Our Expert Guide to Bookkeeping Help for Quickbooks
If you’ve only ever heard of one accounting software brand, it’s likely to be Quickbooks. Used by thousands of businesses, it’s largely touted as being the best of the best.
But what exactly does QuickBooks do, and how can it help your business? Let’s take a deep dive into everything it has to offer and see if it’s right for you.
What Is Quickbooks?
QuickBooks is the most popular accounting software tool on the market today. You can use QuickBooks for bookkeeping, invoicing, paying bills, creating financial reports, and tax preparation.
QuickBooks can be desktop-based or entirely cloud-based, meaning you can access it anywhere you have an internet connection. Plus, it offers several solutions that are designed to support different business needs. You can opt to have one or several of the following:
- QuickBooks Desktop: For inventory-based businesses that need to scale
- QuickBooks Online: Flexible, cloud-based system for businesses on the go
- QuickBooks Time: Time tracking and timetable scheduling software
- QuickBooks Payroll: Full payroll management system
- QuickBooks E-Commerce: Connect to online sales channels to automate payments and payouts
- QuickBooks Payments: Online payments tool for your business website
Is Quickbooks Useful for All-Size Businesses?
QuickBooks was specifically designed with new and small businesses in mind. Today it is also ideal for medium-sized businesses as well as individual freelancers.
While their largest and most comprehensive plan can handle larger companies, it is not suitable for very large or multi-national businesses.
Which Industries Tend To Use Quickbooks?
Most QuickBooks users are based in the USA, and it is most commonly used by companies that employ 10 – 50 people.
Special software editions of QuickBooks have been specifically designed for the following industries and are therefore very popular within these areas:
- Construction contractors
- Manufacturing
- Wholesale and Distribution
- Retail
- Nonprofit
- Professional Services
- Accountancy Firms
How Does Quickbooks Accounting Software Work?
While QuickBooks has a whole range of products, you don’t need to sign up for all of them. You can pick a QuickBooks plan that suits your needs and then scale up or down the services as required.
QuickBooks has four different pricing plans for its core accounting features:
- Simple Start: from $18/mo
- Essentials from $27/mo
- Plus from 38/mo
- Advanced from $100/mo
For example, a new business with only three employees may begin with the Simple Start plan with no added features and then, as the company grows, choose to upgrade to the Essentials plan plus add on the payroll function.
Once you have signed up for one of QuickBooks plans, you’ll have access to the system and have the ability to start performing all your accountancy tasks from the QuickBooks interface.
What Types of Accounting Systems Does QuickBooks Integrate With?
Transferring data from one type of software to another can be a real pain. However, to make life easy, QuickBooks has the ability to integrate with a number of accounting and point-of-sales tools.
QuickBooks integrates with over 750 different software applications, so there are too many to name here. However, you can view a comprehensive list via the QuickBooks website.
What Makes Quickbooks Unique From Other Software?
Because of its modular approach, QuickBooks is the perfect solution for businesses looking to scale. Furthermore, QuickBooks offers its users many extra features and benefits that you simply won’t find on other accounting software brands. For example, their customer relationship management tool, inventory management feature, and point of sale program to name but a few.
QuickBooks has also taken the time to understand specific industries and has then built bespoke tools to best serve them. Other software tools are far more generic and lack the specific features required for these industries.
Overall, QuickBooks has around 300 add-ons and integration software programs that can be harnessed by its users. When compared with Wave (another popular accountancy tool), which has around ten add-ons and integrations, you can start to see how QuickBooks is unbeatable.
Is Quickbooks More User Friendly?
Bookkeeping on QuickBooks has been designed with the non-financial expert in mind. It expects that the majority of its users are not accountants and has therefore designed an interface that is simple and easy to get to grips with.
That said, there is always a learning curve to these things, and QuickBooks is no exception. However, there is a comprehensive suite of learning and training materials for new users to take advantage of. Detailed tutorials and walkthroughs to learn how to do bookkeeping in QuickBooks will have you up to speed relatively quickly.
How Can Professional Bookkeepers Help With Quickbooks?
Bookkeeping and QuickBooks go hand in hand. The advantage of hiring a professional Bookkeeper is that they will likely already be familiar with QuickBooks and will know how best to use the system.
So, if you want to do your bookkeeping with QuickBooks, a professional will be able to hit the ground running and get going straight away. Furthermore, a bookkeeper will understand and know how to transfer your existing financial data over to the platform and integrate any other financial software systems you may be using.
Your bookkeeper will also be able to recommend which of QuickBook’s services you need for your business and keep an eye on those needs as you scale.
Lastly, since QuickBooks is cloud-based, your professional can perform QuickBooks bookkeeping from anywhere in the world. If you hire a virtual bookkeeper, such as one from EvolveCFO, they can share and use the same interface as you. This makes working and collaborating with your virtual bookkeeper much easier.
What Are the Primary Responsibilities of a Bookkeeper?
A bookkeeper can perform many financial tasks, but it is important to understand that they are not an accountant. Therefore, they do not have the expertise required to analyze your business performance to make recommendations on what to do with your finances. Nor are they qualified to perform in-depth tax preparation and management.
