Even if you’ve been using QuickBooks Online for a long time, it’s good to step back and evaluate your actions.
- They keep your company data safe and clean.
- They provide insight on your financial status.
- They save time.
- They can lead you to better relationships with customers and vendors.
Are any or all the following common practices for your business?
Reconcile accounts regularly.
Clean up your lists.
Never leave QuickBooks Online open when you leave your work area.
Keep track of 1099 vendors.
Classify everything with care. Every time you have to create a record or transaction where categories are involved (i.e., Classes, Customers and Vendors, Territories), check and double-check that you’ve assigned them the correct classification. Errors here can result not only in problems with daily workflow, but your reports will not be accurate. A related best practice: Create a meaningful group of Classes, and use them faithfully. They’ll help you make better business decisions.
View reports on a regular basis.
If you’ve been using QuickBooks Online for a while, you could probably come up with your own list of best practices. If you’re new to the site, consider scheduling some time with us to go over more of them. Develop good habits from the start, and there won’t be nearly as much need for troubleshooting down the road.