Updated July 24, 2015
Quickbooks Accountant Chicago Illinois
Quickbooks Information for individuals, Small Business, S Corp, Estate, and Trust Accounting
As with any accounting system you need to ask the question, “Where will I save the most time using my copy of Quickbooks?”
Let’s make some basic assumptions. Number one, from an accounting standpoint you’re a basic laymen. You haven’t spent 20 years in public accounting. Number two, you have a basic business, nothing too international or complicated.
Now the question becomes much easier.
Keeping track of who owes you how much over what period of time is a primary time saver. Sending out professional looking invoices is certainly helpful. But the main thing is that the computer never forgets. It will keep track of the aging on the receivables. If you use the program for nothing more than this, it will save you time and help to improve timely collections.
Maybe, maybe not. The Quickbooks program is not a payroll service. It does not automatically withhold payroll taxes from your checking account and deposit them with the appropriate taxation agency. Why would you want an actual payroll service to do this? Penalties and interest on late and unpaid payroll tax deposits. It can certainly handle the withholding amounts, but it takes an enormous amount of experience to deposit and report it correctly.
Maybe, maybe not. You can use the program, rather than just grabbing a bill, cutting a check, and popping it in the mail. It’s more complicated, but in certain instances, it can provide organization which may ultimately be helpful. But many business owners find this to be a waste of time. In many ways, it’s much easier to just handle your payables the old fashioned way.
No. In all of my years of practice, I have never seen a virtual inventory that was accurate. You will spend a ton of time on this and when you take your physical inventory, the one in the computer will probably be wrong.
No. Unless you can split principal from interest on your individual payments, don’t even try it. Remember that depending on the type of loan, the schedule of principal versus interest will change monthly.
Absolutely, but only after you reconcile inside Quickbooks. It can certainly help you keep track of your bank balance but you pay attention to it every day and know how to reconcile on the computer.
Unless you are a public accountant with 20 years of experience, using the entire system simply won’t work. The program is only as good as you are. Do not overstep your abilities. Completing an income tax return based upon your non-professional work inside Quickbooks is an easy step to the penitentiary.
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Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.