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Invoicing your customers and paying your vendors are both time consuming and essential to running a business. Both functions can be completed within your accounting software, but there are also several invoicing and bill pay systems that will provide efficiency and cost savings. However, it is critical that the information related to invoicing and bill payments are properly matched in your accounting software (especially if you are using an outside system). When invoices a

When I meet with a new client, I always try to explain my bookkeeping process. For most of my clients, I complete the bookkeeping after the previous month has closed and the bank and credit card statements are available. My basic process is to first enter all transactions into QuickBooks with vendor/client name, amount, date, and expense/income account. I review accounts receivable and accounts payable for matching issues and outstanding payments. I post payroll journal e

Nonprofit accounting can be intimidating to some people. Instead of tracking just net income, nonprofits track income and expenses based on donor restrictions. This level of tracking ensures the funds are being spent as intended based on the donation and/or grant. QuickBooks Online offers the class tracking feature to assist nonprofits in providing clear and organized financial reports to its stakeholders. When class tracking is turned on in QuickBooks Online, each transacti

Creating efficiency in accounting is not always about working faster. Efficiency can be created in accounting when transactions are coded correctly at the beginning of the workflow to avoid fixing mistakes in later stages. QuickBooks Online has several built-in automation features that may be new to you. My favorite built-in automation feature in QuickBooks Online is the bank and credit card account connector. When you connect your bank and credit card accounts to QuickBooks