QuickBooks ® For Businesses Looking For A Boost
( continued )
If you ’ re looking to
QuickBooks to take you
to that next level – you
need to do more than
click “ install .” You ’ ll
need to take time to
really figure out which
version is right for you .
Skill Level : Intermediate
Once you ’ re confident that your numbers and reports are accurate , advance to level two . At this point , you ’ re ready to use QuickBooks to take your company to a whole new level by using the software to provide you with critical , timely reports . If cash is king and knowledge is power , using QuickBooks to monitor and manage your cash flow , accounts payable and accounts receivable can make you unstoppable .
Skill Level : Advanced
At this point , you should already be well versed in managing your company ’ s cash flow . You ’ ve locked into a pattern , your numbers are accurate and your reports are empowering . Now it ’ s time to use some of the other advanced features QuickBooks has to offer . As an advanced QuickBooks user , you ’ ll begin invoicing and maintaining the same format for each data entry . Using the invoice / sales receipt resources of the program will allow you to track the payments to your business while making it simpler to follow up on outstanding invoices .
QUICKBOOKS IS GREAT … BUT IT ’ S NOT PERFECT
Regardless of which version of Quick- Books you decide to use , I believe you should work toward reaching the highest level at your disposal . After all , you have powerful tools and resources at your fingertips , it would be crazy to not take advantage of them , right ? But be careful , with great power comes great responsibility .
These programs aren ’ t perfect , and I ’ ve discovered a few drawbacks throughout my many years of use . These pitfalls be- gin to show up as your business grows , and your financial requirements become more diverse . Be aware of the following shortcomings :
• Limited Reporting : Having a system that ’ s not fully integrated can limit access to data stored in other systems . This is evident with inventory data as it ’ s difficult for the program to compile the information in a meaningful way .
• Entry & Keying Errors : Many individuals use another system along with QuickBooks for their financial data entry . With that in mind , moving information from one system to another is no easy task and mistakes are just waiting to happen . Incorrect entries and keying mistakes will lead to incorrect business information and data loss .
• File & Data Size Limits : The software can slow down as substantial amounts of data are inputted into the system . This can be avoided by limiting the data file sizes and continually removing data over time .
• Support Shortcomings : Finally , support for the programs can be impersonal and not specific for your business needs .
If you want a deeper dive into the QuickBooks software options or have any questions about which version is right for you and your business , contact me directly at 220.201.2014 or amy . smith @ reacpa . com . You can also visit www . reacpa . com / insights-sign-up to sign up for QuickTips : Tips & Tricks for QuickBooks Success – our free , electronic monthly QuickBooks newsletter .
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