3 Mistakes You Need to Avoid with Quickbooks

To successfully use QuickBooks for your business, you do not have to be a technology genius. However, it helps to avoid some of the most commonly made mistakes associated with the software. To help you do just that, here are some pitfalls to look out for and what you can do to avoid them.  

Failing to Keep Up with Entries

As a small-business owner, you are tasked with handling various aspects of your business. Unfortunately, time waits for no one, and you can quickly fall behind on some of your entries into QuickBooks. Once you start to fall behind, it becomes easier to forget to make entries, and before you know it, it is the end of the year, and you need to start thinking about tax time.  

To avoid this, you need to ensure that you are making entries on a daily basis. If you are unable to, it is time to consider hiring outside help to keep on track. An accountant and consultant can help you stay on task and also help you avoid making mistakes with your entries.  

Creating Too Many Subaccounts

One of the best features of QuickBooks is that you can create subaccounts to help you manage accounts in the software. Unfortunately, if you are using too many subaccounts, you can quickly lose track of your finances and end up spending a considerable amount of time detangling things.  

To keep your accounts in order, you need to assess the need for a subaccount before creating it. Take the time to determine whether it is possible to manage the account information within another subaccount or main account before creating a new subaccount.  

Failing to Take Advantage of Add-Ons

Although the basic QuickBooks software program is useful, there are many add-ons that can help optimize the program so that you can get even more benefit out of using it. If you fail to take advantage of those benefits, you could be unnecessarily creating work for yourself that could have been avoided.  

If you do decide to use add-ons or other software with QuickBooks, take the time to determine whether the software is truly compatible and assess whether or not it can be truly useful to you. If you are unsure, consider working with a consultant who has extensive knowledge of the software and the add-ons. Conferring with a company such as Everything QuickBooks can help save you time and money in the long run and ensure that your accounting is efficiently operating.