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QuickBooks Bookkeeping Made Easy: Your Path to Clean Books

October 17, 2024
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QuickBooks Bookkeeping: The Ultimate Guide for Business Finances

QuickBooks bookkeeping is a comprehensive and versatile accounting solution used by businesses across various industries to streamline financial management, track income and expenses, and generate in-depth reports. In this guide, we’ll explore what QuickBooks bookkeeping entails, its key features, why it’s essential for businesses, and how QuickBooks serves industry-specific bookkeeping needs.

Table of Contents

What is QuickBooks Bookkeeping?

QuickBooks bookkeeping is a full-featured accounting system designed to help businesses manage and record their financial transactions effectively. Developed by Intuit, QuickBooks is known for its user-friendly interface and powerful tools that assist in maintaining accurate financial records, generating customized reports, and managing day-to-day business operations. Whether accessed through QuickBooks Online or QuickBooks Desktop, QuickBooks bookkeeping provides businesses with essential accounting features that are crucial for decision-making and compliance.

Key Features of QuickBooks Bookkeeping

QuickBooks bookkeeping includes a suite of features that simplifies accounting processes, ensuring that businesses of all sizes have access to reliable financial data. Here are the core features:

  • Invoicing and Payments: QuickBooks allows businesses to create and send invoices, accept online payments, and track outstanding invoices. This feature helps maintain positive cash flow and reduce payment delays.
  • Expense Tracking: Track expenses by category, attach receipts, and manage bills. This allows for better expense management and helps with budget planning.
  • Bank Reconciliation: Easily connect bank accounts to QuickBooks, download transactions, and reconcile accounts to ensure accuracy and prevent discrepancies.
  • Inventory Management: QuickBooks Plus and Advanced offer inventory tracking, allowing businesses to manage stock levels, track inventory costs, and generate inventory-related reports.
  • Payroll Processing: QuickBooks integrates with payroll services to automate employee payments, manage tax withholdings, and simplify payroll tax filing.
  • Tax Preparation: With tax-ready reports and simplified tracking, QuickBooks bookkeeping makes tax preparation easier, helping businesses stay compliant with tax regulations.
  • Financial Reporting: Generate detailed reports, including profit and loss statements, balance sheets, and cash flow reports, to gain insights into business performance.
  • Multi-User Access: QuickBooks supports multiple users, allowing team members or accountants to access data securely and collaborate in real-time.

Why Use QuickBooks for Bookkeeping?

QuickBooks bookkeeping is trusted by millions of businesses worldwide for its flexibility, ease of use, and scalability. Here’s why QuickBooks is a preferred choice for bookkeeping:

Automation of Bookkeeping Tasks

QuickBooks automates many repetitive tasks, such as data entry, invoicing, and bank reconciliation. This reduces manual work, saving time and minimizing the risk of errors.

Real-Time Financial Insights

With QuickBooks, businesses can access real-time financial data, which is crucial for making informed decisions. The ability to view updated reports and cash flow statements enables better financial planning and budget management.

Comprehensive Tax Support

QuickBooks simplifies tax preparation by tracking all tax-related transactions and organizing them into tax-ready categories. This ensures that businesses remain compliant with tax regulations and avoid penalties.

Secure Cloud Access

QuickBooks Online provides secure cloud access, allowing business owners and accountants to access financial data anytime, anywhere. This is especially beneficial for remote work setups and collaborative projects with financial advisors.

Industry-Specific Bookkeeping with QuickBooks

QuickBooks offers industry-specific features that cater to the unique needs of various sectors. Below are some major industries that benefit from using QuickBooks bookkeeping, with relevant features tailored to each:

QuickBooks for Accountants

QuickBooks is a top choice for accounting firms due to its ability to manage multiple clients, generate detailed financial reports, and streamline payroll processing. QuickBooks for Accountants provides batch invoicing, data review tools, and a Client Manager feature that simplifies managing client accounts.

QuickBooks for Construction

The construction industry benefits from QuickBooks’ project tracking, job costing, and expense tracking features. With QuickBooks for Construction, contractors can track project expenses, manage invoices, and generate profitability reports for each project, helping improve cost control and budgeting.

QuickBooks for Property Management

For property management, QuickBooks offers tools for tracking rental income, managing expenses, and organizing property-specific reports. QuickBooks for Property Management simplifies rent collection and ensures that all transactions are properly recorded.