The main responsibilities you can expect your bookkeeper to manage are:
- Recording incoming and outgoing transactions in a timely manner
- Posting transactions to various accounts
- Tracking expenses
- Conducting daily banking requirements
- Payment and invoice processing
- Compiling and producing regular financial reports
- Reconciling accounts
- Payroll
- Ensuring and maintaining compliance
Depending on your business requirements, your bookkeeper may perform basic financial duties or have a more comprehensive list of responsibilities.
How To Know if You Need Bookkeeping Help
The answer to this question is straightforward. If you’re struggling to stay on top of and manage the day-to-day finances, then you need a bookkeeper. Additionally, if you find you’re constantly making errors and things don’t add up when reconciling, you also need bookkeeping help.
If you’ve read everything above about QuickBooks and it just sounds like gobbledygook, you also could probably benefit from a professional bookkeeper.
The bottom line is that managing your finances is essential not only for the health of your business but for staying above board when it comes to compliance and auditing. The last thing you want is for your business to get shut down because you didn’t record your finances properly.
The Benefits of Hiring a Bookkeeper To Help Manage Your Account
Hiring a bookkeeper is always a worthwhile investment. Effective money management helps your business stay in the black and keeps you compliant at all times. Bookkeepers also carry the following advantages:
- Allows you to have a clear idea of your business’s cash flow
- Allows you to better understand where cost savings can be made
- Ensures all necessary reporting is completed on time
- Significantly reduces the risk of errors being made
- Frees up your time to concentrate on other stuff
Is It Effective To Hire a Virtual Bookkeeper?
Virtual bookkeepers are a fantastic solution for smaller businesses that don’t have the resources to take on a bookkeeper full-time. In many instances, smaller businesses don’t have enough work for a full-time bookkeeper.
Hiring a virtual bookkeeper solves this problem. For example, hiring a virtual bookkeeper from EvolveCFO allows you to choose the level of service you require from them. That means you only pay for what you actually need.
As you scale your business, you can increase (or decrease) the level of service to match your requirements. Additionally, since your virtual bookkeeper works remotely, you don’t have to worry about finding office space to accommodate them.
What Are Questions To Ask a Potential Bookkeeper?
Before you choose a bookkeeper, it’s vital that you understand who they are and what their experience is. Also, you need to be sure you’re going to get along with them. After all, you’re trusting them with your company’s financial information, so it’s crucial you actually trust them and have a good rapport.
To get to know a potential bookkeeper and find out if they’re right for the job, ask them the following questions:
- What experience do you have so far as a Bookkeeper?
- What were your main responsibilities?
- How do you like to communicate?
- What’s your preferred working style?
- Which industries have you worked in?
- How much client and vendor interaction have you had?
- Which accounting software tools do you know how to use?
- How do you approach and overcome issues and problems?
- If you spot an error, how do you resolve it?
What Qualifications Should I Look For?
Unlike an accountant, bookkeepers don’t need specific degrees to excel in their field. Many bookkeepers start out with a high school degree or GED and go from there.
While not necessary to become a bookkeeper, many individuals choose to obtain an Associate’s or Bachelor’s degree in Business Administration or Accounting. The advantage to this is it generally leads to higher-paying jobs.
Aside from official qualifications, you’ll usually find that bookkeepers have undertaken a degree of self-learning, typically in the form of software training, etc.
It’s worth noting here that all EvolveCFO’s bookkeepers are qualified accountants.
Are Bookkeepers Industry-Specific?
They can be yes. It is common to find bookkeepers that specialize in a certain type of industry, particularly if that industry is quite specific or specialized.
The advantage to finding an industry-specific bookkeeper is that they will be well-versed in that industry’s financial requirements and already be trained in the necessary software.
How To Find the Right Professional To Help With QuickBooks
All bookkeepers at Evolve CFO are extremely experienced at bookkeeping in QuickBooks. They know the system inside and out, so they are on hand to help you get to grips with the system.
Furthermore, we have bookkeepers that are industry-specific. By combining the industry-specific tools in QuickBooks with their niche knowledge, we are able to provide you with the perfect QuickBooks bookkeeping service.
How To Work Effectively With Your Bookkeeper To Ensure Timely and Accurate Financial Reporting
The key to all good working relationships (or indeed any relationship) is communication. When you first start with your bookkeeper, it’s important to establish the following:
- Which channels will you use to communicate with each other?
- How often do you require your bookkeeper to check in?
- How often would you like to receive financial updates?
- In what format would you like to receive your reports?
Once you both have a very clear picture of how and when to communicate, the rest should flow easily.
It’s also worth pointing out that you need to be as accessible to your bookkeeper as your bookkeeper is to you. If an error or issue presents itself, then your bookkeeper needs to feel able to contact you for help in finding a resolution.
Conclusion
Bookkeeping in QuickBooks is about as easy as it gets to manage your finances effectively. It’s affordable, and with the additional add-ons and integration abilities, you can scale to meet your business needs.
For even more efficient bookkeeping, hire a professional bookkeeper from EvolveCFO and take the job off your hands altogether. We know that business owners would prefer to put all their energy and time into growing their business, not getting bogged down with daily financial tasks.
To find out more about virtual bookkeeping and other financial services from EvolveCFO, get in touch today.