Setting Up QuickBooks

The most important list in your accounting system is your Chart of Accounts. You track your flow of money through this list of accounts which includes where your income comes from, where you put it, what your expenses are for, and what you use to pay them. QuickBooks' EasyStep Interview walks you through setting up your accounts. The system also offers sample business templates that already have accounts set up for you. You can later delete or add any accounts that were initially setup in this interview to make it match your income and expenses better. Keep your chart of accounts SIMPLE! Too many accounts result in messy reports that are hard to read and analyze. Also, use descriptions for your account id's, not numbers. If you assign account numbers for each account, you will have to memorize the numbers for fast data entry. It is much easier to type in the name of the account when entering transactions. This is a key timesaver and way of making QuickBooks work for you.

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Payroll Taxes Made Easy

Running your payroll is more than just paying employees. You have a lot to do and it is important to do it right so that you avoid paying any fees to the government. According to Payroll.com, "Use W-4s to calculate your employee's paychecks correctly. The IRS requires all new employees to fill out form W-4, which asks employees to state their marital status and how many tax allowances they will claim. Based on the number of allowances they claim, employers can determine the amount of federal income tax to withhold from the employee's paycheck."

Sounds complicated but really isn't when you use Payroll from the makers of QuickBooks.

Tip #3: Key Things to Evaluate When Buying QuickBooks

Adaptability: Small businesses in particular tend to change over time, and you need to make sure that the software you are buying today will be just as useful tomorrow. Are upgrades offered? How much trouble and expense is required to upgrade? How often are upgrades offered? Today's software is likely to be obsolete in 5 years.



Support: How much support is offered? How effective is it? Is local service available or will you be restricted to dealing with a call center in India?

Price: Software packages vary greatly in price, not only among brands but also among merchants. Choose an appropriate package and then shop around for the best deal.

User Friendliness: How easy is it to use? If you are a sole proprietor, try using it yourself. Otherwise, have your accountant try using it and get his/her opinion.

Features: Don't pay for features you don't need, but look ahead 5 or 10 years when deciding which features you're likely to need. If you don't need them now, you can always check and see if your package can be easily upgraded to add features you may need in the future.

QuickBooks is by far the most popular accounting software, but then again there are many versions of Quickbooks available on the market. QuickBooks comes in Basic, Online, Pro, and Premier editions. The Pro Edition features tools such as the Cash Flow Projector and the Vehicle Mileage Tracker. Peachtree offers a premium small business accounting software package with over 125 functions including as in-depth inventory, time and billing and job costing features. Other popular accounting software packages include MYOB Plus Accounting Software and Microsoft Office Small Business Accounting.

QuickBooks Tip #2

Simplify your Chart of Accounts. The most important list in your accounting system is your Chart of Accounts. You track your flow of money through this list of accounts which includes where your income comes from, where you put it, what your expenses are for, and what you use to pay them. QuickBooks' EasyStep Interview walks you through setting up your accounts. The system also offers sample business templates that already have accounts set up for you. You can later delete or add any accounts that were initially setup in this interview to make it match your income and expenses better. Keep your chart of accounts simple! Too many accounts result in messy reports that are hard to read and analyze. Also, use descriptions for your account id's, not numbers. If you assign account numbers for each account, you will have to memorize the numbers for fast data entry. It is much easier to type in the name of the account when entering transactions. This is a key timesaver! Accountants love to assign numbers to the Chart of Accounts, but it's much easier to give them names. QuickBooks makes is easy with industry specific Chart of Account names.

QuickBooks Tip #1

For the next few posts I'm going to share some key things to think about when starting your small business on QuickBooks Accounting Software. QuickBooks is a great accounting program for home-based businesses to track their income and expenses. It is easy to learn and simple to use. It has a great Help file. You do not need an accounting background to be able to generate reports such as a Profit and Loss and Balance Sheet needed for tax preparation and managing your business. I have listed a few key points to consider when using QuickBooks.

Cash or Accrual Basis of Accounting? The first step in setting up your company in QuickBooks is to determine if you will track income and expenses on the "Cash Basis" or "Accrual" basis. Most small businesses operate on the cash basis of accounting. What this means is you record your expenses when you write the check or charge your credit card, and you record your sales or income when you take the money to the bank and deposit it into your account. This is the easiest way to account for your transactions. Some businesses are required by the IRS to report on the accrual basis. This normally pertains to large publicly traded companies and/or some manufacturing entities. On the accrual basis, you record income at the time of sale, not at the time you receive payment. You also enter expenses when you receive the bill, not when you pay it. The choice is yours on which basis to use. QuickBooks supports both accounting methods.

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Top 5 Reasons to Use QuickBooks

Top 5 Reasons to Use QuickBooks:

• Spend less time on routine tasks, such as creating estimates & invoices or paying bills, so you can have more time to run your business

• Know where your business stands financially by quickly creating and accessing profit & loss statements, balance sheets and customizable reports

• Make better-informed business decisions with accurate sales, profit, and individual customer and vendor data at your fingertipsBe better prepared at tax time with categorized income and expensesAccess additional QuickBooks services, from complete payroll management to credit card processing. QuickBooks delivers a full set of solutions designed to help small businesses succeed

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QuickBooks makes it efficient to do your entire payroll in-house. Enhanced Payroll gives you powerful tools to help save you time and improve the accuracy of your payroll -- right within QuickBooks financial software. Pay your employees with convenient Direct Deposit, or print paychecks from your PC.

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