Small Business Bookkeeping - Mistakes in Quickbooks
Once you get your small business set up and running, you need to have a system in place to understand how well you are doing. For most of us this involves book keeping or some type of small business bookkeeping system. I have seen everything from a shoebox full of receipts (not my personal favorate by the way) to an enterprise software system.
For many the small business bookkeeping software ends up being Quickbooks. Quickbooks has over 80% market share in the small business bookkeeping software world. It is a very popular software package. It is also used by many professionals who have learned the ins and outs of the system.
You can find access to them in the Intuit community. For most of us small business owners, accounting is more of a necessary evil than a joyous way to spend your afternoon. Now this is not an endorsement of Quickbooks. Having used the software for 5 years I still look for a better approach.
I am self taught in using the software for small business bookkeeping so I always look for books or courses that can help me understand itt. While I have most things automated, I have ran into issues that cause me no end of frustration.
To be honest I would much rather be marketing, writing, or developing relationships than doing my small business bookkeeping. The reason I spend the time and frustration keeping up with it is that I know how much time it will save at the end of the year when it is time to prepare my company taxes.
Small business bookkeeping Benefits
I also know that it gives me information that I can use in optimizing my business operation, manage my cash flow, keep an eye on unpaid invoices and keep my vendors paid on time. So bookkeeping or accounting is something that every business needs to have in place. I recently got a copy of "Getting More from Quickbooks - Conquering 27 Frustrating Mistakes That Steal Your Time, Sanity and Money" by Jennifer Thieme It is a very well written book.
Now I use Quickbooks for my small business bookkeeping in a manner that is probably different than the majority of people. Since I am self taught in Quickbooks, I have developed some habits that are not beneficial to my bookkeeping.
After reading this book, I have identified at least 4 mistakes that I make on a regular basis. One of them cost me two days of my time last year. Two Days!!! If I had implemented the suggestions in this book, I could have spent two days laying on a beach somewhere or sitting near a mountain lake. Instead I spent it at my computer cleaning up my Quickbooks file so that the information would be useful when I needed it.
The book contains a ton of screen shots. It walks you through step by step how to correct the mistakes and develop a better system for keeping up with your business. Not all of the mistakes will apply to every person. Many of the things she covers, I was doing correctly. I actually felt pretty good about some of them since I had worked my way to the right way to do it.
Others I found myself wanting to slink away from my office and hide. Not only was I the King of Mistakes in small business bookkeeping setup, I knew I was doing it wrong but didn't know how to fix it. Working with this book, I am changing my processes to better use the software that Quickbooks provides.
This book is not for everyone. If you don't use Quickbooks , it won't serve much purpose to read it. It does have a couple of suggestions that apply no matter what software you use though the screen shots are geared towards Quickbooks. It is not a training manual either. It won't teach you how to use Quickbooks though the first chapter does address how to set up you Chart of Accounts the best way. Jennifer even provides a free chapter of the book so you can review it with absolutely no risk.
Who this book is for? Any small business owner or self employed person who wants to improve their Quickbooks usage in their small business bookkeeping. If you ever open a Quickbooks file, you need this book. Just one mistake cost me 2 days of my time. Another I know costs me 5 hours every year. How much is your time worth? I would sincerely recommend that you check this book out.
To Your Wealth!
PS If you think your time is worth more than $1 an hour you need this book to help keep the mistakes out of your small business bookkeeping.
- what is wealth
- Can you force something to go viral on Facebook?
- Free Annual Credit Report
- Starting a Business Online
- Scam of the Week -Warning
- Residual Income Opportunities
- Consistent Strategy to Attract Clients
- Creating Wealth Online With Cooking
- Happy Birthday Dad
- Video – Stock Market Prediction 2010 by Tony Robbins
- An Interesting Niche Idea