Quickbooks 101: Here is The Simple Formula for Success

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May 24, 2022

Quickbooks 101: Here is The Simple Formula for Success

Accounting is essential for maintaining cash flow and assuring any company’s profitability. All the information related to finances must be compiled into reports to understand the financial situation better and make strategic decisions.

QuickBooks 101 might assist you in automating your financial responsibilities. 

  • Quickbooks is a one-stop shop that’s a secure and safe, cloud-based solution that gives you access to your accounts from anywhere, at any time.
  • You can manage all the financial tasks such as payroll and taxes while on the road by keeping track of invoices and payments.
  • You can also keep track of all the finances in one location, obtain a cash flow estimate, and see if projects are profitable and on schedule.

QuickBooks 101: Let’s Gtok (Let’s Get to Know!)

QuickBooks is an accounting, bookkeeping, inventory management, payroll, and other financial tasks program. Intuit invented Quickbooks to help automate routine tasks and save time on paperwork and bookkeeping. This application is popular because it makes preserving financial records simple. But why and how is Quickbook 101 the success’s secret mantra?

Quickbooks include ready-to-use templates for developing charts, business plans, invoicing, and spreadsheets. It helps you save effort, and time by automating the signatures on business checks (scanned and uploaded for usage). In terms of integration with other applications, Quickbooks provides many advantages. 

Quickbooks has a simple User Interface. This helps and guides users through all capabilities.

So, today, we’ll walk you through QuickBooks 101 – the easy formula for success. 

QuickTips: QuickBooks 101 Success Mantra 

The truth is that you won’t become a QuickBooks Pro overnight. But that’s all right. To learn more about Quickbooks, continue reading and get started. Maintain a realistic approach to QuickBooks’ success with us.

As we prepare to dig down for tax season here at Unison Globus, we’d want to offer our support as you explore methods to keep your commitment to “keep better books” on track.

Intuit is currently bombarding the media with bookkeeping set up campaigns, and they’re making it all look pretty darn simple. According to the company’s advertisements, all you have to do is click a few buttons, and you’ll be up and running in no time! Not so quickly. Sorry for squashing that dream like a bug, but it’s necessary. After all, despite our enthusiasm for their products, we are a realist.

But don’t be concerned. We’ll take you step by step through the process. While our method may not be as simple as a few mouse clicks, we can tell you that it is simple – and precisely what you need to start the year off right.

Step #1: Take Small Steps

Whether you choose QuickBooks Desktop or QuickBooks Online, the program you choose does a lot. Either option will effectively assist you in managing your finances. 

That said, don’t expect to be able to perform anything straight away after installing the program. Everyone has a learning curve, and the last thing we want is for you to become discouraged and give up before you even begin.

It’s all too simple to cocoon yourself in your safe havens. But, a solid accounting software system like Quickbooks will force you to venture outside your comfort zone. That’s excellent news. It’ll be fine, that’s our promise. Once you see the impact on your bottom line, it will be better than OK.

Step #2: Start With the Basics

Even if all you’re doing is correctly processing your checks and deposits, you’re probably doing more than last year. That, my friends, is a victory! You don’t have to install all the bells and whistles today, next week, or even for six months because you can print checks and produce invoices.

Start With Basics of Quickbooks

It’s all about keeping things easy when it comes to QuickBooks. You are less likely to become overwhelmed if you use the program’s functions slowly and over time, which will help you keep focused on your goal of completing QuickBooks installation.

To master the basic step of inputting checks and deposits, make sure you’re prepared the Chart of Accounts (COA) correctly, and you have some good bookkeeping knowledge to get started. Don’t hesitate to contact Unison Globus in case you need any guidance or assistance for the same. We’ll be happy to assist you!

Step #3: The Next Level

Now, once you are able to get through the two steps and want to take your efforts to the next level; we propose learning how to manage your cash flow with QuickBooks in this scenario.

Manage Cashflow with Quickbooks

Cash is King, as you already know. So, in this stage, you’ll have an easy way to input information about your vendors, including invoices, which can then be scanned, stored, and referred to later. 

