBooks as a software as a service (SaaS). You will have access to online cloud storage, either way, so you mind as well use it. This way, at your business or on the go, you will always have access to the vital information and will be able to input invoices and payments no matter your location. You may never know when you need to have access to your finances or pay someone for services.

Which Version of QuickBooks Self-Employed Should I Get?

• QuickBooks Self-Employed : The Self-Employed will give you the ability to track business expenses as well as personal expenses individually. It can also track your mileage automatically and allow the sending of invoices from anywhere.
• QuickBooks Self-Employed Tax Bundle : The tax bundle will include everything the self-employed does but has the added feature of linking up with TurboTax. TurboTax is a great way to do your taxes, so you mind as well bundle up your services for only a few extra bucks a month.
• QuickBooks Self-Employed Live Tax Bundle : The Live tax bundle will give you everything listed above as well as access to a certified CPA year-round. This can be very valuable as your business starts to grow.

These are the versions of QuickBooks Self-Employed that are available to you . The majority of people surveyed recommend buying the base one and then upgrade as your business needs to grow. The self-employed base bundle will give you everything you need to get started. As your business grows, your needs for more options will grow as well.

Which Version of QuickBooks Online Should I Get?

QuickBooks Online offers a few different options . They offer different features and terms. Select the one that works for your business.

• Simple Start – This version of QuickBooks is suited for a single user. This will be a good option if no one else needs to use the software. It offers sales tracking for sales, invoices, receipt organizers, tax deductions, sales tax management.
• Essentials – This is a small step up from Simple Smart. The bonus for this package is that it allows the paying of multiple vendors at once and allows you to track the status of payments. This will become very helpful as your business starts to grow.
• Plus – This version of QuickBooks tends to be the most popular. The Plus Version allows five people access to use the application. Plus, it also includes all of the features that are found in the other packages.
• Advanced – This allows up to twenty-five users and is not something a small business will need. Larger companies will benefit most from this version as it is designed more for a corporate environment.

Should I Still Hire a Bookkeeper?

QuickBooks is going to be your small business's best friend; finances can become complicated fast. For the basics, you can quickly get yourself started and get all your information inputted to begin tracking everything. Experts recommend hiring someone or work with someone who has an education in some form of bookkeeping . QuickBooks has many features that a financial expert will help you with to take advantage of what QuickBooks can do thoroughly. Money tracking, delivery tracking, paying multiple vendors at once are just a few examples of what QuickBooks can do that are a little more complicated.

Conclusion

QuickBooks is recommended for every kind of business, but especially for small businesses. You most likely are running solo or only have a few employees under you. Your best choice is may be QuickBooks for online bookkeeping. However, in recent surveys, professionals only list QuickBooks as an option for cloud-based online bookkeeping. QuickBooks is easily your best option when it comes to cloud online bookkeeping as well as desktop bookkeeping. It is a great way to keep track of invoices, mileage, taxes, inventory, payroll, and vendor payments. For your small business, you want the best tools for the job, so QuickBooks is highly recommended for every small business. The one you choose is up to you and your needs. Just don’t forget to upgrade your version when the time is right. Sources: A Beginners Guide to Small Business Bookkeeping | QuickBooks Canada How to Set Up Company Information in QuickBooks Online | Fitsmallbusiness.com How to Set Up QuickBooks to Run an Online Business | Chron.com How to Set Up a New Company in QuickBooks Online - Dummies | Dummies.com Which Version of QuickBooks Online Should You Use? | Businessnewsdaily.com Next Post The Quick Start Guide to QuickBooks | Smallbusinesssarah.com