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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