When you start your first small enterprise, you might realize just how difficult running a business really is. You’re going to be doing all the bookkeeping, paperwork and other clerical duties while learning how to simultaneously prevent mistakes and correct any that you might have already made.
Keeping track of your business and all the related numbers can be made significantly easier simply by employing software like Quicken.
The only challenge is learning to use Quicken efficiently. That’s where these tips will come in handy with mastering Quicken for new entrepreneurs.
1. Configure Quicken for Small Businesses or Entrepreneurs
Depending upon the version of Quicken you’re using, you will need to configure it for small businesses or entrepreneurs. This needs to be done after setting up Quicken and installing it to ensure that Quicken can configure itself properly for your needs.
When you do this at the start, the right categories, sheets of information and other necessary parts will be set up in ways that logically make sense. You’ll be able to find everything from your expense sheet to your income without having to tab through overcomplicated sheets of data.
2. Start a Business Account
A separate banking or checking account will make everything you do in Quicken significantly easier. The best part is that some banks will allow you to have these things at no additional cost.
If they do require you to pay a fee, then it will both be nominal and something you can deduct as a business expense.
The reasoning behind having a separate account is that it makes organizing your finances significantly easier. You can learn with a glance how much you paid for office supplies as it pertains to your business or how much you’ve made from your latest entrepreneurial endeavors.
3. Get into the Habit of Reconciling Accounts
You may quickly find that you have to balance multiple accounts in addition to your business account. You may need to utilize PayPal as an intermediate account for some of the entrepreneurial things you’ll do, which means that you’ll need to get into the habit of reconciling your various accounts.
Routinely reconciling your accounts will allow you to keep a more accurate total of your expenses and your income. This will allow you to make smart business decisions using Quicken that protect you from spending too much.
4. Use Quicken to Budget
Budgeting is one of the most important parts of running your business. Spending too much now could hurt you just as much as spending too little could prevent you from growing your business.
Some experts even consider budgeting for growth as one of the most important activities that successful businesses perform.
The latest version of Quicken comes with a tool that entrepreneurs will love. The budgeting tool allows you to see your immediate budget, projections and interest. You can then look at the 12-month projection to see how well your business might grow.
5. Keep a Backup
Quicken is an amazing piece of software, but it’s still vulnerable to catastrophic failure because it utilizes technology. You don’t want all your receipts and balances to be kept on just your computer, as something as small as one hard drive failure could result in a complete loss of your records.
Keep offline backups of your records. Print out your expense and income sheets. Keep them in a box together with copies of any personalized checks that you might make out for your business.
You may even want to take it one step further and continue to balance your business account within your checkbook, which is something you can do with the QuickBooks check printing with the help of websites like Checks SuperStore. This can give you a reliable backup if Quicken ever fails.
Using Quicken to Simplify Accounting While Growing Your Business
Quicken is just another tool. While you could do your accounting and finances without it, Quicken will make your job significantly easier as an entrepreneur.
When you employ the above methods, you’ll find that your experience with Quicken becomes significantly more efficient. You’ll be able to use Quicken as a tool that makes your business more efficient, which in turn will allow you to focus more on strategies that grow your business and allow you to profit.