Common Mistakes Business Owners Make in QuickBooks
When used correctly, QuickBooks is a great tool to help Raleigh businesses succeed. However, mistakes can cost businesses a countless amount of time and money. Understanding some of the biggest mistakes people make in QuickBooks and how to fix them can provide some peace of mind.
Here are 3 of the biggest mistakes business owners make in QuickBooks.
Not keeping accurate records: Bookkeeping is time consuming, and we know that. However, not keeping accurate records of all transactions (as quickly as possible) increases the chance of missing transactions. All transactions have to be entered in an accurate and timely manner to avoid this pitfall.
Setting up chart of accounts inaccurately: Chart of accounts have to be set up accurately to avoid the headache of fixing errors down the road. Setting up the chart of accounts to tie in with the categories for business taxes is a great place to start. Inaccurately setting up the chart of accounts causes complications so keep it as simple as possible.
Forgetting to back up QuickBooks daily: Having a computer crash is every business’ worst nightmare, but it happens more than we would like to think. Therefore, backing up all files is vital. By the same token, remembering to back up QuickBooks daily to avoid any unexpected crashes is essential. It a simple 3-step process: go to File → Backup Company → Create Local Backup.
Ensuring you avoid these QuickBooks mistakes is helpful to running a business and having some peace of mind. Hiring a bookkeeper can reduce can relieve the distracting headache of having to be concerned about books constantly. Raleigh Bookkeeping is ready to help business owners in the Triangle. For help today, contact us, and we will take everything we can off of your hands so you can focus on the things that matter.