Setting up any software can be a mess ...
QuickBooks, even though the installation options are pretty straightforward, there are many choices that must be made based on your intended usage of the program, and your network setup.
However, once you do have the software installed properly, the task for setup is just beginning. Your setup is critical to achieve the results you need from your accounting system to run your business.
This very important file is referred to as Your QuickBooks Company File
You also may have attached document links and image links to our files in different folders.
The company file if shared between other workstations, should be placed on the "Server" and the database engine should be installed there as well. This is the most critical QuickBooks file and should be backed up off-site in case of any catastrophe.
There are four very important areas of setup that make or break the value you place on your accounting information:
Industry Specific Chart of Accounts
The most common mistake we have seen during the company file setup is not ensuring that your general ledge chart of accounts are set up properly at the onset. This is the foundation of the whole accounting system, and creates the value to your business information. QuickBooks will ask for you to select a chart of accounts during the setup process, but these simply not complete or may actually apply to your business.
The Item Lists
As the Chart of Accounts are the Foundation, the Item Lists are the key facilitators from sales forms, bills, and payroll to the chart of accounts. This setup is critical for using QuickBooks in the most efficient manner, and to ensure everything hits the chart of accounts properly. Here to, we see many mistakes made when setting these up, and no organization thought out before creating them. Taking time to plan both the chart of accounts and item lists will go a long way of ensuring your accounting information is valid.
QuickBooks is designed to work with any business, but this requires setting up many of the options for YOUR Business. This must be done immediately so that the functions you need are available before you begin any entry. Along with this are customization of the functions easily available, and appearance of the program.
Proper Process Training
Finally, even though QuickBooks will most likely allow you to do things in many different ways as long as it balances, it doesn't mean you are doing it correctly, or your financial statements will be beneficial.
Regardless whether you have no background in accounting, or your are at a CPA level, using proper processes in QuickBooks is very key for success.
We are small business friendly, and have a great understanding on how you need to run your business, and what information is critical for you to know how it is doing.
We have a free online learning portal with QuickBooks 101 Basic Training that covers much of the above. Also check out our Training Area to see what other options are available.
Did You Know?
We offer Industry Specific Company Files with Industry Specific Chart of Accounts and Items not available from Intuit. We also are experts in integrating industry management systems into QuickBooks ?
We offer remote and online one-on-one, group, VLIVE™, Training and Live Hands-on Classroom Training. Go to Our Training Portal.