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4 Ways QuickBooks Minimizes Accounting Errors

Lauren Harris, Client Advisory Services Manager
July 2, 2018
4 Ways QuickBooks Minimizes Accounting Errors

QuickBooks never calculates incorrectly, transposes numbers, or loses critical sales and purchase transaction forms. Its design helps prevent the kinds of mistakes that human accounting employees sometimes make.

But it goes further, offering numerous built-in tools that help improve accuracy and ensure that the financial insight it provides is valid. The software:

 

1. Provides a Chart of Accounts tailored to your business type

When you write checks or enter bills, you assign them to one of these accounts (insurance, office supplies, rent, etc.). You can know where your money is going, helping to ensure the accuracy of your budget, your reports, and your income taxes.

 

2. Reminds you when there is billable time that needs to be invoiced 

Time-tracking is a separate activity in QuickBooks. So, you could end up with a lot of billable time that never got invoiced – except that the software doesn’t let you. When you start to create an invoice for a customer with outstanding billable time, a window opens reminding you of this and offers to transfer the hours to the invoice.

 

3. Aids in applying customer payments correctly

When you select a customer in the payments window, you’ll see a summary of his or her open balance, active estimates, unbilled time/expenses, and a list of recent transactions. If there are outstanding invoices or statement charges, these will appear in a table.

 

4. Includes pre-built templates for a variety of reports

Compiling lists or tables of related data (like customers whose payments are late) is an organizational challenge. It’s time-consuming and not always comprehensive. QuickBooks comes with dozens of report frameworks that can automatically fill in your data in seconds. These reports will help you avoid making critical errors like:

  • Damaging your company’s credit by paying bills late – or not at all.
  • Spending too much in specific areas – or not bringing in enough revenue.
  • Missing your budget numbers by way too much – while you can still take corrective action.
  • Monitoring your customer receivables

 

There are standard financial reports that you should be seeing every month or quarter, like the Balance Sheet and Profit & Loss Statement. These are easy to create in QuickBooks, but difficult to analyze. We’d be happy to help you. Contact us if you want to discuss these or any other element of your accounting.

 

  • Learner, Input, Strategic, Intellection, Competition

Lauren Harris

Client Advisory Services Manager

Lauren Harris, Client Advisory Services Manager, began her career in 2016. She has developed comprehensive knowledge in business operations and consulting, building on her early experience as a finance and tax intern, while taking on leadership roles in training and development. 

Leveraging her background, Lauren provides outsourced accounting to clients across family office, construction, and service industries. She provides payroll compliance, accounting procedures assessments, and software implementation support. Lauren values building long-term partnerships with clients and serving as a trusted advisor for their businesses. Her analytical mindset and strategic thinking enable her to offer tailored solutions for each client's unique needs. 

 

Lauren lives in Lincoln, NE, with her husband Casey and their two dogs, Lucy and Rosco. Outside the office, she is an avid Husker Volleyball fan and can be found reading, golfing, and playing volleyball. 

402.514.0012

lharris@lutz.us

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