QuickBooks for Retailers

Retailers rely on QuickBooks’ inventory management, sales tracking, and reporting capabilities. With QuickBooks for Retailers, businesses can monitor stock levels, track sales trends, and generate reports to inform purchasing decisions.

Switching Between QuickBooks Desktop and Online

Switching from QuickBooks Desktop to Online or vice versa is a common consideration as business needs evolve. Each version offers distinct benefits:

Switching from QuickBooks Desktop to Online

To move data from QuickBooks Desktop to Online, start by exporting your data. Be sure to review compatibility, as some desktop features may not transfer seamlessly. Consulting an outsourced bookkeeping provider can be helpful for smooth transitions.

Switching from QuickBooks Online to Desktop

Export data as a QuickBooks Backup (QBB) file and restore it in the Desktop version. This transfer requires some data reorganization to align with Desktop’s features.

Top Alternatives to QuickBooks

Several alternatives to QuickBooks exist, each offering unique features that may better suit certain business needs. Here are some top competitors:

  • Xero: A cloud-based accounting platform with multi-currency support, project tracking, and integration capabilities, ideal for global businesses. Pricing: starts at $12/month.
  • Wave: Free for essential bookkeeping functions, with paid add-ons for payroll. Wave is popular among freelancers and small businesses.
  • Zoho Books: Part of the Zoho suite, this solution integrates with Zoho CRM and other tools, providing robust automation. Pricing: $15/month.
  • Sage: Known for scalability, Sage provides solutions for both basic and advanced accounting, making it ideal for growing businesses. Pricing: starts at $10/month.

Backing Up QuickBooks Data

Backing up financial data ensures continuity and protection against data loss:

Backing Up QuickBooks Desktop Data

QuickBooks Desktop allows local backups in QBM (compressed) or QBB (full backup) formats. Regular backups help secure financial records and protect against data loss.

Backing Up QuickBooks Online Data

QuickBooks Online automatically saves data to the cloud, but users can download transaction data through the Export Data feature for local storage if needed.

How to Choose a QuickBooks Service Provider

Choosing a service provider depends on whether a business needs full-time, part-time, in-house, or outsourced support. Here’s how each option compares:

Full-Time vs. Part-Time Bookkeeping

Full-time bookkeeping may be necessary for complex accounting needs, while part-time bookkeeping can suit smaller businesses looking for basic support.

In-House vs. Outsourced Bookkeeping

In-house bookkeeping provides direct control, though it can be more costly. Many businesses choose outsourced bookkeeping to save on overhead costs and gain access to specialized expertise.

Virtual Bookkeeping Services

Virtual bookkeeping provides remote access to bookkeeping services and is ideal for businesses seeking scalable, flexible support. For more information, explore virtual bookkeeping services.

Conclusion

This guide on QuickBooks bookkeeping provides in-depth insights into QuickBooks features, alternatives, industry-specific applications, and tips on choosing the right service provider. By leveraging QuickBooks bookkeeping effectively, businesses can optimize financial operations and enhance decision-making capabilities.

Maxim Liberty has been providing outsourced bookkeeping services to businesses and accounting firms in the USA and Canada since 2005.

QuickBooks Bookkeeping

May 22, 2024
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Master Your Finances with QuickBooks

QuickBooks Bookkeeping Services

Maxim Liberty offers expert QuickBooks Bookkeeping Services for small and medium businesses, ensuring accurate financial records, efficient processes, and strategic financial planning for growth. Enjoy reliable, scalable, and streamlined QuickBooks solutions tailored to your needs.

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Our Range of QuickBooks Bookkeeping

Our team works with various QuickBooks versions, providing reliable and scalable solutions to our global clients. Empower your business with accurate financial records and superior results with our all-inclusive QuickBooks services.

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QuickBooks Setup and Customization

Tailor QuickBooks to fit your business needs with expert setup and customization services, ensuring efficient and accurate financial management.

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QuickBooks Data Entry and Transaction Recording

Efficiently manage your financial records with accurate data entry and transaction recording, keeping your books up-to-date and precise.

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QuickBooks Accounts Payable

Streamline your vendor payments and manage due dates to avoid late fees and maintain strong supplier relationships with QuickBooks.

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QuickBooks Accounts Receivable

Track customer invoices and payments, ensuring timely collections and improved cash flow with QuickBooks accounts receivable services.

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QuickBooks Payroll and Reporting Services

Ensure accurate and timely payroll processing, including tax filings and compliance with federal and state regulations through QuickBooks.

