For anyone hoping to learn about accounting and the software you need for it, QuickBooks is an excellent tool. Businesses of all sizes have used QuickBooks to streamline their accounting and bookkeeping processes. This is for good reason, too: it’s a convenient, economical way to accurately and efficiently record all transactions and other financial activity within the company.
Being able to make the most of QuickBooks takes some familiarity and experience first, but you can use it to make your payroll processes faster and increase overall productivity. Here are five ways you can make better use of QuickBooks during your career.
1. Before Getting Started, Make Sure Company Preferences are Set Accordingly
With QuickBooks, companies of any size can configure their Company Preferences to their liking. This allows them to modify which reports and data are higher priority than others. Be sure also to have a strong password that is distinct enough to prevent anyone from hacking into your account. The first step to using QuickBooks is to alter the preferences to reflect the company’s approach to finances.
2. Double-Check That You’re Always Entering the Correct Information
It goes without saying that you’ll need to make sure all information entered into QuickBooks is correct and accurate. There are several sections in particular where you must be certain there are no errors, such as Customer Details, Employee Details, and Company Information. Learning how QuickBooks works during your payroll administrator program is one part of the battle. The other part is ensuring 100% accuracy on all financial details relating to the company.
3. Consider Making Shortcuts to Jump Between Options More Quickly
Anyone using QuickBooks and feeling drained from constantly typing different commands into the program should know that there are much simpler ways to get the exact same thing done. More specifically, keyboard shortcuts are an easy way to get to your desired area of the software faster. For example, you can click Ctrl+E to edit transactions, Ctrl+I to create invoices, Ctrl+M to memorize a transaction, and Ctrl-W to open a new window for writing cheques. Commands like these are meant to make QuickBooks easier and quicker to navigate.
4. Use QuickBooks to Directly Print Your Own Cheques
Students in payroll administrator courses may not yet understand how much of a hassle printing cheques can be. For the sake of having a more cost and time-efficient solution than going to the bank, try using QuickBooks to print those cheques for you. Open the Banking Tab on QuickBooks to write checks and then directly print them. This way, completing monthly reconciliations is more streamlined and efficient. Bill payments for your business can also be done via QuickBooks.
5. Always Create Backups After Your Payroll Administrator Program
Lastly, it cannot be stressed enough how important it is to back up all of your sensitive financial information. This is a preventative measure against suddenly losing your data if the system crashes. Although QuickBooks does offer a cloud-based edition of their program, this will cost money to use. If your business doesn’t want to invest in this, you must either back it up manually, or integrate your pre-existing backup solution with Quickbooks. If possible, schedule backups to happen automatically, so you don’t have to do it all yourself.
Want to work towards getting your payroll administrator diploma?
Contact Canadian Business College today for more info!