Many of you are likely using Quickbooks Online, or are maybe thinking about using it. There are 2 AWESOME features that I love because they really make the software more efficient and valuable. Here they are:
1. Bank Rules – Since Quickbooks Online connects directly to your banks and pulls all the transactions in electronically, there is a really great feature called “Bank Rules” that you can use to help AUTOMATE many of the transactions that come in.
No, you can’t automate everything, but you can really speed up the entire bookkeeping process by implementing the bank rules.
Example: You pay Verizon or AT&T every single month. Instead of spending several clicks picking the vendor and category and hitting add, you can have a pre-set rule so anytime your Verizon or AT&T bill comes through, it automatically posts to the “Telephone” expense account. Pretty cool huh?
Most businesses have similar expenses month to month so usually these recurring transactions are the transactions that can be automated through the Bank Rules feature!
2. Receipt Capture – If you download the Quickbooks app on your phone and connect it to your account, when you open it you will have a blue + icon in the bottom right corner. Click that, and you have an option for “Receipt Capture.” This will allow you to take a picture of your receipt and automatically upload it into Quickbooks.
Example: One of the biggest audit areas is Business Meals – this is an easy way to have some type of documentation without keeping all of the pesky paper receipts that fade after a year anyway. Take the picture of the receipt and then toss it in the recycling bin! (Be sure to write who you dined with and the business purpose on it)
*One thing to keep in mind with this is that you need to be sure to go into your Quickbooks account and match the receipt to the corresponding transaction so it will attach properly.
What do you think about these features?
P.S. – I recently joined James Patrick on the FITposium podcast talking about business and taxes – check it out HERE