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QuickBooks Year-end and Tax Preparation Support

Get comprehensive year-end and tax preparation support with QuickBooks, ensuring compliance and maximizing your deductions.

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With concepts in hand, we meticulously design, refining every detail to align with your vision and objectives.

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Create an account and get started

Get up and running in three minutes.

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Pick a plan that better suits you

Go through the summaries for each of your options.

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See how much you can save today.

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What is QuickBooks Bookkeeping?

QuickBooks from Intuit is a small business accounting solution that allows you keep track of your business finances. It is the most popular Bookkeeping and accounting software that has been around since 1998 and offers a lot of benefits for small business Bookkeeping.

Over the years, it has become a standard for Bookkeeping software. It has been developed and marketed by Intuit. Currently, QuickBooks has a market share of 55.72% with more than 21738 companies using this software.

QuickBooks supports the various Bookkeeping tasks including bank reconciliations, accounts payable, accounts receivable, inventory management, payroll processing and financial reporting.

QuickBooks is available as Desktop software that you can download and install on your computer. Or, as an online service where you access QuickBooks Online (QBO) as a website.

What QuickBooks Bookkeeping Services do We Provide?

Our QuickBooks Bookkeeping services cover both QuickBooks Desktop and QuickBooks Online. We can handle the installation and setup which includes configuring of chart of accounts.

In addition, we can support ongoing data entry, accounts payable, accounts receivable, bank reconciliations, sales tax filings, payroll processing and financial reporting.

However, it’s not easy to find a qualified QuickBooks Bookkeeper. That’s why since our inception in 2005, we have been training our Bookkeepers in QuickBooks and have kept them 100% focused on QuickBooks Bookkeeping so that they do not lose their touch and dilute their skills.

QuickBooks Bookkeeping is all we do!  We have resisted the temptation to handle other software and do tasks outside Bookkeeping. We only have to learn Bookkeeping and support just one tool! As a result, the quality of our services is impeccable while our Bookkeeping rates are the lowest in the USA.

Our rates for QuickBooks bookkeeping are the lowest in the USA. Yet, our Bookkeepers have BS degrees in a technical field or accounting. Many even have master’s degrees.  All our Bookkeepers are well trained in QuickBooks and most of them have years of QuickBooks experience.  Our experience covers all industries including law firms, construction, non-profits, churches, consulting, real estate, property management, etc.

However, the biggest indicator of the quality of our services is that about 70% of our business comes from CPAs.

Customize QuickBooks Bookkeeping to Suit Your Needs

Every company is different in its own way and has its own unique processes for Bookkeeping!  However, there are a good number of common Bookkeeping tasks across the various industries.

We have learnt to isolate these common tasks over our sixteen years of experience.

We have leveraged these common tasks to drive Bookkeeping standards and best practices across all industries. That’s why we are the best bookkeeping service in the USA.

Below are some of the Bookkeeping tasks common to all industries.  QuickBooks itself is built on these common tasks. However, bear in mind we can customize QuickBooks to meet the unique business needs for any industry.

Bank Reconciliations

Do you hate keeping bank and credit card records?  We can enter all transactions from your bank and credit card statements.  We can also reconcile bank, credit-card and merchant-service accounts for you.  This will ensure that your QuickBooks balances match your actual bank account balances.

You just email and/or fax the statements to us.  You can also authorize us to log-in to your bank account in a “read-only” mode and retrieve statements. Our Quickbooks Bookkeeper will enter & reconcile the information into QuickBooks and send you all the reports you need.  We can reconcile the accounts as often as you need — on a daily basis, weekly basis or monthly basis.

Accounts Payable or Billing Management

How do you keep track of bills you receive from vendors?  Who pays them?  When do you pay them?

We can enter all the bills you receive from vendors into QuickBooks.  We can also receive bills directly from vendors via email or fax, or login into vendor websites to download the bills.

On a weekly basis, we will send you a report of all vendor bills that have to be paid.  This report will list all outstanding vendor bills, amounts due, dates due and how long they have been outstanding.  You mark the ones to pay and we use online bill-pay to pay the bills.

Or, you can pay the bills yourself.  If you do write a check or make a credit card payment to a vendor, we will be able to see those payments from your bank and/or credit card websites.  We can easily make the appropriate entries against the appropriate vendor bill without your involvement.

Accounts Receivable or Invoicing Management

You did some work for a client or you sold a product to a customer.  The customer now owes you money. How do you keep track of this to ensure you collect the money owed to you?

