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The Basics of Bookkeeping For Bosses By Alyssa Caggiano

Updated: Sep 20, 2022

An essential aspect of a successful business is financial literacy. QuickBooks is one of the easiest online resources that offers bosses an easy way to track invoices, expenses, sales, inventory, and more. Below are ways to navigate your finances through QuickBooks:

1. Get Your Receipts

The first step in starting QuickBooks is ensuring you have all your required documentation, including your tax ID, receipts, invoices, and statements. It is incredibly important that you separate your personal and business accounts to streamline your expenses. We recommend opening a business account to best track your profit and loss as a boss.

2. Select Your Plan

Although QuickBooks offers a 30-day free trial, there will be a monthly cost associated based on the plan you choose. There are 4 different plans you may choose:

  1. Simple Start - $25/month with basic accounting tools for only one user

  2. Essentials - $50/month with all Simple Start features, bill management, and inventory tracking for up to three users

  3. Plus - $80/month with all Essentials features, project tracking, and inventory tracking for up to 5 users

  4. Advanced - $180/month with all Plus features, analytics, online training, and more for up to 25 users

There are various other plans depending on your business type, such as QuickBooks Self- Employed for sole proprietors, freelancers, and independent contractors. As a boss, you should choose a plan that can aid in your business’ scaling and growth.

3. Import Business Information

Once you choose the best plan for your business, you will need to input your business information. It is recommended to update your financial preferences, such as credit card payments or invoice automation, to ensure accuracy in reports. Additionally, you can upload pre-existing spreadsheets and financial data, so you don’t have to start over.

4. Customize Your Account

Customizing your Chart of Accounts in QuickBooks allows for easier user capabilities. The Chart of Accounts is essentially different categories for your finances. There are five default categories: expenses, assets, liabilities, and equity. However, we encourage you to customize your Chart of Accounts to best suit your business needs. For example, a product-based business may want to add a vendor and/or inventory tab.

5. Sync Business Accounts & Cards

One of the best features of QuickBooks is syncing your bank and credit cards. With syncing this information, your transactions from your accounts will automatically be downloaded and categorized. Having a business account streamlines this process in that you won’t be required to input all your business expenses manually.

These are the basics to navigating QuickBooks for your business, so we’ve provided a YouTube link for a quick tutorial to learn more:

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