Quickbooks is the most common used and best accounting software on the market. Quickbooks makes accounting easier for both small and medium sized businesses when used correctly. Below we outline a few common Quickbooks mistakes which hurt your productivity and can make your business accounting inaccurate.

  1. Not using Quickbooks for all your accounting: If your books are inaccurate or incomplete you face accounting or tax return errors, which can be costly. If you get far behind on your books, you may forget transactions. Not using Quickbooks to its full potential costs your business time and money.

     

  2. Common Quickbooks MistakesNot using the download and import feature:  You can import your bank activity, credit card transactions, PayPal transactions, and more automatically into Quickbooks.

     

  3. Not printing checks or using the online bill pay feature: It is more inefficient and time consuming to write checks by hand, and you will have to enter the checks into Quickbooks anyways.  You can link your bank account to your Quickbooks software. Now just enter bills, select which bills to pay, and your bank does the rest.

     

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  5. Not reconciling accounts: Reconciling all bank accounts, credit cards, and loans is the single most important thing you can do in Quickbooks.

     

  6. Not using the memorize transactions feature:  You can use this feature to memorize and quickly enter daily sales journal entries, recurring automatic checks, bills, credit card transactions, invoices, and more. Using this feature will allow you to collect money faster, keep track of your finances, and manage your accounts more efficiently.

     

Need help with your Quickbooks accounting? Call Saint Louis accounting firm STL Tax at (314) 645-1614.