Small Business Accounting: Tips for Tracking Expenses in QuickBooks

Posted on May 24, 2016


Streamline Small Business Accounting With These Steps

small business accountingTracking expenses is an important part of small business accounting. If you fail to capture what you’ve spent, you can inflate your income and end up paying more in taxes. If you are not careful and you commingle your business expenses with personal expenses, you may claim too much in expenses on your taxes and put out a red flag for the IRS.

There are tools in QuickBooks that can make tracking expenses easier, and, in turn, make all of your small business accounting flow more smoothly. Here are three areas where tracking expenses with QuickBooks is easy:

Point of Sale Systems: It used to be that POS caused a headache at checkout. A cashier was forced to juggle entering several items of information while ringing up a customer, from the price of the item to discount information and customer loyalty information.

Now, POS systems available on the cloud integrate seamlessly with other software. They are intuitive and user-friendly, making POS easy. Updates are also automatic, handled by the software provider and causing little, if any, downtime for your company. The QuickBooks POS allows you to perform a variety of small business accounting functions, such as inventory management and employee hours, right from the dashboard.

Payment Processing: Customers have come to depend on the convenience of using credit or debit cards, with many rarely carrying cash. For businesses, though, the cost of accepting credit and debit cards is just the beginning of many challenges. Risks associated with theft and fraud, plus processing fees, can make payment processing a hefty expense.

QuickBooks offers convenient payment processing functions that make managing this expense much easier. With fraud protection and robust security features, the risk of accepting a variety of payment options becomes less expensive.

Marketing: Much of the work of marketing comes down to adjustments in your system that allow for promotional savings to be given to customers. With QuickBooks, adjustments can be made just one time to adjust the price or other promotion across all of your locations and systems. This allows your resources to be funneled towards selling, instead of time-consuming data entry.

To learn more about how implementing QuickBooks can help streamline your small business accounting, make an appointment with Bert Doerhoff, CPA, and the staff at AccuBiz. From specializing in training and management of QuickBooks for your company, to handling a variety of bookkeeping and accounting services, AccuBiz is a great partner for small business owners.