Setting Up Expenses for Your Small Business on Quickbooks
- QuickBooks gives business owners powerful ways to track their business expenses with a fine level of detail
- Using the software optimally will actually help companies recover money from their expenses on behalf of their customers
- SyncLedgers makes the process even simpler by managing the necessary bookkeeping and data-entry tasks
Why is it important to set up your business expenses recording and reporting in QuickBooks? If you’re using this particular software, it provides a great deal of flexibility and functionality. This can help you keep more careful track of the ways your company is spending money from day to day and month to month. Having this clearer picture of your business expenses is critical. Without it, it can be difficult to make timely adjustments to boost your profitability. Likewise, expenses that you can’t visualize quickly can get out of control before you realize what’s happening.
What QuickBooks Helps You Do
QuickBooks software gives you a list of seven options to control the level of detail in your business expenses tracking:
- Show items table on expense and purchase forms
- Track expenses and items by customer
- Make expenses and items billable
- Set up a default markup rate
- Track billable expenses and items as income
- Charge sales tax
- Set default bill payment terms
The main takeaway from all of these features is that they help business owners ensure that both their necessary and optional expenses on behalf of their customers translate into business growth and stronger income. By keeping records with this level of detail, it’s easier to see exactly where and why the company is spending money that it can recover at the point of sale!
Advantages to Setting up Business Expenses on QuickBooks
There are at least three reasons why every small business, including yours, should make sure that they are using these invaluable functions that QuickBooks provides.
1. Never Miss a Bill
If you want to make sure that you have a good credit rating with your suppliers, this is the number one way to do it. QuickBooks allows you to schedule payments to your suppliers and notifies you before your next bill should come due. This helps you stay a step ahead of them, and never let an invoice catch you by surprise.
2. Make Sure You Get Paid for Your Customers’ Special Orders
Sometimes a customer makes a special request for an item you don’t have in stock. That means you’ll have to order it directly from the supplier, apart from your normal shipments. It can be pretty easy to lose track of these orders since they fall outside of the routine. QuickBooks’ “mark expenses and items billable” feature lets you associate each such special order on record with a customer’s file, to make sure that these unusual transactions don’t get lost in the shuffle.
3. Always Charge Accurate Sales Tax
Nothing is as fun as an audit, right? As a matter of fact, QuickBooks gives you so much control that it allows you to track the taxes you need to charge for every country or state you might ship or sell to. Wherever your customers live, you can be sure that you will not run afoul of local tax authorities.
Let SyncLedgers Take Care of the Technical Stuff
Whether you decide to adjust these QuickBooks settings on your own and according to your own preferences or not, there’s more work that needs doing. Bookkeeping is a constant task, and it’s better to address it daily before paperwork starts to pile up.
SyncLedgers makes this process simple. Since we integrate with the software you prefer, such as QuickBooks, we can take care of all your daily, weekly, monthly, quarterly, and annual bookkeeping tasks. These are chores that would otherwise eat into the time you need for other business activities that drive growth. With our service, all you have to do is scan your business financial documents as you receive or generate them, and send them to us. We categorize them the way you need it done, we record the figures in your ledgers, and we provide you with completely transparent access to all our work. We generate reports that help you see clearly where all your money is coming from, and where it’s going.
Contact us today to start saving bookkeeping time, because time is money!