Reconciliations and financials made easy
Do you know your current profit margins? Reconciling bank and credit card accounts is paramount to making solid business decisions! Not too long ago, business owners didn’t have a choice but to plunk away at a keyboard to enter hundreds of accounting transactions. Now, the dramatic changes in how small businesses capture accounting information have allowed them to successfully integrate their bank statements and credit card accounts while instantly creating invoices and tracking sales expenses.
The QuickBooks Solution
How are businesses able to do this? By using QuickBooks. If you’re not balancing your checkbook in this program, it’s something you should consider. If you’re already using QuickBooks software, remember that it relies heavily on the business owner’s capacity to routinely balance bank and credit card statements within the software. If you can’t accurately measure your profitability, you don’t know when you are making money and are unable to successfully manage your business.
To get started, make sure your bank has QuickBooks downloading capability and verify that it’s QuickBooks for business, and not Quicken. You can then log-in to your bank account through QuickBooks, import your statement in ‘statement.qbo format’ and seamlessly classify each transaction. Often the software already knows what the expense might be or what invoice the deposit is to be matched with.
Bank Statements? QuickBooks Can Help Here Too!
Reconciling bank statements with credit card accounts is paramount to experiencing a successful audit outcome. This lends credibility to your compliance efforts and makes the process swifter. CPAs say that this is the most time consuming aspect of putting someone’s books together and will easily double the fees they charge.
Using QuickBooks to capture accurate financial statements not only allows your accountant to spend more time advising, but also enables you to make better business decisions because your financial statements are instantaneous.