Tag Archives: QuickBooks

6 Tips For Error-Free Bank Reconciliation in QuickBooks

Posted on June 8, 2015

Have you tried reconciling your bank transactions in QuickBooks and faced errors or setbacks? If yes, then do read these useful tips on how to avoid errors while reconciling your bank accounts. 

Bank reconciliation is the process performed by an enterprise to ensure that the company’s bank and financial records such as, balance sheet, check register and general ledger account are accurate and up-to-date. Bank reconciliation is often time consuming and tedious. It can also get complicated when there are multiple banks to be reconciled. This is where outsourcing can help.

By outsourcing bank reconciliation services, you can not only accelerate the process of bank reconciliation, but also ensure better accuracy. Outsourcing bank reconciliation is also a great way to obtain a consistent data source, reduce cost, increase ROI and leverage the superior quality that only comes with offshoring.

Have you tried reconciling your bank transactions in QuickBooks and faced errors or setbacks? If yes, then do try these useful tips the next time you use QuickBooks to reconcile your bank accounts.

1. Ensure that you are working with the right bank account: If you own several bank accounts, it important to make sure that you are using the right accounts before attempting any bank reconciliations. This way, you will not end up making deposits or recording checks in the wrong accounts.

2. Look out for transposed numbers: The most common mistake while making bank reconciliations is to switch a number. For example, you could enter 45 instead of 54. However, transposition mistakes can be divisible by nine. But there should be no other error in the bank reconciliation. Continue reading

Why Use QuickBooks for your Business?

Posted on January 18, 2015

Are you on the verge of choosing an accounting system for your business? If yes, read more about the usability, flexibility and comprehensiveness that QuickBooks offers.

If you are looking for an accounting system, you will be faced with several choices. Though there are a host of accounting software programs that offer different benefits, it is QuickBooks that stands out from the crowd and proves to be the ultimate financial package. Apart from QuickBooks being robust enough to process and report all of your financial transactions, it also eliminates the requirement to use multiple software packages. Most important of all, it gives you the power to maintain all your financial records with ease.

Benefit # 1: An all-in-one package

If you opt for QuickBooks, you will not have to keep buying separate programs, for producing invoices, managing your payroll or handling job-costing. QuickBooks includes a wide range of integrated sub-systems, that can help your business effectively manage your Accounting Payables, Payroll, Purchase Orders, Inventory, Management Reporting, Accounts Receivables, Management Reporting and General Ledger to name a few.

Benefit # 2: Minimizes your data entry work

QuickBooks can help you drastically reduce your data entry work. With lesser month-end balancing and reconciling steps to carry out, you can easily manage the integrity of your data. With the use of QuickBooks, you can be assured that your accounting will always be correct with minimal extra work. Instead of worrying about accounting, you can now channel your valuable time into building your business. Continue reading

Peachtree Vs QuickBooks: Which Is Better?

Posted on November 8, 2014

Peachtree and QuickBooks are two popular finance and accounting software programs that used by businesses of all sizes to help them efficiently manage their finances. By using any of these accounting programs, you can effortlessly manage your accounts in a professional manner. Both of these software programs have very similar features and benefits. But which one should you use? What are the pros and cons of using Peachtree over QuickBooks and vice versa?

End-to-end user support

QuickBooks, when compared to Peachtree offers more help to users. For instance, with QuickBooks, you can easily set up a company profile and perform your transactions. Everything is easy to follow, with user-friendly interfaces and pictures. With the interview mode in QuickBooks, you can easily set up the software for your business, by simply following the steps, with a “yes” or “no” answer.

Well- designed forms

When you look at Peachtree and QuickBooks, the latter does much better with its forms, like purchase orders, tax documents and utility bills. The forms have been designed to resemble actual paper documents. The well-designed forms of QuickBooks makes the process a lot more simple.

Transparency in calculations

In Peachtree, the transactions and the transparency of calculations is much more superior when compared with QuickBooks. For example, if your use Peachtree, it will be easier to quickly see from which accounts money is leaving and which accounts it is accumulating into. This feature can not only help you save on hours, but can also enable you to efficiently monitor your finances. Continue reading