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5 best practices for QuickBooks Online

Blendy by Cogesten, as digital accountant, has more than 15 years of experience on QuickBooks Online in France and internationally.
We therefore would like to share some best practices for an optimal use of this accounting software. After having examined the different way to use this solution in France, England, Canada and the USA, we have identified 5 best practices which will enable French SMEs to use QuickBooks Online in the most efficient way.

1- Configure QuickBooks Online according to the financial flows and work process of your company

This step is certainly the most important, because the errors are then almost irreversible in QuickBooks Online. Your Receipt Bank QuickBooks accountant must absolutely be able to assist you in this process, in order to achieve a healthy and solid work basis. The central element is the organization of the import of your various financial flows (purchases, sales, payments, etc.) into QuickBooks.
ADVANTAGE: Once properly set up, you access in one place to all necessary information for efficent decision making.

2- Red rid off your Excel files to improve financial management

Many small businesses and SMEs still use Excel to drive their business, which is often a source of error. However, the primary goal of QuickBooks Online is to eliminate the use of Excel and always provide reliable data to make the difference in the executive’s strategic decisions.
ADVANTAGE: With more reliable and error-free information, your decisions are more accurate and more value-added.

3- Automate the reconciliation between your bank accounts and your invoices

The most convenient feature of QuickBooks Online is certainly its super simple integration with your bank accounts. Indeed, QuickBooks Online connects to your bank and automatically imports the transactions listed on your statement. Thus, your QuickBooks Receipt Bank accountant will no longer have to contact you to obtain this information and he will be able to perform bookkeeping and reconciliations independently and on a weekly basis.
ADVANTAGE: Your accounts are up to date each week for a better cashflow management.

4 – Anticipate your outstanding suppliers and customers easily with QuickBooks Online reports

QuickBooks Online gives you access to many reports and indicators to better pilot your business. Among these, reports on customer receipts and supplier payments are particularly interesting to better anticipate your outstanding customers and suppliers. These also allow you to identify in detail by customer or supplier the monthly or annual transaction volume achieved.
ADVANTAGE: You acquire a better knowledge and understanding of your customers and suppliers to better develop them.

5 – Always disconnect from your QuickBooks when you leave your desk

As you can see, your QuickBooks Online is ultra confidential since all the financial information of your company is included. If the storage of your data is perfectly secure, it is absolutely necessary to be vigilant on who accesses your data. Especially since a malicious person will be able to reconstruct from your numbers the different financial processes of your company. So never forget to close your session and log out of QuickBooks Online when you leave your desk, even for a few minutes.
ADVANTAGE: Your data is secure and can only be accessed by people previously authorized by you.

To know how to concretely apply these best practices, just book a call! At Blendy by Cogesten we have been assisting our customers for many years in setting up QuickBooks and optimizing their accounting and financial processes.

BbyC, QuickBooks certified digital accounting expert, helps you automate your financial processes and eliminate 100% of your administrative tasks.

By Noham

Blendy by Cogesten (BbyC) – #ExpertsComptables3.0 certified QuickBooks
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