This last step allows you to pay and print your accounts payable weekly according to their due date. To put it another way, this stage 3 will put you in charge of your cash flow. 

Your cash flow will no longer manage you.

Understanding the flow of each of these operations and some basic bookkeeping knowledge is crucial to your accounting and bookkeeping services‘ success.

Step #4: Maintain Consistency

“Invoicing” should be the next stage in your QuickBooks journey. You probably already know that the format for entering “Customer Information” into your QuickBooks forms is identical to the style for entering vendor information. 


Quickbooks Consistent Invoicing

So, this is the crucial step and we’d like to advise you to be consistent with how you enter your data. 


Because consistency is the key, and this key will help you rise and shine.

For Example:

If you’re using customer typing, each customer and task should have a customer type and a sales tax code.

Maintaining the idea that Cash is King, you can now track the influx of cash into your business while streamlining making customer calls to follow up on unpaid invoices by using the invoice/sales receipt capabilities of QuickBooks. 

You empower yourself to make better money management decisions when using QuickBooks to invoice your customers.

QuickBooks 101: Key Features

QuickBooks is a popular accounting software/tool available online with a wide range of functions. A multitude of important elements contributes to its popularity, including:

Accounting Reports

Keeping track of records has never been easier thanks to a large number of Quickbooks Custom Reports available. The best part of Quickbooks is that it collects all of your data in one place. This makes it easily accessible and available whenever you need it. 

You can even make all the transactional information and bank statements checked and verified anytime, anywhere. This makes the tax filing procedure simple, efficient, and accurate.

Numerous User Access

This tool allows multiple users access, depending on their level of access to Quickbooks Online. This helps teams to collaborate better. With this access, you can generate Quickbooks Custom Reports for your clients.

Cash Flow and Payments Management

If you are a Quickbooks user, this key feature will help you get paid faster by sending your client an invoice or statement and allowing them to pay you with a credit card or a bank. All you have to do is use the Quickbooks Online Payment System and voila, get all your payments on the spot. Quickbooks allows you to pay bills online. Once you’ve set up your current bank account, you won’t need any envelopes, stamps, or paper checks. For added convenience, you can now download your monthly statement from a participating bank.

Help and Support

You can get answers to all of their queries from Quickbooks Professionals who offer free, unlimited assistance. Quickbooks provides seminars, webinars, videos, an online forum, and other resources to help people become Quickbooks professionals.

FAQs on Quickbooks

Q1. Which version is best for you as per the requirement?

Before deploying any software, try answering several questions.

  • The number of persons who can access the software?
  • Who will keep track of the inventory?
  • What kind of inventory tracking and analysis will be done?

You should narrow down and jot down how your demands will be fulfilled using this software and what versions you will require based on the questions and requirements you want.

The size and model that is most appropriate for you will be implemented.

Q2. What is the best way you can benefit from QuickBooks in terms of budgeting?

Before the new year arrives, start making budget plans (Around Third Quarter, Preferably).

This will be an estimate because you are aware of the profitability during the year and can budget for the following year.

As numerous versions, requirements, and requirements will depend on the software you purchase, keeping track of these financial factors is very important while implementing the software.

Our QuickBooks ProAdvisors can help you get your account set up and running smoothly and provide continuing support to stay focused on the elements of your business that you know best.

Read More: What is a Chart of Accounts? Tips to make an Industry Specific Chart of Accounts

The Final Takeaway!

Advanced Financial Reporting: Moving Beyond QuickBooks 101

It’s crucial to recognize that, while QuickBooks is the most popular bookkeeping software, it doesn’t provide much meaningful financial reporting beyond basic financial statements, making appropriate accounting and performance indicators tough to come by. 

Unison Globus recognizes this critical gap and steps in to help. In addition to various additional capabilities, our specialists interface with QuickBooks to provide deeper insight into actual financial performance.

Our outsourced solutions are ready to act as an extension if you’re having trouble with basic bookkeeping to more complicated accounting and financial reporting demands. 

Outsourcing these duties allows organizations to have access to a greater level of expertise and a more comprehensive range of services and functions at a fraction of hiring a full-time employee.

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