LUTZ BUSINESS INSIGHTS
HOW QUICKBOOKS HELPS INDEPENDENT CONTRACTORS WITH INVOICING
AMANDA HARPSTER, CLIENT ACCOUNTING SERVICES MANAGER
The COVID-19 pandemic has altered the makeup of the U.S. workforce. Many newly-unemployed individuals have taken on side gigs to supplement their existing financial resources. If you are one of these people, or if you have recently taken on a contracting job because you wanted to, you may be looking for the best way to make and manage invoices.
How QuickBooks Helps
The desktop version of QuickBooks is the best software solution for this critical chore. It is easy to use, even if you do not know much about accounting. It lets you customize your invoices so you present yourself in a professional, personalized way. It helps you accept payment for your work and keep track of who has paid you and who still owes you.
Build Customer Records
Although you can enter these details as you go along, it is smart to build records for your customers and the products and/or services you sell upfront. QuickBooks Desktop provides pre-built forms for your contacts and your sales items. You just fill in the blank fields provided by choosing from drop-down lists (item type, account, etc.) and entering your own data (like item description and price). If you sell services, you can fill out forms to track the hours you worked.
Templates for Invoices
QuickBooks Desktop comes equipped with pre-designed invoice templates. These work similarly to record forms. You select a customer from the list of records you built, then complete other fields for things like date and payment terms. Once you select the item you are selling, QuickBooks Desktop completes the rest of the fields in the row (description and price). You just enter the quantity sold, and the software calculates the price. If you have sold multiple items or services, you can complete additional rows until you are done. QuickBooks Desktop computes the final price, and you can print your invoice or send it through email.
You have a lot of control over how your invoices look. You can add your logo, for example, and select colors and fonts. You can even change the content of the form’s layout by removing or renaming columns. QuickBooks Desktop offers the same tools for estimates. And if you sign up for the company’s add-on service, you can accept payments from customers by credit card or bank transfer. When you need to see the status of your invoices, you can open a special page that shows you just that (open, overdue, etc.) at a glance. And you can run a variety of reports.
QuickBooks Online vs. quickbooks desktop
If you would rather be able to access your invoice information online, or even from a mobile device, you can do so by subscribing to QuickBooks Online. The site has its own state-of-the-art look and tools, but you can create records and transactions much like you do in the desktop version. Both QuickBooks Desktop and QuickBooks Online go well beyond invoices. As your business grows, you can explore the other ways they help track small business income and expenses.
We have helped numerous independent contractors install and learn how to use QuickBooks Desktop and QuickBooks Online, and we would be happy to do the same for you. Contact us to schedule a consultation, and we will start you on the road to successful invoicing. If you’d like to learn more about QuickBooks and other accounting topics, view our client accounting services blog.
ABOUT THE AUTHOR
AMANDA HARPSTER + CLIENT ACCOUNTING SERVICES MANAGER
Amanda Harpster is a Client Accounting Services Manager at Lutz with over 14 years of relevant experience. She focuses on QuickBooks support, tax and payroll compliance, and small business consulting.
AREAS OF FOCUS
AFFILIATIONS AND CREDENTIALS
- Intuit Certified ProAdvisor, QuickBooks
- BSBA in Accounting, University of Nebraska, Omaha, NE
- St. Patrick’s Parish, Volunteer
- Cub Scout Pack #409, Treasurer
- Ponca Hills Fire Department Women’s Auxiliary, Member
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