OVERLAND PARK, KANSAS, USA, Dec. 13, 2021 /EINPresswire.com/ — Financial Optics has released a new guide for small business owners using QuickBooks to help with their bookkeeping and accounting. QuickBooks is a business and financial management suite offered by Intuit, which offers accounting, invoicing, payroll, and more. in line.
While some business owners may use QuickBooks as a tool to do their own accounting, the guide advises against this route, saying QuickBooks is a resource best used with a professional accountant to streamline small business accounting.
Although QuickBooks has a user-friendly interface, people often make mistakes while using this software. The guide provides several tips to help users navigate QuickBooks more easily:
1. Account Reconciliation: Businesses should reconcile accounts by ensuring that their transaction reports in QuickBooks match their bank statements. To do this, users must ensure that the “Checks and Payments” column is balanced.
2. Generation of profit and loss statements: users can access profit and loss statements by going to the “Chart of Accounts” tab and reviewing your accounts.
3. Item List Update: QuickBooks maintains item lists, which track products for sale and inventory. This list should be updated frequently.
4. Withholding payroll taxes: People often deduct payroll taxes incorrectly in QuickBooks by pressing “write checks” that deduct “payroll liabilities”. Instead, it should be deducted by pressing “pay liability”.
5. Keep Accounts Organized
Users can organize their QuickBooks account to avoid clutter. The guide suggests grouping items together to better organize the software.
Financial Optics is an online accounting firm specializing in outsourced accounting, outsourced accounting, and virtual CFO and financial advisory services. For businesses that continue to struggle with QuickBooks and experience costly mistakes, professional accounting services are ideal.
Financial Optics provides online services, with offerings ranging from basic accounting to full financial monitoring. To learn more, visit the Financial Optics website.
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