8 Simple QuickBooks Online (QBO) Tips for Contractors to Improve Business Performance
Marielle Reyes
May 5, 2023 9:53:45 AM
As a contractor, managing finances and keeping track of expenses can be a daunting task. QuickBooks Online is a powerful tool that can simplify your accounting and bookkeeping tasks. Here are some basic QuickBooks Online tips for contractors:
- Set up your chart of accounts: The chart of accounts is the backbone of your QuickBooks Online account. It categorizes all your transactions, such as income, expenses, assets, and liabilities. Set up your chart of accounts to match your business needs, and keep it updated as your business grows.
- Customize your invoices: QuickBooks Online allows you to customize your invoices with your logo, color scheme, and payment terms. Make sure your invoices are clear and professional-looking, so your clients know exactly what they're paying for.
- Use the mobile app: The QuickBooks Online mobile app is a powerful tool that allows you to manage your finances on the go. You can track your expenses, send invoices, and view your financial reports from your smartphone or tablet.
- Set up recurring transactions: If you have regular expenses or income, set up recurring transactions in QuickBooks Online. This will save you time and ensure that you don't forget to record a transaction.
- Connect your bank account: QuickBooks Online can automatically import transactions from your bank account, which saves you time and reduces errors. Make sure to reconcile your bank account regularly to ensure that your records are accurate.
- Track your time: If you bill your clients by the hour, use the QuickBooks Online time tracking feature to record your hours worked. This will make it easier to create accurate invoices and track your profitability.
- Use reports to track your finances: QuickBooks Online has a wide range of financial reports that can help you track your income, expenses, and profitability. Use these reports to make informed business decisions and track your progress over time.
- Integrate with other apps: QuickBooks Online integrates with many other apps, such as payroll software, CRM software, and project management software. Explore these integrations to streamline your business processes and save time.
QuickBooks Online is a powerful tool for contractors that can simplify your accounting and bookkeeping tasks. By following these basic tips, you can manage your finances more efficiently and focus on growing your business.
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