If you work for a company where you manage finances or perform specific accounting or bookkeeping tasks, having QuickBooks skills will be one of your greatest assets. It will help you anticipate problems before they happen and enable you to establish parameters that will automatically gather and report critical information. 10The ability to anticipate problems is a widely sought after skill, which QuickBooks can help you achieve. For those in the construction or real estate fields, QuickBooks can offer features like “Direct Labor” or “Direct Labor Overtime” account and payroll items that will allow you to quickly see and monitor labor associated with specific projects.
It is possible to become overwhelmed by data and miss money your employer is owed. QuickBooks creates and sends customized invoices which easily track money owed by customers. The collection feature is one of the best functions within the program, which helps business speed up the A/R collections. Also useful is the recurring billing feature which allows you to bill customers in large batches with just a few clicks.
QuickBooks can organize vendor data clearly even before bills comes into play. For vendors that you have frequent interactions with, you can group into one section on your vendor list. Prefacing each name with a numerical digit is one way to do this. For example, Adam B. should be listed as “1 Adam B.” All of the names prefaced by “1” will appear at the top of your vendor list. Checks will be printed in sequence and thus will be printed first. You can also alter the “print on check” field to simply say “Adam B.” Creating unique names for customers is also beneficial for quick entry and auto-recall cost assignments, while still using the formal name for billing.
An ability to understand and visualize what a company is actually doing with its income and expenses will lead to efficiency. You can observe your business through varying facets through QuickBooks. The “classes” feature can track income and expenses by department by location or even by profit center. Assigning a “class” to transaction allows you to report on each area a profit center separately. You can then run a Profit & Loss by Class Report. This also enables you to isolate areas that have discrepancies and fix them without affecting information from other areas.
QuickBooks provides you with many ways to isolate and edit information without compromising information from other areas. One of these is the banking 9“Rule”. You can conveniently set a Rule while entering a transaction and all your Rules will be easily accessible under the drop-down arrow to the right of the update button under Transactions – Banking. Rules will allow you to set specific stipulations for transactions that meet certain criteria. For example, you can automate the system to categorize all Auto Lease Payments over $500 as “Auto Lease Payments”; or you can automate the system to record $100 of each cable bill as “landline” and the remainder as internet. If you create a Rule while entering a transaction, QuickBooks will pre-fill the rule stipulations based on the current transaction which can as well save you time. Demonstrating heightened efficiency with QuickBooks software will make you a valued employee and a great asset to the company.
QuickBooks skills are indispensable to those working as accountants, bookkeepers or managers. Your ability to navigate the software will increases your upward mobility in the job market, help ensure a higher salary and make you a great asset to your employer. Familiarity and skill with the #1 accounting platform can either be yours, or your competition’s.