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Financial Optics Releases User Guide on QuickBooks for Accounting

person using accounting software

OVERLAND PARK, KANSAS , UNITED STATES, December 13, 2021 /EINPresswire.com/ -- Financial Optics released a new guide for small business owners who use QuickBooks to assist with their bookkeeping and accounting. QuickBooks is a business and financial management suite offered by Intuit, which offers accounting, invoicing, payroll, and more online.

While some business owners may use QuickBooks as a tool to do their own accounting, the guide advises against this route, claiming that QuickBooks is a resource best utilized with a professional accountant to streamline small business accounting.

While QuickBooks features a user-friendly interface, people commonly make mistakes when using this software. The guide provides several tips to help people navigate QuickBooks more easily:

1. Reconciling Accounts: Businesses should reconcile accounts by ensuring their transaction reports in QuickBooks matches their bank records. To do so, people need to make sure the “Checks and Payments” column balances out.

2. Generating Profit and Loss Statements: Users can access profit and loss statements by going to the “Chart of Accounts” tab and reviewing your accounts.

3. Updating the Items List: QuickBooks keeps item lists, which keep track of products for sale and inventory. This list should be updated frequently.

4. Deducting Payroll Taxes: People often deduct payroll taxes incorrectly in QuickBooks by pressing “write checks” which deducts from “payroll liabilities.” Instead, it should be deducted by pressing “pay liability.”

5. Keeping Accounts Organized
Users can organize their QuickBooks account to avoid clutter. The guide suggests grouping items to better organize the software.

Financial Optics is an online accounting firm that specializes in outsourced bookkeeping, outsourced accounting, and virtual CFO and financial advising services. For businesses that continue to struggle with QuickBooks and experience costly errors as a result, professional accounting services are ideal.

Financial Optics provides services online, with offerings ranging from basic bookkeeping to full financial oversight. To learn more, visit the Financial Optics website.

Tim
Sernett
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