Quickbooks Tips, Traps and Advice

QuickBooks is probably the #1 selling small business accounting program in the world. Well, in the US, anyway. It does a great job automating and classifying transactions, and simplifying the processing and allows small business owners to take better control of their finances. Unfortunately, it does not come with a CPA certificate or a BA degree in accounting. It will NOT turn you into an accountant overnight!

I see way too many business owners who pay a bookkeeper to maintain the accounts on Quickbooks, but where the bookkeeper actually has hardly any clue as to what they are doing. You are wasting your money if this is the case. These bookkeepers also can include outside bookkeeping services.

For the complete story and all the others on this blog, visit Amazon and search for “Tales From The Trenches,” available after August 31st, 2020.

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3 Comments to “Quickbooks Tips, Traps and Advice”

  1. Dan Morris says:

    I like this post. Having just attended a local IIA meeting whose topic was Fraud Detection and Prevention, I was suprised to hear about QB and being able to change check payees after cutting a check. With the standard that QB is in the small business community, I am suprised there is no Internal Control evaluation tool, or is there?

    • Benson says:

      There are several features, like customizable log on accounts and permission settings you can use to improve the internal control environment, but most users are so small that they don’t bother. I believe you need to implement other policies and procedures outside of the software to set even a marginal level of operational and financial control over the enterprise.

  2. We Factor says:

    Thanks for sharing this Quickbook tips,traps and advice . I totally found this article helpful. This article is a must read!

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This entry was posted on August 29, 2014 and is filed under Small Business Advice. Written by: . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.