Your employees and contractors email us their timesheets. We enter time directly into QuickBooks and create invoices using the appropriate billing rates for your clients.  We can also keep track of products you sold and generate appropriate invoices for your customers.  Our QuickBooks Bookkeeper can even email and/or fax these invoices to customers to let them know they owe you money.  If you authorize us to follow-up on these invoices, we can interact with your clients or customers via email to remind them, and collect on the outstanding balances.

We can also send you an AR aging report which shows all outstanding customer invoices, how much each customer owes you, how long they have been open, etc. so that you can follow up directly with your customers.

Last but not the least when you receive a payment from a customer and that payment shows up in your back account, we can ensure the appropriate customer invoice is credited for the payment.

Sales Tax Filings and Payments

Many states have requirements to file and pay sales taxes on a periodic basis.  Since we keep track of all your invoices within QuickBooks, we can easily calculate the sales tax liabilities.  We can use this information to file and pay sales taxes on a periodic basis with the appropriate sales tax agencies.

Payroll Processing

How would your employees feel if they were not paid on time?  We can manage payroll using QuickBooks and/or an external third party providers like ADP. Employees and contractors send us their timesheets via email or, we download them from a website. Using this data, we enter their time into QuickBooks. When it is time to run payroll, we can generate paychecks and send them to you for approval.

Once you approve, we will process the paychecks by creating checks and/or direct deposits.  We will email paystubs to employees.  We will also deposit the payroll taxes to the appropriate state and federal agencies.

Financial Reporting

You have entered and reconciled all the data in QuickBooks. But, how do you report on all that data? How well is your business doing? Using QuickBooks, we can generate detailed reports in Excel or PDF format. Reports may include profit and loss, balance sheet, bank reconciliations, AP aging, AR aging, unpaid vendor bills, etc. What if that’s not enough? We can work with you to build custom reports you may need. We can send you these reports as often as you need them — on a monthly, weekly or daily basis.

QuickBooks Bookkeeping Benefits

Are you still using spreadsheets to keep track of your books?  Think again!  QuickBooks software has the lion’s share of the marker for small businesses.  Even larger companies have started moving to QuickBooks.  Why is everyone moving to QuickBooks?  What are some QuickBooks Bookkeeping benefits?

Below are some of the tasks that you can accomplish very easily with QuickBooks.

  • Know how much you make.
  • Know how much you are worth.
  • Generate bills for your vendors and track how much you owe each vendor.
  • Generate invoices for your customers and track how much each customer owes you.
  • Import banking and credit card transactions directly from the bank or credit card company, and categorize them automatically.
  • Manually enter transactions and categorize them.
  • Reconcile your balances against the bank and credit card statements
  • Produce tax reports for your CPA’s.
  • Use the ‘Company Snapshot’ function to get a real time view of your business activities.
  • Look up employee, customer, and vendor contact details.
  • Produce numerous reports to give you insight into your business.
  • Customize and print professional looking reports.
  • Track employee or contractor time.
  • Produce paychecks and process payroll.
  • Automatically deposit paychecks into employee bank accounts.
  • Deposit payroll taxes to federal and state tax agencies.
  • File payroll reports with federal and state tax agencies.
  • Print checks for vendors and employees.
  • Track your inventory
  • Generate purchase orders.
  • Track shipments of various items in purchase orders.
  • Create bills for vendors based on items received in purchase orders.
  • Produce job costing and profitability reports.
Help Center

FAQs about QuickBooks Bookkeeping

Get quick answers to questions you may have before hiring us for Quickbooks bookkeeping.

QuickBooks allows you to track and categorize all business expenses, providing a clear view of your spending and helping you manage budgets effectively.

Yes, we provide data migration services to transfer your existing financial records to QuickBooks, ensuring a smooth transition without data loss.

We offer comprehensive support for troubleshooting QuickBooks issues, including software errors, connectivity problems, and data inconsistencies.

We recommend updating your QuickBooks data regularly, typically weekly or monthly, to ensure accurate and up-to-date financial records.

QuickBooks offers robust inventory management features, allowing you to track inventory levels, set reorder points, and manage vendor relationships.

We implement regular backup procedures and use cloud storage solutions to ensure your QuickBooks data is securely backed up and easily recoverable.

QuickBooks bookkeeping services are beneficial for various industries, including retail, manufacturing, healthcare, construction, and professional services.

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Maxim Liberty has been providing outsourced bookkeeping services to businesses and accounting firms in the USA and Canada since 2005.