financial bookkeeping tips for contractors

5 Quickbooks Tips That Will Make Your Life Easier

Accounting software is used by both small and large businesses, as well as sole proprietors, to keep their accounts in order. Most accounting software  are extensive programs that have a lot to offer you. Here are a few tips that will help you utilize this accounting program to its full potential.

#1 Use the Getting Started Tutorials

When you sign up for accounting software, you may notice that the program has its own tutorial system. These tutorials are well-designed and helpful. The starter tutorials will help you understand the basic ins and outs of the program. The starter tutorials are designed to help you understand how to use the program right away. A formal training program will get more in-depth, and there are lots of industry-specific training program out there as well. However, the basic tutorials that come with the program are more than enough to get you started and help you understand the basics.

#2 Use the Pro Package

Next, most accounting software has a pro  package that sets you up with a local bookkeeper who will help you use the software right away for your business. If you don't have a lot of time to learn how to use the program, but you need to start using it right away, this can be a good package to use. The package will allow you to connect with an industry expert whose qualifications have already been vetted.

#3 Double-Check Your Company Information

When you set-up your account, you will be asked to input your company information. This is some of the most important initial information you will put into the program. Make sure that your company name, tax number, business license, and all other contact information is correct. Your company contact information will be used for tax and invoice purposes, so take the time to double and triple check the information to make sure it is right.

#4 Always Reconcile Statements with Your Software

Next, the ability to reconcile statements is one of the unique features of an accounting program. When you reconcile a statement, you transfer your bank or credit card statement into the accounting program, and the program makes sure that all your transactions on the statement line-up with all of the transactions that you have imported into the system. You can set-up the programming so that this happens automatically. You always want to check your records against your bank and credit card records to make sure that everything lines up. Any errors should be figured out and addressed right away.

#5 Have a System for Backing Up

Finally, it is important to back up all valuable digital information, including the information in your accounting program. Have a process and system in place to back-up your information. If you input information on a weekly basis, back up the system on a weekly basis. If you input information daily, back up the information at the end of each day. Just make sure you back-up your accounting files.

Accounting software can really make your life easier. Invest time in learning how to use your accounting software and get outside help if necessary. Contact a company, like Blueback Accounting, for more help.

About Me

financial bookkeeping tips for contractors

As a renovation contractor, I have a lot of things to worry about each day. I have to think about my customers, my business, the insurance I need and even the employees that I have working for me. All of these things keep me busy enough without having to worry about keeping up with my financial bookkeeping each day. How do you keep up with the financial bookkeeping so that you don't make any errors that could cost you a whole lot of money? I have worked with my accountant to develop a process that has helped me and I have shared the tips he has taught me right here on my blog to help you.

Latest Posts

A Guide to Business Tax Preparation
9 February 2024

The tax season is a stressful time of the year for

Unlocking the Power of Online Virtual Bookkeeping: A Game-Changing Solution for Modern Businesses
26 October 2023

In the dynamic world of finance and accounting, on

Accountants Can Catch Errors Accounting Software Cannot
11 August 2023

Business accounting becomes much easier when you u

3 Things To Know About Virtual Bookkeeping Solutions
13 June 2023

If you are struggling with bookkeeping, there are

How A CPA Service Can Help Your Restaurant Thrive
11 April 2023

When you hire a CPA, they will help with planning,