07 Aug Understanding bookkeeping basics and how QuickBooks can help
Bookkeeping is an accounting task that requires an eye for detail
One of the biggest parts of basic accounting is the bookkeeping process. Recording transactions such as sales, payments and other business-related purchases may seem basic in nature but can require a detailed eye from a bookkeeper at times. Many businesses may have someone on staff who handles these duties, while others may outsource all of their accounting to a professional firm. In turn, there are many scenarios where a professional firm will work side-by-side with a staff member who performs all accounting tasks. When it comes to bookkeeping, it is not always a “one-size fits all” situation.
Invoicing basics
Invoicing is a large part of bookkeeping and is usually a monthly task at the minimum, depending on the type of business you are operating.
During the invoicing process, there are several items to keep in mind. If you’re a small business or a startup, then you want to establish a system on the front end and include all of the appropriate information on invoices from day one. If you are an established business, chances are that you are meeting most of the requirements for standard invoicing but may look for new options or processes that may work more smoothly.
First off, make sure the business name and also the name of of the company who is receiving the invoice are visible and prominent. This makes it easy for both parties when receiving an invoice as each business can recognize an invoice and what it may include.
In addition, you should include an invoice number and also the date. Again, this helps with the fine details in case there is ever a question or concern about the invoice as it creates a better categorial index for searching.
Product and service descriptions are also key. If you are charging someone an agreeable amount, then the client will usually want to know information about the invoiced items. Creating distinct line item products or services will help keep the total amount clear and should help with a faster payment.
Also, make sure you include all the fine details within an invoice such as invoicing terms or tax and other charges when applicable.
QuickBooks is a viable bookkeeping option
If you’re considering new bookkeeping options for your business, QuickBooks is a great option for small to medium size businesses. It’s ease of use is ideal for the small business owner or one with multiple employees because it can handle the day-to-day activities of receiving payments, reporting a financial snapshot or payroll.
At Dempsey Vantrease & Follis, our QuickBooks ProAdvisors offer basic set-up all the way to advanced training all depending on the needs of your business.