As a business owner, you may prefer to maintain your own accounting records, and you either use or have investigated using the accounting software product called QuickBooks®. The program is an easy-to-use, affordable accounting software package. When used properly, it is very valuable for keeping tabs on cash, accounts receivable, accounts payable, inventory and thus profitability. The reports integrated in the software are easy to find and print. Simply stated, it is a great product for small businesses, and a highly recommended one at that.
Follow The Yellow Brick Road
With most computer programs, there are specific steps that you need to be follow in order for the software to work best and report accurate data. Too many times, accountants encounter business owners who have “done their own accounting” in QuickBooks, only to find out the numbers in the reports don’t make sense. It is important to follow “the process” suggested by the software writers in order to keep accurate records. If you don’t follow those steps, your data could be compromised.
Errors are particularly common in the tracking of accounts receivable and cash. The prescribed order of the steps is critical in recording sales at the right level, matching the payments against outstanding balances and properly recording the cash deposited without overstating sales and accounts receivable. Many times, deposits get recorded in advance of the other steps, which causes accounting problems later – typically with the overstatement of sales and or accounts receivable.
Contact A QuickBooks Pro For Help
If you are starting the process of using QuickBooks, invest a little time to learn the proper steps. At Rea, we know QuickBooks. If you need help getting started on QuickBooks, contact Rea & Associates. We know QuickBooks. Our certified QuickBooks ProAdvisors can help with consultation, set-up, training and support.